Northern Investors Company PLC.
22 AUGUST 2011
NORTHERN INVESTORS COMPANY PLC
Northern Investors Company PLC ("Northern Investors") announces the sale of its investment in Promanex Group Holdings Limited ("Promanex"), an industrial support services business providing facilities management, installation, repair and maintenance and general asset management in a number of high growth specialist markets, which has been acquired by Costain Group PLC.
Northern Investors received total cash at completion of £5.22 million, comprising £1.00 million of accrued investment income not previously recognised in Northern Investors' financial statements and £4.22 million by way of consideration for its investment in ordinary shares and loan stock in Promanex. The carrying value of the investment in Promanex for the purposes of calculating the financial information disclosed in Northern Investors' interim management statement for the quarter ended 30 June 2011, published on 28 July 2011, was £4.29 million.
Northern Investors also announces the receipt of a further £0.34 million of deferred consideration arising from the sale of DxS Limited in September 2009. This amount has not previously been recognised in Northern Investors' financial statements.
The uplift in Northern Investors' net assets resulting from the above transactions (after providing for corporation tax on the Promanex investment income element) is estimated at £1.01 million, equivalent to approximately 5.2p per ordinary share.
Northern Investors Company PLC
Christopher Mellor 0191 244 6000
Joe Winkley/Neil Winward 020 7710 7600
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information contained therein.
Source: Northern Investors Co PLC via Thomson Reuters ONE