Northern Inv. Co PLC Net Asset Value(s)
February 14 2018 - 4:01AM
UK Regulatory
TIDMNRI
14 FEBRUARY 2018
NORTHERN INVESTORS COMPANY PLC
UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2017
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 GBP90.7
million to shareholders by way of tender offers, redemptions of B shares
and dividend distributions.
The unaudited net asset value per ordinary share as at 31 December 2017
was 237.1 pence (30 September 2017 (unaudited) 233.4 pence).
For the purposes of calculating the net asset value per share, unquoted
investments are carried at fair value as at 31 December 2017 as
determined by the directors.
Net assets at 31 December 2017 comprised the following:
% of
GBP000 net assets
Unquoted investments at fair value as determined
by the directors 5,906 99.8
Net current assets/(liabilities):
Cash and near-cash balances 1,876 31.7
Provision for performance-related management fee (1,743) (29.4)
Other debtors less creditors (120) (2.1)
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Net assets 5,919 100.0
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The number of ordinary shares in issue at 31 December 2017 was 2,496,767
(30 September 2017 2,496,767).
On 8 February 2018 the company sold its holding of ordinary shares in
S&P Coil Products Limited to a management buy-out vehicle. No
consideration was payable on completion, but deferred proceeds of up to
GBP136,000 may become payable subject to future performance. The
original cost of the investment was GBP66,000 and the investment was
carried at a directors' valuation of nil in the unaudited financial
statements as at 31 December 2017. Any future deferred proceeds
received will be recognised in the Company's financial statements at the
time of receipt.
At 31 December 2017 there was a contingent asset of GBP177,000 not
recognised in the company's financial statements in respect of potential
deferred proceeds from sales of investee companies which occurred prior
to that date, not including the subsequent sale of S&P Coil Products
referred to above. The extent to which these proceeds will be received
in due course, if at all, is dependent on future events.
Enquiries:
Northern Investors Company PLC
Nigel Guy/Christopher Mellor
0191 244 6000
Stifel Nicolaus Europe
Neil Winward/Mark Bloomfield/Gaudi le Roux 020 7710
7600
Website: www.nvm.co.uk
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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
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
http://www.nvm.co.uk/investorarea/northern_investors_company_plc.php
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February 14, 2018 04:01 ET (09:01 GMT)
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