Net Asset Value(s) 11 JULY 2017 NORTHERN INV
Post# of 301275
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 £89.9 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 | ||
| £000 | 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 £4.18 million. The original cost of the investment was £1.90 million and the directors' valuation as at 31 March 2017 was £4.18 million.
Contingent assets
At 30 June 2017 there was a contingent asset of £958,000 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 £6.43 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.
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