Northern Inv. Co PLC Result Of Tender Offer
March 04 2014 - 4:24AM
UK Regulatory
TIDMNRI
4 MARCH 2014
NORTHERN INVESTORS COMPANY PLC
RESULT OF TENDER OFFER AND PURCHASE OF OWN SHARES
On 6 February 2014 Northern Investors Company PLC (the "Company")
announced a Tender Offer by Oriel Securities, on behalf of the Company,
to purchase up to 28.03% of the Company's issued share capital at a
price of 415 pence per Share, equivalent to the unaudited net asset
value per Share as at 31 December 2013 less an adjustment for the
estimated costs of the Tender Offer. The Company now announces the
result of the Tender Offer, which closed on 28 February 2014, the
requisite authority for the purchase of Shares by the Company having
been granted by shareholders at the general meeting held on 3 March
2014.
Valid tenders were received in respect of 7,310,556 Shares (representing
approximately 60.3% of the Company's issued ordinary share capital as at
the Record Date, 11 February 2014). The Tender Offer was therefore
oversubscribed.
In accordance with the terms and conditions of the Tender Offer, the
Company has accepted in full all applications made by Eligible
Shareholders up to their 28.03% Basic Entitlement. As certain Eligible
Shareholders did not take up their 28.03% Basic Entitlement, the Company
has also accepted, in part, those applications made by Eligible
Shareholders in excess of their 28.03% Basic Entitlement, scaled back on
a pro rata basis, such that approximately 10.4% of such excess tenders
were satisfied.
The total number of Shares for which applications were accepted under
the Tender Offer was 3,400,000, representing 28.03% of the Company's
issued ordinary share capital as at the Record Date, and accordingly on
4 March 2014 the Company purchased for cancellation 3,400,000 Shares at
the Tender Price of 415p per Share in accordance with the terms of the
Tender Offer. Immediately following this transaction there were
8,728,440 Shares in issue.
Payment of the Tender Price due to Shareholders whose tenders under the
Tender Offer have been accepted is expected to be made (by cheque or by
payment through CREST, as appropriate) by 7 March 2014.
Defined terms in this announcement have the same meaning as in the
Circular to Shareholders dated 6 February 2014.
Enquiries:
Nigel Guy/Christopher Mellor, Northern Investors Company PLC - 0191 244
6000
Neil Winward/Gaudi Le Roux, Oriel Securities Limited - 0207 710 7600
Neither the contents of the NVM Private Equity Limited website nor the
contents of any website accessible from hyperlinks on the NVM Private
Equity Limited website (or any other website) is incorporated into, or
forms part of, this announcement.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#1766198
http://www.nvm.co.uk/investorarea/northern_investors_company_plc.php
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