Northern Investors Company PLC.
22 SEPTEMBER 2009
NORTHERN INVESTORS COMPANY PLC
Northern Investors Company PLC ("the Company") announces the sale of
its investment in DxS Limited, which provides molecular diagnostic
products and services to the healthcare industry, for initial cash
proceeds of GBP5.9 million, plus GBP0.3 million by way of accrued loan
stock interest and preference dividends. The Company may become
entitled to receive up to a further GBP3.9 million over the period to
2012 subject to the achievement by DxS of specified objectives.
The initial sale price represents an uplift of GBP1.0 million
(equivalent to 5.3p per ordinary share in the Company) over the
carrying value of the investment as reflected in the unaudited net
asset value of 242.6p per share as at 30 June 2009 which was
announced by the Company on 30 July 2009.
The Company invested a total of GBP0.8 million in DxS in a series of
early-stage funding rounds led by NVM Private Equity between 2001 and
2006. The total income and capital proceeds to date (excluding
contingent future payments) represent a money multiple of 7.5 times
the original investment and an internal rate of return (IRR) of 31.7%
Tim Levett/Christopher Mellor, NVM Private Equity Limited - 0191 244
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(END) Dow Jones Newswires
September 22, 2009 02:01 ET (06:01 GMT)