Northern Investors Share Discussion Threads

[spectoacc] 07/3/2016 15:31

7 MARCH 2016

NORTHERN INVESTORS COMPANY PLC

PORTFOLIO UPDATE AND PROPOSED TENDER OFFER

Northern Investors Company PLC ("Northern Investors") announces the sale
of its investment in Control Risks Group Holdings Limited ("Control
Risks") for GBP7.30 million in cash. The directors' valuation of the
investment in Control Risks for the purposes of calculating Northern
Investors' unaudited net asset value as at 31 December 2015, which was
announced on 17 February 2016, was GBP7.30 million. Consequently there
is no change to the net asset value as a result of the sale.

On 2 March 2016 Northern Investors announced the sale of its investment
in Kitwave One Limited ("Kitwave") for initial cash proceeds of GBP8.14
million.

As previously announced, the directors intend to make a further
distribution of funds to shareholders by way of a tender offer.
Following the successful realisation of the investments in Kitwave and
Control Risks, the directors now envisage that the amount to be
distributed will be approximately GBP20 million. It is expected that a
circular giving details of the tender offer will be published on 8 March
2016 and that the ensuing re-purchase and cancellation of shares will be
completed by 31 March 2016.

[stupidboypike] 02/3/2016 10:45

I'm liking that! 10.6p uplift with a further possible 23p, given NRI's very conservative reporting style I would say that 23p is pretty likely. May well not tender as I did before. Best regards SBP

[yieldsearch] 02/3/2016 10:13

notice out.. may be that's why someone was keen to buy above the last reported 635.5

Northern Investors has received initial cash proceeds of £8.14 million for its holding of ordinary shares and redeemable loan stock in Kitwave. The directors' valuation of the investment in Kitwave for the purposes of calculating the unaudited net asset value as at 31 December 2015, which was announced on 17 February 2016, was £7.62 million. The uplift in Northern Investors' net assets resulting from the realisation is therefore £0.52 million, equivalent to approximately 10.6 pence per share based on the 4,900,000 shares currently in issue.
Northern Investors may, subject to future performance and tax claims, become entitled to receive further sale proceeds of up to £1.13 million over the period to December 2017. These proceeds will be recognised in the financial statements as and when received.

[stupidboypike] 01/3/2016 18:33

Yes I saw that and vaguely tempted to sell some, but maybe someone knows something, we get a statement in a couple of days so will hang on. Last time the price went up above the tender price within a few days of the tender.

Best regards SBP

[yieldsearch] 01/3/2016 17:20

2500shares traded at 651.. last reported NAV 635.5 .. There must be someone really keen to buy above the NAV, I guess it is not often private equity trust are trading above NAV???

[cockerhoop] 25/2/2016 23:31

I'm with you WCB, it was striking at the last tender how few shares the directors gave up. I know it's not necessarily your style but you really should post more.

[westcountryboy] 25/2/2016 22:11

Cheers, Sky...

I am always lurking somewhere or other! I am in this until the end, for better or worse - in which I am following the directors!

[badtime] 25/2/2016 19:21

Nicely done Sky.....foolish me took these off my radar

[eeza] 25/2/2016 17:44

I went to buy at the time, after your mention, but the price had already moved up to around 545 so didn't.

Lol !!! Too timid.

[skyship] 25/2/2016 17:36

Thnx Eeza - kind of you. Hadn't come across WCB before, or had forgotten! I owe him one.

[eeza] 25/2/2016 17:17

Well done on that scalp, Sky.

Well deserved.

[skyship] 25/2/2016 16:15

Posted on NRI back on 1st Feb. Thanks to WCB for flagging up the cheap offer as I bought then @ 516p and sold today @ 630p...perhaps too early, but couldn't resist a turn of that order in these difficult times.

Thnx again WCB.

[skyship] 17/2/2016 14:13

As previously announced, the Directors intend to make a further
distribution of funds to shareholders before the end of the current
financial year. It is envisaged that the amount to be distributed will
be not less than GBP7.0 million and that the distribution will take the
form of a tender offer at a price approximately equivalent to the
unaudited net asset value per share as at 29 February 2016, adjusted for
the expenses of the tender offer. It is expected that a circular giving
details of the tender offer will be published on or around 4 March 2016
and that the ensuing re-purchase and cancellation of shares will be
completed by 31 March 2016.

[jp69] 17/2/2016 13:49

The way this is playing out would not be surprised if at the end of the liquidation they are close to their top end forecast of 785p

[jp69] 17/2/2016 13:28

Tender around 4 March , nav up to 635p at 31.12

[westcountryboy] 29/1/2016 16:20

Bought quite a few back today at 516p - well within the spread...

[spectoacc] 13/8/2015 08:46

Thanks for the nod - sold a few of rump at 603, happy to run some.

[nk104] 12/8/2015 16:26

Just sold the rump of my holding at 605p - the published bid-offer spread is extremely misleading.

Anyway I've done very well out of this one, so thanks to SKYSHIP for putting me on to it.

[hisnameisollie] 06/6/2015 18:17

I'd like to get out of a chunk but I'm certainly not hitting the bid, as another poster shared 510-630....bid ask spread... haha get out of here!

[spectoacc] 02/6/2015 10:41

Agreed re spread - often a small dribble of buyers at 620-630ish too, which is interesting considering the last tender level.

Still got a small residual holding here too, happy to run it & see what happens.

[ursus] 01/6/2015 16:25

I know that moans about market makers are usually the province of conspiracy theorists, but a quoted spread on 510-630 is going it a bit. Real spread (for only nominal amounts of stock) seems to be about 553-629, which is little better.

[garbetklb] 29/5/2015 19:57

Sorry - had 100% accepted of the 60% I tendered - so still have 40% of my holding.

[ursus] 29/5/2015 17:55

How can you be getting the div if you tendered all yr shares, Garbet? Did you buy back?

[garbetklb] 29/5/2015 16:40

I tendered 60% (and had 100%) acceptance at the last tender, so this dividend is a nice extra.
At the tender, the directors all tendered less than their entitlement, or nil in some cases - a pretty strong vote for the remainder of the portfolio.
Very happy holder
Garbetklb