Northern Investors Company PLC.
Interim Management Statement
6 FEBRUARY 2014
NORTHERN INVESTORS COMPANY PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 DECEMBER 2013
Northern Investors Company PLC ("the Company") presents its interim management statement for the quarter ended 31 December 2013. This constitutes the Company's second 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 a total of £22.9 million to shareholders in December 2011 and December 2012 by way of tender offers. The Company expects to publish a circular to shareholders today giving details of a tender offer to re-purchase up to 3,400,000 ordinary shares at a tender price of 415p per share, returning up to a further £14.1 million of capital to shareholders. The ensuing re-purchase and cancellation of shares is due to be completed on 4 March 2014. A further announcement will be made once the circular has been published.
The unaudited net asset value per ordinary share as at 31 December 2013 was 420.5p (30 September 2013 375.3p).
The number of ordinary shares in issue at 31 December 2013 was 12,128,440 (30 September 2013 12,128,440). No shares were allotted or re-purchased during the quarter ended 31 December 2013.
For the purposes of calculating the net asset value per share, unquoted investments are carried at fair value as at 31 December 2013 as determined by the directors.
Net assets at 31 December 2013 comprised the following:
|Unquoted investments at fair value|
|as determined by the directors||38,967||76.4|
|Net current assets||12,031||23.6|
During the three months ended 31 December 2013 the following significant investment realisations took place:
|Name of investee company||proceeds||cost||2013|
|Mantis Deposition Holdings - sale of holding||728||819||898|
|Kerridge Commercial Systems - redemption of loan stock||3,578||3,578||3,578|
|Alaric Systems - sale of holding||5,060||1,531||3,304|
On 14 January 2014 the Company announced that it had completed the sale of its investment in Denara Holdings Limited ("Denara"), the parent company of the managed IT services provider e-know.net, to Nasstar plc ("Nasstar"). The Company received total consideration of £1.70 million for its holding of ordinary shares in Denara, comprising £1.27 million in cash and 8,593,767 new ordinary shares of 1p in Nasstar with a value (at the deemed issue price of 5p per share) of £0.43 million. For the purposes of calculating the unaudited net asset value as at 31 December 2013, the Company's investment in Denara has been valued at the sale price of £1.70 million.
The directors are not aware of any other events or transactions which have taken place between 30 September 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
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 issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Northern Investors Co PLC via Globenewswire