Northern 2 VCT PLC.
17 DECEMBER 2013
NORTHERN 2 VCT PLC
Northern 2 VCT PLC ("Northern 2 VCT") announces that it has exchanged contracts for the sale of its investment in Denara Holdings Limited ("Denara"), the parent company of the managed IT services provider e-know.net, to Nasstar plc ("Nasstar"). Completion of the sale, which is subject to approval by the shareholders of Nasstar at a general meeting to be held on 9 January 2014 and to completion of a share placing by Nasstar, is expected to take place on 10 January 2014.
Northern 2 VCT expects to receive total consideration of £1.53 million for its holding of ordinary shares in Denara, comprising £1.14 million in cash and 7,787,902 new ordinary shares of 1p in Nasstar with a value (at the deemed issue price of 5p per share) of £0.39 million. The carrying value of the investment in Denara in Northern 2 VCT's unaudited half-yearly financial statements for the six months ended 30 September 2013, published on 12 November 2013, was £1.17 million. The prospective uplift in Northern 2 VCT's net assets resulting from the sale, if completed, is therefore £0.36 million, equivalent to approximately 0.4p per share.
A further announcement will be made once completion has taken place.
For further information, please contact:
NVM Private Equity Limited
Alastair Conn/Christopher Mellor 0191 244 6000
Neither the contents of the NVM Private Equity Limited website nor the contents of any website accessible from hyperlinks on the NVM Private Equity Limited website (or any other website) is incorporated into, or forms part of, this announcement.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Northern 2 VCT PLC via Globenewswire