Northern 3 VCT PLC.
2 MARCH 2016
NORTHERN 3 VCT PLC
Northern 3 VCT PLC ("Northern 3 VCT") announces the sale of its investment in Kitwave One Limited ("Kitwave") to the Kitwave management team, supported by private equity funds managed by Pricoa Capital Group and Allstate Investments.
Northern 3 VCT has received initial cash proceeds of £2.24 million for its holding of ordinary shares and redeemable loan stock in Kitwave. The directors' valuation of the investment in Kitwave for the purposes of calculating the unaudited net asset value as at 31 December 2015, which was announced on 17 February 2016, was £2.10 million. The uplift in Northern 3 VCT's net assets resulting from the realisation is therefore £0.14 million, equivalent to approximately 0.2 pence per share based on the 65,783,399 shares currently in issue.
Northern 3 VCT may, subject to future performance and tax claims, become entitled to receive further sale proceeds of up to £0.31 million over the period to December 2017. These proceeds will be recognised in the financial statements as and when received.
Alastair Conn/Christopher Mellor, NVM Private Equity LLP - 0191 244 6000
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Source: Northern 3 VCT PLC via Globenewswire