Northern Inv. Co PLC Net Asset Value(s)

 
TIDMNRI 
 
 
   15 FEBRUARY 2017 
 
   NORTHERN INVESTORS COMPANY PLC 
 
   UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2016 
 
   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 GBP83.5 
million to shareholders by way of tender offers, redemption of B shares 
and dividend distributions. 
 
   Net asset value 
 
   The unaudited net asset value per ordinary share as at 31 December 2016 
was 735.2 pence (30 September 2016 (unaudited) 728.6 pence).  The net 
asset value at 31 December 2016 is stated before taking account of the 
return of 250 pence per share to shareholders during January 2017 
through the allotment and redemption of B shares as described below. 
Had the redemption of B shares taken place as at 31 December 2016, then 
the pro forma unaudited net asset value per ordinary share as at that 
date, adjusting only for the return of capital but ignoring the 
associated B share dividend and related costs, would have been 485.2 
pence per ordinary share. 
 
   The number of ordinary shares in issue at 31 December 2016 was 2,496,767 
(30 September 2016 2,496,767). 
 
   For the purposes of calculating the net asset value per share, unquoted 
investments are carried at fair value as at 31 December 2016 as 
determined by the directors. 
 
   Net assets at 31 December 2016 comprised the following: 
 
 
 
 
                                                                   % of 
                                                      GBP000     net assets 
Unquoted investments at fair value as determined 
 by the directors                                       13,482         73.4 
Net current assets/(liabilities): 
 Cash and near-cash balances                             7,387         40.2 
 Provision for performance-related management fee      (2,411)       (13.1) 
 Other debtors less creditors                            (101)        (0.5) 
                                                    ----------     -------- 
Net assets                                              18,357        100.0 
                                                    ----------     -------- 
 
 
   Investment portfolio 
 
   During the quarter ended 31 December 2016 the company sold its 
investment in Crantock Bakery for cash proceeds of GBP171,000.  The 
original cost of the investment was GBP215,000 and the directors' 
valuation as at 30 September 2016 was nil. 
 
   Contingent assets 
 
   At 31 December 2016 there was a contingent asset of GBP1,015,000 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.  The extent to which these proceeds will be received in 
due course is dependent on future events. 
 
   In 2013 the company brought a claim against HM Revenue & Customs to 
recover VAT paid on investment management fees in the period from 1990 
to 2009, to the extent that the amounts overpaid had not been previously 
recovered by the company, together with compound interest.  The claim 
arises from a decision by the European Court of Justice that the UK 
Government had breached EC law by levying VAT on the provision of 
investment management services to investment trust companies in the 
relevant period.  The company's claim has, by agreement with HMRC, been 
stayed pending the outcome of similar litigation involving other 
investment trust companies which is currently in progress.  The 
directors consider that the outcome of the claim, and if successful the 
timing and quantum of any recovery by the company, cannot be foreseen 
with any certainty at this stage.  The lead litigation was heard in the 
Supreme Court in May 2016 and the Court's judgement has not yet been 
handed down. 
 
   Allotment and redemption of B shares 
 
   During January 2017 the company returned GBP6.2 million to shareholders 
through a bonus issue and redemption of B preference shares of 50 pence 
("B shares").  12,483,825 B shares were allotted to ordinary 
shareholders on 20 January 2017 pro rata to their holdings of ordinary 
shares, and were redeemed on 24 January 2017 in accordance with their 
terms at a price of 50 pence per B share, equivalent to a return of 
capital of 250 pence per ordinary share.  The redemption proceeds were 
paid to shareholders on 31 January 2017. 
 
   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
(END) Dow Jones Newswires
February 15, 2017 06:00 ET (11:00 GMT)
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