Northern Inv. Co PLC Net Asset Value(s)

 
TIDMNRI 
 
 
   11 JULY 2017 
 
   NORTHERN INVESTORS COMPANY PLC 
 
   UNAUDITED NET ASSET VALUE AS AT 30 JUNE 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 GBP89.9 
million to shareholders by way of tender offers, redemptions of B shares 
and dividend distributions. 
 
   Net asset value 
 
   The unaudited net asset value (NAV) per ordinary share as at 30 June 
2017 was 252.9 pence, stated before deducting the final dividend of 30.0 
pence per share in respect of the year ended 31 March 2017, which was 
approved by shareholders at the annual general meeting on 11 July 2017 
and will be paid on 21 July 2017. 
 
   The audited NAV of 508.4 pence as at 31 March 2017 was stated before 
taking account of the return of 257.5 pence per share to shareholders 
during June 2017 through the allotment and redemption of B shares as 
described below.  Had the redemption of B shares taken place as at 31 
March 2017, then the pro forma audited NAV 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 250.9 
pence per ordinary share. 
 
   The number of ordinary shares in issue at 30 June 2017 was 2,496,767 (31 
March 2017 2,496,767). 
 
   For the purposes of calculating the net asset value per share, unquoted 
investments are carried at fair value as at 30 June 2017 as determined 
by the directors. 
 
   Net assets at 30 June 2017 comprised the following: 
 
 
 
 
                                                                   % of 
                                                      GBP000     net assets 
Unquoted investments at fair value as determined 
 by the directors                                        5,801         91.9 
Net current assets/(liabilities): 
 Cash and near-cash balances                             2,443         38.7 
 Provision for performance-related management fee      (1,743)       (27.6) 
 Other debtors less creditors                            (186)        (3.0) 
                                                    ----------     -------- 
Net assets                                               6,315        100.0 
                                                    ----------     -------- 
 
 
   Investment portfolio 
 
   During the quarter ended 30 June 2017 the company sold its investment in 
Optilan Group for cash proceeds of GBP4.18 million.  The original cost 
of the investment was GBP1.90 million and the directors' valuation as at 
31 March 2017 was GBP4.18 million. 
 
   Contingent assets 
 
   At 30 June 2017 there was a contingent asset of GBP958,000 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, if at all, is dependent on future events. 
 
   Allotment and redemption of B shares 
 
   During June 2017 the company returned GBP6.43 million to shareholders 
through a bonus issue and redemption of B preference shares of 50 pence 
("B shares").  12,858,266 B shares were allotted to ordinary 
shareholders on 30 May 2017 pro rata to their holdings of ordinary 
shares, and were redeemed on 5 June 2017 in accordance with their terms 
at a price of 50 pence per B share, equivalent to a return of capital of 
257.5 pence per ordinary share.  The redemption proceeds were paid to 
shareholders on 12 June 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
July 11, 2017 09:32 ET (13:32 GMT)
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