Northern Inv. Co PLC – Interim Management Statement

31st July 2008

RNS Number : 4891A
Northern Investors Co PLC
01 August 2008

1 AUGUST 2008



Northern Investors Company PLC presents its interim management statement for the
quarter ended 30 June 2008. This constitutes the company’s first interim
management statement for the financial year ending 31 March 2009, 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.

Economic and market conditions remain difficult and this has inevitably had an
adverse effect on the performance of some investee companies. The directors have
continued to take a prudent approach to the valuation of the portfolio.

The unaudited net asset value per ordinary share as at 30 June 2008 was 285.2p
(31 March 2008 297.3p). The net asset value is stated after deducting the final
dividend of 5.0p per share in respect of the year ended 31 March 2008, which was
approved by
shareholders at the annual general meeting on 25 June 2008 and was paid on 4
July 2008.

The number of ordinary shares in issue at 30 June 2008 was 19,425,440 (31 March
2008 19,425,440).

Net assets at 30 June 2008 comprised the following:

% of
#000 net assets
Unquoted investments at fair value
as determined by the directors 41,005 74.0
Quoted investments at bid price 914 1.7
—— —–
Total fixed asset investments 41,919 75.7
Net current assets 13,489 24.3
—— —–
Net assets 55,408 100.0
—— —–

The ten largest investments by valuation at 30 June 2008 were as follows:

% of
#000 net assets
Weldex (International) Offshore 3,520 6.3
Britspace Holdings 3,176 5.7
Foreman Roberts Group 2,935 5.3
Axial Systems Holdings 2,301 4.2
Stainton Metal Company 2,026 3.7
Promanex Group Holdings 1,974 3.6
Paladin Group 1,967 3.6
Astbury Marsden Holdings 1,942 3.5
Optilan Group 1,900 3.4
Envirotec 1,778 3.2
—— —–
Top ten investments 23,519 42.5
Other investments 18,400 33.2
—— —–
Total fixed asset investments 41,919 75.7
—— —–

Quoted investments are carried at bid price as at 30 June 2008. Unquoted
investments are carried at fair value as at 30 June 2008 as determined by the

During the three months ended 30 June 2008 the following significant investment
transactions took place (all companies unquoted except where otherwise

New investments:

Name of company Business activity Amount
CGI Group Holdings Manufacturer of fire, safety and security 1,723
Tikit Group (AIM-quoted) Provider of consultancy services and 525
software to legal and accountancy practices


Sales Original Carrying
proce cost value at
Name of company eds #000 31 March 2008
#000 #000
CGI Group 2,225 1,161 2,225
TFB Group 1,506 541 1,506
Product Support (Holdings) 7,349 3,703 5,734

CGI Group was acquired by CGI Group Holdings, a newly-incorporated company, in
April 2008 as part of a recapitalisation exercise in which Northern Investors
Company received #0.5 million in cash plus shares and loan stock in CGI Group
valued at #1.7 million.

TFB Group was acquired by Tikit Group plc in April 2008; Northern Investors
Company received #1.0 million in cash, plus shares in Tikit Group valued at #0.5

Product Support (Holdings) was acquired by Wincanton plc in May 2008; Northern
Investors Company received #7.3 million in cash.

The directors are not aware of any other events or transactions which have taken
place between 31 March 2008 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 information is provided by RNS
The company news service from the London Stock Exchange