Northern Investors Share Discussion Threads

[skyship] 09/7/2013 18:14

Unable to do that here in SW France - too hot for our internet connection it would seem; so very intermittent service. Anyway, computer in the office and me in the pool!!!

spitting barrel - you've had this bang to rights recently with your 280p Bid in size earlier. Is that 300p Bid a genuine L2 Bid, or a Selftrade bid? Whatever, just thrilled that is back on track...

[spectoacc] 09/7/2013 15:54

Turning into one of those that - even though I'm in for the long term - I can't help looking up the price of every 5 minutes!

[spittingbarrel] 09/7/2013 15:35

MM's must be very short, 300p bid for size now and only 10 shares on the offer at 310p

[jaws6] 08/7/2013 15:23

That deal cancel now , but it does show not to put at best order.

[flyfisher] 08/7/2013 15:08

Anyone buying at the moment - beware - an at market deal was earlier today offered at 395p in various sizes , when a limit deal could be struck at 298p. I see someone has been caught out by this.

[badtime] 08/7/2013 09:51

seller has been cleared out it seems

[badtime] 04/7/2013 19:00

sky...few lumpy trades this morning ..is that what u are referring to...as we seem to have moved on thin volume (excluding them)..i added first up.

[spittingbarrel] 03/7/2013 10:35

Just tried to get a quote online and couldn't buy more than 10 shares at 2.87 but it was 2.80 bid in size!

[jaws6] 03/7/2013 08:56

small tick up on down day ?

[skyship] 30/6/2013 19:06

Dividend payable this coming Friday:

"The proposed dividend for the year ended 31 March 2013 is 9.5p per share, a 5.6% increase from last year's total of 9.0p. Subject to approval by shareholders at the annual general meeting, the final dividend will be paid on 5 July 2013 to shareholders on the register on 14 June 2013."

[skyship] 27/6/2013 14:08

The 12k purchase by John Barnsley 6 weeks ago, followed now by Philip Marsden's 10k. Take the two together and it is a very clear indication that the BoD are looking for more successful progress with the liquidation process; and are certainly happy with the KCS valuation.

[skyship] 26/6/2013 17:55

Philip Marsden, non-exec, finally buys a holding - 10k @ 282p. Should have bought a few on his appointment 21 months ago. Not a move of great import, but IMO highly significant in turns of investor reassurance:

===============================================
15 September 2011

NORTHERN INVESTORS COMPANY PLC

Directorate changes

The board of Northern Investors Company PLC (the "Company") announces that Peter
Haigh has retired as chairman and as a director of the Company with effect from
15 September 2011. Mr Haigh had intended to step down as chairman after the
Company's continuation vote in 2012 but has decided to bring his retirement
forward as the 2012 vote has been removed as part of the Company's recent move
to an orderly realisation strategy. Mr Haigh was appointed to the board of the
Company in 1987 and has been chairman since 2005. The board would like to thank
Mr Haigh for his outstanding dedication and significant contribution to the
Company over the last 24 years and wishes him well in the future.

In light of Mr Haigh's retirement and in order to best implement the realisation
strategy approved by shareholders on 21 July 2011 the board of directors has
decided to appoint two new directors to the Company. Nigel Guy has joined the
board as chairman and Philip Marsden has joined the board as a non-executive
director, with both appointments being effective from 15 September 2011. Both
Mr Guy and Mr Marsden have spent many years working in a variety of roles in the
private equity sector and will bring significant experience to the board in
realising private equity assets.

Mr Guy is non-executive chairman of FRP Advisory LLP and The Cornhill
Partnership Limited, a non-executive director of CLVC Group Limited and a board
member of the Corporate Finance Faculty of the Institute of Chartered
Accountants in England and Wales. He has considerable experience of private
equity having spent over 20 years in the industry holding leadership positions
principally at 3i plc, where he spent almost 13 years and as deputy managing
director of Baird Capital Partners Europe Limited. Mr Guy currently holds board
positions in a number of businesses where there are significant financial
stakeholders including private equity investors. There is no further
information to be disclosed in relation to Mr Guy under Listing Rule 9.6.13R.

