Northern Inv. Co PLC Portfolio Update

 
TIDMNRI 
 
 
   2 MARCH 2016 
 
   NORTHERN INVESTORS COMPANY PLC 
 
   PORTFOLIO UPDATE AND PROPOSED TENDER OFFER 
 
   Northern Investors Company PLC ("Northern Investors") announces the sale 
of its investment in Kitwave One Limited ("Kitwave") to the Kitwave 
management team, supported by private equity funds managed by Pricoa 
Capital Group and Allstate Investments. 
 
   Northern Investors has received initial cash proceeds of GBP8.14 million 
for its holding of ordinary shares and redeemable loan stock in Kitwave. 
The directors' valuation of the investment in Kitwave for the purposes 
of calculating the unaudited net asset value as at 31 December 2015, 
which was announced on 17 February 2016, was GBP7.62 million.  The 
uplift in Northern Investors' net assets resulting from the realisation 
is therefore GBP0.52 million, equivalent to approximately 10.6 pence per 
share based on the 4,900,000 shares currently in issue. 
 
   Northern Investors may, subject to future performance and tax claims, 
become entitled to receive further sale proceeds of up to GBP1.13 
million over the period to December 2017.  These proceeds will be 
recognised in the financial statements as and when received. 
 
   In accordance with Northern Investors' policy, adopted by shareholders 
in July 2011, of realising its investment portfolio and returning funds 
to shareholders, the directors intend as previously announced to make a 
further distribution to shareholders by way of a tender offer.  Taking 
account of available cash resources and known expenditure commitments, 
the directors currently estimate that the amount to be distributed will 
be not less than GBP13 million.  It is expected that a circular giving 
details of the tender offer will be published on or around 8 March 2016 
and that the ensuing re-purchase and cancellation of shares will be 
completed by 31 March 2016. 
 
   For further information, please contact: 
 
   Northern Investors Company PLC 
 
   Nigel Guy/Christopher Mellor 
0191 244 6000 
 
   Stifel Nicolaus Europe Limited 
 
   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 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#1990761 
 
 
  http://www.nvm.co.uk/investorarea/northern_investors_company_plc.php

(END) Dow Jones Newswires

March 02, 2016 05:00 ET (10:00 GMT)

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