Northern 3 VCT PLC.
29 MAY 2012
NORTHERN 3 VCT PLC
Northern 3 VCT PLC ("Northern 3") 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.
Northern 3 received cash proceeds of £2.21 million for its investment in ordinary shares and loan stock in Closerstill. The carrying value of the investment in Closerstill in Northern 3's audited annual financial statements for the year ended 31 March 2012, published on 18 May 2012, was £2.04 million. The uplift in Northern 3's net assets resulting from the sale is therefore £0.17 million, equivalent to approximately 0.4p per ordinary share.
As part of the same transaction Northern 3 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 £0.55 million at 31 March 2012, for £0.49 million of unsecured loan notes and a 1.7% 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 £0.55 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 3 VCT PLC via Thomson Reuters ONE