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22 SEPTEMBER 2009
NORTHERN 3 VCT PLC
Northern 3 VCT PLC ("the Company") announces the sale of its
investment in DxS Limited, which provides molecular diagnostic
products and services to the healthcare industry, for initial cash
proceeds of GBP3.3 million, plus GBP0.3 million by way of accrued loan
stock interest. The Company may become entitled to receive up to a
further GBP2.5 million over the period to 2012 subject to the
achievement by DxS of specified objectives.
The initial sale price represents an uplift of GBP0.6 million
(equivalent to 2.2p per ordinary share in the Company) over the
carrying value of the investment as reflected in the unaudited net
asset value of 86.4p per share as at 30 June 2009 which was announced
by the Company on 30 July 2009.
The Company invested a total of GBP0.3 million in DxS in early-stage
funding rounds led by NVM Private Equity in 2004 and 2006. The total
income and capital proceeds to date (excluding contingent future
payments) represent a money multiple of 11.1 times the original
investment and an internal rate of return (IRR) of 60.4% per annum.
Tim Levett/Christopher Mellor, NVM Private Equity Limited - 0191 244
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
(END) Dow Jones Newswires
September 22, 2009 02:09 ET (06:09 GMT)