Northern Investors Company PLC.
Interim Management Statement
26 JULY 2013
NORTHERN INVESTORS COMPANY PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2013
Northern Investors Company PLC presents its interim management statement for the quarter ended 30 June 2013. This constitutes the company's first interim management statement for the financial year ending 31 March 2014, as required by the UK Listing Authority's Disclosure Rules and Transparency Rules, Rule 4.3.
In July 2011 shareholders approved a change in investment strategy whereby the company ceased making new investments and began an orderly realisation of its portfolio with a view to returning capital to shareholders. The company has subsequently returned £22.9 million to shareholders by way of tender offers in December 2011 and December 2012.
The unaudited net asset value per ordinary share as at 30 June 2013 was 364.2p (31 March 2013 (audited) 363.8p). The net asset value is stated after deducting the final dividend of 9.5p per share in respect of the year ended 31 March 2013, which was approved by shareholders at the annual general meeting on 19 June 2013 and was paid on 5 July 2013.
The number of ordinary shares in issue at 30 June 2013 was 12,128,440 (31 March 2013 12,128,440). No shares were allotted or re-purchased during the quarter ended 30 June 2013.
For the purposes of calculating the net asset value per share, unquoted investments are carried at fair value as at 30 June 2013 as determined by the directors.
Net assets at 30 June 2013 comprised the following:
|Fixed asset investments at fair value|
|as determined by the directors||41,360||93.6|
|Net current assets||2,811||6.4|
Cash and near-cash assets at 30 June 2013 totalled £5,447,000 (31 March 2013 £2,736,000). The final dividend for the year ended 31 March 2013 was paid on 5 July 2013 at a cost of £1,152,000.
During the three months ended 30 June 2013 the following significant investment realisation took place:
|Name of investee company||proceeds||cost||2013|
|IG Doors (sale to Hörmann Group)||1,916||119||1,509|
The directors are not aware of any other events or transactions which have taken place between 31 March 2013 and the date of publication of this statement and which have had a material effect on the financial position of the company.
This statement has been prepared solely to provide additional information in order to meet the requirements of the Disclosure Rules and Transparency Rules and should not be relied on by shareholders, or any other party, for any other purpose.
Northern Investors Company PLC
Nigel Guy/Christopher Mellor 0191 244 6000
Neil Winward 020 7710 7600
Neither the contents of the NVM Private Equity Limited website nor the contents of any website accessible from hyperlinks on the NVM Private Equity Limited website (or any other website) is incorporated into, or forms part of, this announcement.
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 Investors Co PLC via Thomson Reuters ONE