Northern Venture Trust PLC.
Miscellaneous: Portfolio update
3 DECEMBER 2013
NORTHERN VENTURE TRUST PLC
Northern Venture Trust PLC ("Northern Venture Trust") announces the sale of its investment in Alaric Systems Limited ("Alaric"), which provides payment processing and fraud prevention software, to a subsidiary of NCR Corporation.
Northern Venture Trust has received cash proceeds of £6.70 million for its holding of ordinary shares and loan stock in Alaric. The carrying value of the investment in Alaric in Northern Venture Trust's audited annual financial statements for the year ended 30 September 2013, published on 12 November 2013, was £5.56 million. The uplift in Northern Venture Trust's net assets resulting from the sale is therefore £1.14 million, equivalent to approximately 1.2p per share.
Northern Venture Trust has also received accrued loan stock interest from Alaric totalling £0.45 million, equivalent (after providing for corporation tax) to approximately 0.4p per share, which was not recognised in the financial statements as at 30 September 2013.
Northern Venture Trust may become entitled to receive additional sale proceeds of up to £1.20 million over the period to December 2017, which will be recognised in the financial statements as and when received.
For further information, please contact:
NVM Private Equity Limited
Alastair Conn/Christopher Mellor 0191 244 6000
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Northern Venture Trust PLC via Globenewswire