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14 FEBRUARY 2018
NORTHERN INVESTORS COMPANY PLC
UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 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 £90.7 million to shareholders by way of tender offers, redemptions of B shares and dividend distributions.
The unaudited net asset value per ordinary share as at 31 December 2017 was 237.1 pence (30 September 2017 (unaudited) 233.4 pence).
For the purposes of calculating the net asset value per share, unquoted investments are carried at fair value as at 31 December 2017 as determined by the directors.
Net assets at 31 December 2017 comprised the following:
|Unquoted investments at fair value as determined|
|by the directors||5,906||99.8|
|Net current assets/(liabilities):|
|Cash and near-cash balances||1,876||31.7|
|Provision for performance-related management fee||(1,743)||(29.4)|
|Other debtors less creditors||(120)||(2.1)|
The number of ordinary shares in issue at 31 December 2017 was 2,496,767 (30 September 2017 2,496,767).
On 8 February 2018 the company sold its holding of ordinary shares in S&P Coil Products Limited to a management buy-out vehicle. No consideration was payable on completion, but deferred proceeds of up to £136,000 may become payable subject to future performance. The original cost of the investment was £66,000 and the investment was carried at a directors’ valuation of nil in the unaudited financial statements as at 31 December 2017. Any future deferred proceeds received will be recognised in the Company’s financial statements at the time of receipt.
At 31 December 2017 there was a contingent asset of £177,000 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, not including the subsequent sale of S&P Coil Products referred to above. The extent to which these proceeds will be received in due course, if at all, is dependent on future events.
Northern Investors Company PLC
Nigel Guy/Christopher Mellor 0191 244 6000
Stifel Nicolaus Europe
Neil Winward/Mark Bloomfield/Gaudi le Roux 020 7710 7600
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.