Northern Venture Trust PLC.
29 MAY 2012
NORTHERN VENTURE TRUST PLC
Northern Venture Trust PLC ("NVT") announces the sale of its investment in Closerstill Holdings Limited ("Closerstill"), which organises business-to-business exhibitions, to Aghoco 1090 Limited, a company controlled by venture capital funds managed by Phoenix Equity Partners.
NVT received cash proceeds of £2.99 million for its investment in ordinary shares and loan stock in Closerstill. The carrying value of the investment in Closerstill in NVT's unaudited half-yearly financial statements for the six months ended 31 March 2012, published on 18 May 2012, was £2.75 million. The uplift in NVT's net assets resulting from the sale is therefore £0.24 million, equivalent to approximately 0.3p per ordinary share.
As part of the same transaction NVT exchanged its holding of ordinary shares and loan stock in Closer 2 Investments Limited (a sister company of Closerstill), which had a carrying value of £0.89 million at 31 March 2012, for £0.79 million of unsecured loan notes and a 2.7% equity shareholding in Aghoco 1100 Limited, a company also controlled by venture capital funds managed by Phoenix Equity Partners. The loan notes and equity shareholding were together valued for the purposes of the transaction at £0.89 million.
For further information, please contact:
NVM Private Equity Limited
Alastair Conn/Christopher Mellor 0191 244 6000
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Northern Venture Trust PLC via Thomson Reuters ONE