Mr Marsden is a non-executive director of TP70 2008(I) VCT plc and is a founding
partner of Marsden Clark LLP, a provider of independent corporate finance advice
to corporate clients. Mr Marsden has specialised for many years in the
realisation of individual investments and portfolios of private equity
investments. He qualified as a Chartered Accountant and then spent 5 years at
Arthur Andersen before moving to 3i Group plc where he worked for 22 years,
becoming a director of 3i plc and manager of the portfolio development team. Mr
Marsden left 3i Group plc in 2002 and has subsequently worked at Vision Capital
Limited, Vantis Corporate Finance Limited, where he was Managing Director and
RSM Tenon plc, where he was director of corporate finance. Vantis Corporate
Finance Limited, and the group of which it formed part, went into administration
on 29 June 2010, shortly after its business was acquired by its directors and
they joined RSM Tenon plc. There is no further information to be disclosed in
relation to Mr Marsden under Listing Rule 9.6.13R.
==================================================

[westcountryboy] 25/6/2013 23:21

Many thanks for the info on Kerridge and Control Risks. I should have looked at the annual report on the website! I hadn't realised it was as detailed as the annual reports on the VCTs that I already have in my possession.

[cockerhoop] 25/6/2013 09:37

WCB,

NRI has £3.6m of Loan Stock in Kerridge and (as of March 2013 valuation) £8.82m of equity for 19% of the company although I'm slightly confused as they own approx 42% of both the Kerridge 'A' and 'B' shares (perhaps there are further share classes?). My figures imply a slightly richer valuation of £46m for Kerridge.

In the NRI accounts it is suggested that Earnings Multiple is the valuation method used for the majority of companies held.

Cheers

[jaws6] 25/6/2013 09:06

better ask here to get answer from co or oriel .I think his number there for oriel on web too if you want.
hxxp://www.nvm.co.uk/investor-area/shareholder-queries/

hxxp://www.nvm.co.uk/news-and-media-centre/newsletters/

[cockerhoop] 25/6/2013 08:55

WCB,

Control Risks

Year Ending March 2012
Sales 204.2
PBT 13.6
PAT 9.0
NAV 21.1

NRI own 6.1% valued at £6.5m implying total valuation of approx £106m for Control Risks.

Regards Kerridge it does appear to be growing rapidly if 2011 to 2012 results are representative.

[westcountryboy] 25/6/2013 08:32

I am wondering about the process of realising value in NRI. Presumably they must be looking to sell Kerridge and Control Risks at some point. These two companies make up 43% of the total net asset value.

Kerridge has been a star performer for all the Northern stable. NRI has £12.4m of value in Kerridge. NTV has 8.3% of the shares and the value of these is listed in the NTV accounts at £3.24m, plus loan stock of £1.565m = £4.81m altogether. Presumably some of NRI's £12.4m is also in loan stock so I am not quite sure what their percentage of the ordinaary shares is.

From the NTV accounts it would appear that the total valuation of the Kerridge ordinary shares would be £39.07m. Does anyone know how they arrive at these valuations? The NTV accounts give for Kerridge in 2012 sales of £25.5m, pbt of £1.9m and pat of £1.5m, and so £39m valuation seems quite steep to me.

I am just a bit worried that they would not be able to realise all this valuation on a sale of the business.

I can't find any results for Control Risks.

My underlying interest is that if Kerridge and Control Risks are correctly valued then NRI looks a steal as you can buy stock at 282p. But if there is some risk to value then things are not so clear.

Disclaimer: I am already long but wondering quite how long to be...

[spittingbarrel] 14/6/2013 10:47

I've just paid 2.83 for a small amount