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18 MARCH 2009
NORTHERN INVESTORS COMPANY PLC
Northern Investors Company PLC (“the Company”) announces the sale of its investment in clinical research services provider Pivotal Laboratories Holdings Limited (“Pivotal“) to the North American clinical laboratory group ACM for proceeds of £2.1 million, of which £1.9 million was paid in cash at completion with the balance in loan notes repayable over a three year period.
The sale price represents an uplift of £0.5 million (equivalent to 2.7p per ordinary share in the Company) over the carrying value of the investment as reflected in the unaudited net asset value of 226.3p per share as at 31 December 2008 which was announced by the Company on 13 February 2009.
The Company invested £1.0 million in Pivotal in August 2005 as part of a management buy-out financing led by NVM Private Equity. The total income and capital proceeds represented a money multiple of 2.2 times the original investment and an internal rate of return (IRR) of 27% per annum.
Martin Green/Christopher Mellor, NVM Private Equity Limited – 0191 244 6000