Portfolio update
September 22 2009 - 2:04AM
UK Regulatory
TIDMNVTC
22 SEPTEMBER 2009
NORTHERN VENTURE TRUST PLC
PORTFOLIO UPDATE
Northern Venture Trust PLC ("the Company") announces the sale of its
investment in DxS Limited, which provides molecular diagnostic
products and services to the healthcare industry, for initial cash
proceeds of GBP7.3 million, plus GBP0.9 million by way of accrued loan
stock interest and preference dividends. The Company may become
entitled to receive up to a further GBP5.2 million over the period to
2012 subject to the achievement by DxS of specified objectives. The
investment in DxS was entirely attributable to the Company's ordinary
share pool and the disposal has no effect on the Company's C shares.
The initial sale price represents an uplift of GBP1.3 million
(equivalent to 3.3p per ordinary share in the Company) over the
carrying value of the investment as reflected in the unaudited net
asset value of 74.5p per ordinary share as at 30 June 2009 which was
announced by the Company on 30 July 2009.
The Company's ordinary share pool invested a total of GBP1.1 million in
DxS in a series of early-stage funding rounds led by NVM Private
Equity between 2001 and 2006. The total income and capital proceeds
to date (excluding contingent future payments) represent a money
multiple of 7.5 times the original investment and an internal rate of
return (IRR) of 31.7% per annum.
Enquiries:
Tim Levett/Christopher Mellor, NVM Private Equity Limited - 0191 244
6000
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