Northern Investors Company PLC.
Net Asset Value(s)
17 FEBRUARY 2016
NORTHERN INVESTORS COMPANY PLC
UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2015
Northern Investors Company PLC ("the Company") is a private equity investment trust managed by NVM Private Equity LLP. The Company was launched in 1984 and has been listed on the London Stock Exchange since 1990. 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 £61.4 million to shareholders by way of tender offers and dividend distributions.
The Company announces that the unaudited net asset value per share as at 31 December 2015 was 635.5 pence (30 September 2015 (unaudited) 553.6 pence).
The number of ordinary shares in issue at 31 December 2015 was 4,900,000 (30 September 2015 4,900,000). No shares were allotted or re-purchased during the three months ended 31 December 2015.
For the purposes of calculating the net asset value per share, unquoted investments are carried at fair value as at 31 December 2015 as determined by the directors.
Net assets at 31 December 2015 comprised the following:
|Unquoted investments at fair value as determined|
|by the directors||25,788||82.8|
|Net current assets/(liabilities):|
|Cash and near-cash balances||9,299||29.9|
|Provision for performance-related management fee||(4,799)||(15.4)|
|Other debtors less creditors||850||2.7|
The following investment realisations took place during the three months ended 31 December 2015:
|Name of investee company||proceeds||cost||2015|
|Arleigh Group - sale of holding||1,526||301||1,526|
|North East Property & Investment - loan repayment||92||142||-|
|Alaric Systems - receipt of deferred sale proceeds||228||-||-|
On 10 February 2016 the Company received deferred proceeds of £850,000 relating to the sale of Kerridge Commercial Systems in February 2015. This amount has been recognised as a receivable for the purposes of calculating the unaudited net asset value per share as at 31 December 2015.
As previously announced, the Directors intend to make a further distribution of funds to shareholders before the end of the current financial year. It is envisaged that the amount to be distributed will be not less than £7.0 million and that the distribution will take the form of a tender offer at a price approximately equivalent to the unaudited net asset value per share as at 29 February 2016, adjusted for the expenses of the tender offer. It is expected that a circular giving details of the tender offer will be published on or around 4 March 2016 and that the ensuing re-purchase and cancellation of shares will be completed by 31 March 2016.
Northern Investors Company PLC
Nigel Guy/Christopher Mellor 0191 244 6000
Stifel Nicolaus Europe
Neil Winward/Mark Bloomfield/Gaudi le Roux 020 7710 7600
Neither the contents of the NVM Private Equity LLP website nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP 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