Northern 2 VCT PLC.
22 SEPTEMBER 2009
NORTHERN 2 VCT PLC
Northern 2 VCT PLC ("the Company") announces the sale of its
investment in DxS Limited, which provides molecular diagnostic
products and services to the healthcare industry, for initial cash
proceeds of GBP4.4 million, plus GBP0.6 million by way of accrued loan
stock interest and preference dividends. The Company may become
entitled to receive up to a further GBP3.2 million over the period to
2012 subject to the achievement by DxS of specified objectives.
The initial sale price has been reflected in the directors' valuation
of the investment in DxS as at 31 July 2009 as shown in the unaudited
half-yearly results for the six months ended 31 July 2009, which have
been announced by the Company today.
The Company invested a total of GBP0.7 million in DxS in a series of
early-stage funding rounds led by NVM Private Equity between 2001 and
2006. The total income and capital proceeds to date (excluding
contingent future payments) represent a money multiple of 7.5 times
the original investment and an internal rate of return (IRR) of 31.7%
Tim Levett/Christopher Mellor, NVM Private Equity Limited - 0191 244
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
(END) Dow Jones Newswires
September 22, 2009 02:09 ET (06:09 GMT)