28 SEPTEMBER 2018
NORTHERN INVESTORS COMPANY PLC
PORTFOLIO UPDATE
Northern Investors Company PLC (“Northern Investors”) announces the sale of its investment in CGI Group Holdings (“CGI”), which manufactures fire-resistant glass under the Pyroguard brand.
Northern Investors has received cash proceeds of £1.75 million for its holding of ordinary shares and loan stock in CGI, plus £0.12 million in respect of arrears of loan stock interest not previously recognised. The directors’ valuation of the investment in CGI for the purposes of calculating the unaudited net asset value of Northern Investors as at 30 June 2018, which was announced on 10 July 2018, was £1.66 million. The uplift in Northern Investors’ net assets resulting from the realisation is therefore £0.21 million, equivalent to approximately 8.4 pence per share based on the 2,496,767 shares currently in issue.
Following the sale of CGI, Northern Investors’ residual investment portfolio now comprises three unquoted investments with a carrying value as at 30 June 2018 of £4.0 million. The directors’ next review of investment valuations will take place as at 30 September 2018 and will be reflected in the half-yearly results for the six months ending 30 September 2018, which are expected to be announced in November 2018.
As previously reported, the directors intend to put proposals to shareholders before the end of 2018 for a members’ voluntary liquidation of Northern Investors, with the aim of facilitating on a cost-effective basis the realisation of the remaining investments and the tax-efficient distribution of funds to shareholders.
For further information, please contact:
Northern Investors Company PLC
Nigel Guy/James Bryce 0191 244 6000
Website: www.nvm.co.uk
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.