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29 JULY 2010
NORTHERN INVESTORS COMPANY PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2010
Northern Investors Company PLC presents its interim management statement for the
quarter ended 30 June 2010. This constitutes the company's first interim
management statement for the financial year ending 31 March 2011, as required by
the UK Listing Authority's Disclosure and Transparency Rule 4.3. This statement
has been prepared solely to provide additional information in order to meet the
requirements of the Disclosure and Transparency Rules and should not be relied
on by shareholders, or any other party, for any other purpose.
The unaudited net asset value per ordinary share as at 30 June 2010 was 275.3p
(31 March 2010 (audited) 272.9p). The net asset value is stated after deducting
the final dividend of 5.5p per share in respect of the year ended 31 March
2010, which was approved by shareholders at the annual general meeting on 23
June 2010 and was paid on 2 July 2010.
The number of ordinary shares in issue at 30 June 2010 was 19,395,440 (31 March
2010 19,395,440). No shares were allotted or re-purchased during the quarter.
For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 30 June 2010 and unquoted investments
are carried at fair value as at 30 June 2010 as determined by the directors.
Net assets at 30 June 2010 comprised the following:
ÂGBP000 net assets
Unquoted investments at fair value
as determined by the directors 32,816 61.5
Quoted investments at bid price 421 0.8
Total fixed asset investments 33,237 62.3
Net current assets 20,149 37.7
Net assets 53,386 100.0
As announced on 23 June 2010, the company achieved a partial exit from its
investment in Weldex (International) Offshore, which was acquired by a new
holding company controlled by private equity funds managed by Dunedin Capital
Partners. Northern Investors Company received total sale proceeds of ÂGBP6.9
million, of which ÂGBP3.7 million was paid in cash at completion and ÂGBP3.2 million
in the form of unsecured loan notes in the new holding company, in which
Northern Investors Company also holds a 5% equity stake. There were no other
significant investment transactions during the three months ended 30 June 2010.
The directors are not aware of any other events or transactions which have taken
place between 31 March 2010 and the date of publication of this statement and
which have had a material effect on the financial position of the company.
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Northern Investors Co PLC via Thomson Reuters ONE
(END) Dow Jones Newswires
July 29, 2010 06:23 ET (10:23 GMT)