Northern Venture Trust PLC.
22 AUGUST 2011
NORTHERN VENTURE TRUST PLC
Northern Venture Trust PLC ("NVT") announces the sale of its investment in Promanex Group Holdings Limited ("Promanex"), an industrial support services business providing facilities management, installation, repair and maintenance and general asset management in a number of high growth specialist markets, which has been acquired by Costain Group PLC.
NVT received total cash at completion of £2.64 million, comprising £0.51 million of accrued investment income not previously recognised in NVT's financial statements and £2.13 million by way of consideration for its investment in ordinary shares and loan stock in Promanex. The carrying value of the investment in Promanex for the purposes of calculating the financial information disclosed in NVT's interim management statement for the quarter ended 30 June 2011, published on 27 July 2011, was £2.18 million.
NVT also announces the receipt of a further £0.45 million of deferred consideration arising from the sale of DxS Limited in September 2009. This amount has not previously been recognised in NVT's financial statements.
The uplift in NVT's net assets resulting from the above transactions (after providing for corporation tax on the Promanex investment income element) is estimated at £0.78 million, equivalent to approximately 1.1p per ordinary share.
Alastair Conn/Christopher Mellor, NVM Private Equity Limited 0191 244 6000
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Source: Northern Venture Trust PLC via Thomson Reuters ONE