Northern Investors Company PLC.
6 February 2013
NORTHERN INVESTORS COMPANY PLC
Northern Investors Company PLC (the "Company") announced on 3 December 2013 that the Company intended to distribute a minimum of £12 million to shareholders via a tender offer (the "Tender Offer") to be made in February 2014. Further to this announcement,the Board of the Company announces that a circular (the "Circular") containing details of the proposed tender offer (the "Tender Offer") will be posted to Shareholders today, along with the Form of Proxy for use at a general meeting to be held on 3 March 2014 (the "General Meeting").
The Board is pleased to announce that the capital amount returned to Shareholders through the Tender Offer will be approximately £14.1 million. Pursuant to the Tender Offer, Oriel Securities will purchase up to 28.03% of the issued share capital of the Company at a Tender Price of 415 pence per Share, equivalent to the unaudited net asset value per Share ("NAV") as at 31 December 2013 as shown in the Interim Management Statement published today but adjusted for the estimated costs of the Tender Offer. These Shares will then be purchased from Oriel Securities by the Company and cancelled. The Tender Offer will require Shareholder approval, which will be sought at the General Meeting. A copy of the Circular has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM. A copy of the Circular is also available on the NVM Private Equity Limited website at www.nvm.co.uk/nicgmcmar2014.
A copy of the Circular is available for inspection at the Company's registered office at St Ann's Wharf, 112 Quayside, Newcastle upon Tyne NE1 3DX and at the offices of King & Wood Mallesons LLP, 10 Queen Street Place, London EC4R 1BE during normal business hours on weekdays (Saturdays, Sundays and public holidays excepted) from the date of this document until the General Meeting.
|Announcement of Tender Offer||6 February 2014|
|Record date for the Tender Offer||close of business on 11 February 2014|
|Latest time for receipt of Forms of Proxy||12.00 noon on 27 February 2014|
|Latest time and date for receipt of Tender Offer Application Forms and TTE Instructions in relation to Tender Offer||11.00am on 28 February 2014|
|General Meeting||12.00 noon on 3 March 2014|
|Announcement of take-up level under the Tender Offer||4 March 2014|
|Effective date of re-purchase of Shares by the Company pursuant to the Tender Offer||4 March 2014|
|Settlement date for the Tender Offer: cheques despatched and assured payments made through CREST||7 March 2014|
Nigel Guy/Christopher Mellor, Northern Investors Company PLC - 0191 244 6000
Neil Winward/Mark Bloomfield/Gaudi Le Roux, Oriel Securities Limited - 0207 710 7600Neither 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