Northern Inv. Co PLC Result Of General Meeting And Pro-forma Nav

 
TIDMNRI 
 
 
   19 JANUARY 2017 
 
   NORTHERN INVESTORS COMPANY PLC 
 
   RESULT OF GENERAL MEETING AND PRO-FORMA NAV 
 
   Northern Investors Company PLC (the "Company") announces that at the 
general meeting held on 19 January 2017 both of the special resolutions 
set out in the notice of meeting were duly passed by shareholders. 
 
   In accordance with the Disclosure Rules and Transparency Rules, a copy 
of the resolutions proposed and passed has been submitted to the 
National Storage Mechanism and will shortly be available for inspection 
at www.morningstar.co.uk/uk/NSM and is also available on the NVM Private 
Equity website at www.nvm.co.uk/nicgmjan2017. 
 
   Details of proxy voting on the resolution put to shareholders at the 
general meeting are as follows: 
 
 
 
 
                                                                                                 Vote 
Resolution                                                      For    Discretionary  Against  withheld 
1 
 --    THAT the draft articles of association produced to 
       the meeting and signed by the Chairman (the "New 
       Articles of Association") be approved and adopted as 
       the articles of association of the Company in 
       substitution for, and to the exclusion of, all 
       existing articles of association of the Company; 
 
 
 --    THAT the directors be generally and unconditionally 
       authorised: 
 
        --    To capitalise a sum or sums from time to time 
              not exceeding GBP12.67 million in aggregate 
              standing to the credit of the special reserve 
              (which was created through the cancellation of 
              the Company's share premium account), and to 
              apply such sum from time to time in paying up 
              in full up to 25,346,666 redeemable shares of 
              50 pence each in the capital of the Company 
              carrying the rights and restrictions set out 
              in article 150 of the New Articles of 
              Association (the "B Shares") that may be 
              allotted pursuant to the authority given by 
              sub paragraph (b) (ii) below; and 
 
 
 --    Pursuant to section 551 of the Act, to exercise all 
       powers of the Company to allot and issue credited as 
       fully paid up B Shares up to an aggregate nominal 
       amount of GBP12.67 million to the holders of the 
       Ordinary Shares on a pro rata basis as determined by 
       the Directors from time to time.                       837,830          9,571        0    59,783 
 
 1.    THAT, conditional on the passing of Resolution 1 
       above and subject to the confirmation of the Court, 
       the balance standing to the credit of the capital 
       redemption reserve of the Company following the 
       redemption of 12,483,835 B Shares in January 2017 be 
       cancelled and the amount so cancelled be credited to 
       a special reserve of the Company.                      837,310         10,091        0    59,783 
 
 
   In accordance with the Circular and notice of general meeting published 
on 21 December 2016, Shareholders will therefore receive 5 B Shares for 
each Ordinary Share held by them on the Return of Capital Record Date by 
way of a bonus issue, expected to take place on 20 January 2017.  It is 
also expected that the Ordinary Shares will commence trading ex their 
entitlement to the B Share Entitlement and the associated B Share 
Dividend on 20 January 2017. 
 
   Shortly after their issue, the B Shares will be redeemed by the Company 
in accordance with their terms at a price of 50 pence for each B Share. 
Shareholders are expected to receive the proceeds of the redemption by 
31 January 2017. 
 
   Reduction in NAV of Ordinary Shares on a pro-forma basis 
 
   Following the bonus issue of the B Shares, the NAV per Ordinary Share 
will be correspondingly reduced by the amount of the return of capital 
of 250 pence per Ordinary Share and the costs of the redemption. 
 
   Had the return of capital taken place as at 30 September 2016, the date 
of the latest reported unaudited NAV, then the pro-forma unaudited NAV 
per Ordinary Share as at that date, adjusting only for this return of 
capital but ignoring the associated B Share Dividend and related costs, 
and without making any adjustment for any other possible change since 
that date, would have been 478.6 pence per Ordinary Share.  The Board 
have not carried out a revaluation exercise since the publication on 15 
November 2016 of the unaudited NAV as at 30 September 2016. 
 
   Enquiries: 
 
   Nigel Guy/Christopher Mellor, Northern Investors Company PLC - 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. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Northern Investors Co PLC via Globenewswire 
 
 
  http://www.nvm.co.uk/investorarea/northern_investors_company_plc.php 
 

(END) Dow Jones Newswires

January 19, 2017 10:48 ET (15:48 GMT)

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