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Northern investment group continues sell-off of portfolio.

NORTHERN Investors Company continued the realisation of its portfolio generating cash of PS2.5m in the six months to the end of September.

The Newcastle-based private equity trust has reduced its portfolio from 15 to 12, including sales of its stakes in Direct Valeting and Wear Inns, which generated PS0.8m and PS1.4m respectively.

A stake in Nuneaton-based Arleigh Group - a supplier to the static caravan industry - was also sold for PS1.5m.

Northern Investors' remaining portfolio still includes shareholdings in North East wholesalers Kitwave and Nuneaton-based Control Risks Group Holdings.

Shareholders are now in store for another return of funds before March 31, 2016 as cash deposits at the end of September stood at PS7.5m.

Net asset value per share increased by 5.9% during the half year to a new high of 553.6 pence as at September 30 2015, a move Northern Investors said reflected positive performance by most of its remaining investees.

The company expects to have liquidated its portfolio by the end of 2017 and total cash returned to shareholders is expected to be between 155% and 170% of the original PS59m of net assets in 2011.

Overall funds of between PS91m and PS100m are expected to be returned to shareholders, including PS61.4m already returned.

Northern Investors Company chairman Nigel Guy said: "The orderly realisation of the company's investments continues to make good progress and your directors believe that the results to date validate the strategy adopted in 2011.

"The next 12 months will be an important period as we seek to achieve our goal of completing the process by the end of 2017."

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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Date:Nov 13, 2015
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