Northern Venture Trust PLC.
23 JUNE 2010
NORTHERN VENTURE TRUST PLC
Northern Venture Trust PLC ("Northern Venture Trust") announces a partial exit
from its investment in crawler crane hire company Weldex (International)
Offshore Limited ("Weldex"), as a result of the acquisition of Weldex by a new
holding company ("Newco") in which private equity funds managed by Dunedin
Capital Partners Limited hold a controlling stake. The existing shareholders in
Weldex, including Northern Venture Trust, have retained a minority stake in
Northern Venture Trust has received total sale proceeds of ÂGBP6.9 million, of
which ÂGBP3.7 million was paid in cash at completion and ÂGBP3.2 million in the form
of unsecured loan notes in Newco. The loan notes are redeemable on a future
sale or flotation of Newco or, if earlier, on 30 November 2017, and carry
interest at 6% per annum which will be rolled up and paid on redemption.
Northern Venture Trust also holds a 5% equity stake in Newco.
The total sale proceeds of ÂGBP6.9 million represent a value uplift of ÂGBP1.5 million
(equivalent to 2.6p per ordinary share in Northern Venture Trust) over the
carrying value of the investment as reflected in the unaudited net asset value
of 78.9p per share as at 31 March 2010 which was announced by Northern Venture
Trust on 7 May 2010.
Northern Venture Trust originally invested ÂGBP0.6 million in Weldex in May 1996 as
part of a development capital financing led by NVM Private Equity. The total
income and capital proceeds over the life of the investment represent a money
multiple of 13.3 times the original investment and an internal rate of return
(IRR) of 25% per annum.
Martin Green/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
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Source: Northern Venture Trust PLC via Thomson Reuters ONE
(END) Dow Jones Newswires
June 23, 2010 04:01 ET (08:01 GMT)