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22 AUGUST 2011
NORTHERN 2 VCT PLC
Northern 2 VCT PLC (“Northern 2”) announces the sale of its investment in Promanex Group Holdings Limited (“Promanex”), an industrial support services business providing facilities management, installation, repair and maintenance and general asset management in a number of high growth specialist markets, which has been acquired by Costain Group PLC.
Northern 2 received total cash at completion of £2.64 million, comprising £0.51 million of accrued investment income not previously recognised in Northern 2’s financial statements and £2.13 million by way of consideration for its investment in ordinary shares and loan stock in Promanex. The carrying value of the investment in Promanex for the purposes of calculating the financial information disclosed in Northern 2’s interim management statement for the quarter ended 30 June 2011, published on 19 July 2011, was £2.18 million.
Northern 2 also announces the receipt of a further £0.28 million of deferred consideration arising from the sale of DxS Limited in September 2009. This amount has not previously been recognised in Northern 2’s financial statements.
The uplift in Northern 2’s net assets resulting from the above transactions (after providing for corporation tax on the Promanex investment income element) is estimated at £0.61 million, equivalent to approximately 1.1p per ordinary share.
Alastair Conn/Christopher Mellor, NVM Private Equity Limited 0191 244 6000
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Source: Northern 2 VCT PLC via Thomson Reuters ONE