LONDON (Alliance News) – Northern Investors Co PLC, Northern Venture Trust PLC and Northern VCT 3 PLC all reported trading updates on Tuesday.
Northern Investors Co said it continues to realise its portfolio and has distributed GBP7.2 million to shareholders in the first half of its current financial year.
Northern Investors, which is a private equity investment trust, reported its net asset value per share at September 30 stood at 233.4 pence, down from 508.4p at March 31. Its overall net asset value stood at GBP5.8 million, down from GBP12.7 million at the end of March and down from GBP18.2 million a year earlier.
Shares in Northern Investors were down 1.5% at 220.60 pence on Tuesday.
The drop in net net asset value follows a 257.5 pence per share distribution made in June 2017, by means of a bonus issue and subsequent redemption of B shares, Northern Investors said. As well as the payment of a final dividend of 30.0 pence per share in July in respect of the preceding financial year.
Distributions to shareholders in the six-month period amounted to GBP7.2 million, Northern Investors said, adding to a total return of GBP90.7 million to shareholders since the beginning of its realisation policy in July 2011.
Northern Investors said as it noted in May its remaining portfolio now comprises of five investments with a total carrying value of GBP5.8 million. The company said its efforts are still focused on exiting these five remaining investments, noting that the orderly realisation process will continue through 2018 as it seeks to realise acceptable value from the last remaining holdings.
However with cash distributions to date already having exceeded 150% of the company’s net assets at the start of the process in 2011, Northern Investors believes the overall outcome will be highly satisfactory.
Looking forward Northern Investors said: “The process of realising the company’s investments is now well advanced and the directors and manager are focussed on resolving the outstanding issues.
“The current political and economic uncertainty does not create an ideal backdrop for the small company mergers and acquisition market but, whilst we do not expect all of the remaining realisations to be entirely straightforward, we should be in a position to report further progress during 2018,” Northern Investors said.
In a separate statement, Northern Venture Trust PLC said its net asset value per share for the year ended September 30 fell to 72.6 pence from 80.0p a year before. Its overall net asset value stood at GBP76.3 million, slightly down from GBP77.2 million in the prior year period.
The total return for the year was 3.7 pence per share, down from 10.1p last year, representing a total return of 4.6% over the opening net asset value per share.
Northern Venture Trust have proposed a final dividend of 3.0 pence per share, taking the total dividend for the year to 11.0 pence, down from 13.0p last year.
Northern 3 VCT PLC also reported its first half results for the six months to September 30.
Its net asset value per share for the period ended September fell to 98.0 pence from 107.1p last year. Its overall net asset value stood at GBP68.7million, slightly down from GBP70.6 million in the prior year period.
Northern 3 VCT declared an unchanged interim dividend of 2.0 pence per share for the year ending 31 March 2018, which will be paid on January 26, 2018.
Shares in Northern Venture Trust were up 2.1% at 74.00 on Tuesday, whilst shares in Northern 3 VCT were up 1.1% at 94.25 pence.
By Gem Sofianos; email@example.com
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