Northern 3 VCT PLC.
9 MARCH 2015
NORTHERN 3 VCT PLC
Northern 3 VCT PLC ("Northern 3 VCT") announces the realisation of its investment in CloserStill Group Limited ("CloserStill"), the business-to-business media and events group, through a secondary management buy-out transaction led by Inflexion Private Equity.
Northern 3 VCT has received cash proceeds of £2.03 million for its holding of ordinary shares, preference shares and loan notes in CloserStill. The directors' valuation of the investment in CloserStill for the purposes of calculating the unaudited net asset value ("NAV") per share of 108.0 pence as at 31 December 2014, which was announced on 17 February 2015, was £1.13 million. The uplift in Northern 3 VCT's net assets resulting from the realisation is therefore £0.90 million, equivalent to approximately 1.4 pence per share based on the 66,603,399 shares currently in issue.
Northern 3 VCT has invested £1.52 million as part of a £5 million investment by funds managed by NVM Private Equity LLP in the new company formed to acquire CloserStill.
Alastair Conn/Christopher Mellor, NVM Private Equity LLP - 0191 244 6000
Neither the contents of the NVM Private Equity LLP website nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP 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 3 VCT PLC via Globenewswire