Northern Inv. Co PLC Annual Financial Report

 
TIDMNRI 
 
 
   23 MAY 2018 
 
   NORTHERN INVESTORS COMPANY PLC 
 
   RESULTS FOR THE YEARED 31 MARCH 2018 
 
   Northern Investors Company PLC is a private equity investment trust 
managed by NVM Private Equity LLP.  The trust was launched in 1984 and 
has been listed on the London Stock Exchange since 1990. 
 
   In July 2011 shareholders approved a change in investment strategy 
whereby the trust ceased making new investments and began an orderly 
realisation of its portfolio with a view to returning capital to 
shareholders.  The company has subsequently returned a total of GBP90.7 
million to shareholders by way of tender offers and dividend 
distributions. 
 
   Financial highlights (comparative figures as at 31 March 2017): 
 
 
 
 
                                                            2018       2017 
Net assets                                               GBP5.8m   GBP12.7m 
Number of shares in issue at end of year               2,496,767  2,496,767 
Net asset value per share 
 (2018 stated after 257.5p per share distribution in 
 June 2017)                                               232.1p     508.4p 
Cash distributions to shareholders: 
During year                                              GBP7.2m    GBP6.8m 
Since change in investment policy in July 2011          GBP90.7m   GBP83.5m 
Total return for the year: 
Pence per share                                            13.5p      99.6p 
As % of opening net asset value                             2.7%      14.5% 
Proposed dividend per share for the year                       -      30.0p 
Mid-market share price at end of year                       224p       525p 
Share price discount/(premium) to net asset value           3.5%     (3.3)% 
 
 
   For further information, please contact: 
 
   Northern Investors Company PLC 
 
   Nigel Guy/James Bryce                                                                       0191 244 6000 
 
 
   Stifel Nicolaus Europe Limited 
 
   Neil Winward/Mark Bloomfield/Gaudi Le Roux 
020 7710 7600 
 
   Website:  www.nvm.co.uk 
 
   NORTHERN INVESTORS COMPANY PLC 
 
   CHAIRMAN'S STATEMENT 
 
   Overview 
 
   We have continued to implement the phased run-off of the investment 
portfolio which was initiated in 2011.  During the financial year to 31 
March 2018 a further GBP7.2 million was returned to shareholders, taking 
the cumulative total since 2011 to GBP90.7 million.  This represents a 
significant uplift on the GBP59 million of net assets at the start of 
the realisation programme.  The residual investment portfolio now 
comprises only four unquoted investments, two of which have reasonable 
prospects of being realised during 2018. 
 
   We are still working towards the eventual appointment of a liquidator to 
complete the winding-up process through a members' voluntary liquidation 
of the company.  Whilst your directors would ideally prefer to take this 
step only when all the remaining investments have been sold, we are 
conscious that maintaining listed investment trust status for a further 
period of time has cost implications and we need to take a realistic 
view of the two investments whose sale is unlikely to take place before 
2019.  Although clearly dependent on progress with realisations, and 
indeed on the general economic and political climate which has become 
less favourable over the past six months, in the absence of unforeseen 
circumstances we envisage that proposals for the appointment of a 
liquidator will be put to shareholders for approval before the end of 
2018, enabling the liquidator to make an early distribution of such 
funds as are immediately available, with further payments following as 
the remaining investments are sold. 
 
   Financial results 
 
   The residual net assets at 31 March 2018 totalled GBP5.8 million, 
comprising investments at directors' valuation of GBP5.7 million and net 
current assets of GBP0.1 million.  The net asset value (NAV) per share 
at 31 March 2018 was 232.1 pence which, after adding back the 257.5 
pence per share returned to shareholders through a B share redemption in 
June 2017 and the 30.0 pence per share dividend paid in July 2017, 
represents a marginal uplift from the corresponding figure of 508.4 
pence at 31 March 2017. 
 
   The return per share for the year as reported in the income statement 
was 13.5 pence (preceding year 99.6 pence).  Income from the reduced 
investment portfolio is now running at a much lower level than in 
previous years, and is no longer sufficient to cover annual running 
costs.  Consequently the return for the year comprises a deficit on the 
revenue account of 9.1 pence per share, offset by a positive return of 
22.6 pence on the capital account. 
 
   Dividend 
 
   In recent years the annual dividend has been paid in the form of a 
single final dividend, with no interim dividend being declared.  A 
dividend of 30.0 pence per share was paid in July 2017 in respect of the 
year ended 31 March 2017.  As flagged in the interim report, the 
directors, having taken into account the low level of investment income 
received in the year and the relative tax inefficiency for many 
shareholders of dividend payments now compared with future distributions 
from the liquidator, have decided not to propose a dividend in respect 
of the year ended 31 March 2018.  No further dividends are likely to be 
declared unless it becomes necessary to do so in order to preserve the 
company's authorised investment trust status. 
 
   Investment portfolio 
 
   During the year the investments in Optilan Group and S&P Coil Products 
were sold.  Optilan Group realised a total of GBP4.2 million in cash, a 
highly satisfactory outcome, but S&P Coil Products, which had been 
carried at nil value for a number of years, was sold for a token 
consideration with only a limited prospect of further payments in the 
future.  A further GBP0.8 million was received during the year in 
deferred proceeds from investments sold in earlier years, principally 
Kitwave One and Alaric Systems.  Since adoption of the portfolio run-off 
strategy in July 2011, 26 of the original 30 investments have been sold 
outright and almost GBP83 million in cash has been realised from the 
portfolio. 
 
   Following the board's latest portfolio review with the managers, we 
believe that there are good prospects of achieving exits from two of the 
four remaining holdings within the next nine months.  This leaves two 
investments where a sale is unlikely to be achieved before 2019. 
Northern Investors is a minority investor in each of these companies and 
does not have the power to compel an early sale, although we have a good 
relationship with the other investors and will continue to work with 
them to obtain an exit on terms satisfactory to all parties. 
 
   Corporate strategy 
 
   As a result of distributions totalling GBP7.2 million over the past 12 
months, the total cash returned to shareholders since our change of 
investment policy in July 2011 now exceeds GBP90 million.  This is 
already an excellent outcome from a portfolio originally valued 
(together with cash balances) at GBP59 million in 2011. 
 
   Distributions have taken the form of revenue dividends (GBP6.7 million), 
tender offers (GBP71.3 million) and most recently two bonus issues and 
redemptions of B shares (GBP12.7 million).  The company's capital base 
is now too small for further tender offers to be practicable, and we 
have exhausted those balance sheet reserves which could be 
tax-efficiently paid out in the form of capital by way of B share 
redemptions.  We have been advised that once the company is in members' 
voluntary liquidation, distributions by the liquidator will be treated 
as capital receipts in the hands of shareholders.  In the circumstances 
it seems right that the company should now move towards the liquidation 
stage, and we expect to write to shareholders with our proposals later 
in the year. 
 
   In the meantime your directors have taken steps to reduce ongoing 
running costs where possible, so as to minimise any erosion of the 
company's remaining assets.  In particular we have agreed a lower base 
level for NVM's management and administration fees with effect from 1 
April 2018; we have also reduced board and other operating costs and 
will not be replacing Mark Nicholls when he retires from the board as 
mentioned below. 
 
   Shareholders may recall that in 2011 we estimated that the eventual cash 
return to shareholders from the realisation process would be in the 
range from 120% to 160% of the initial net assets of GBP59 million. 
Having already exceeded 150%, we are now projecting a total outcome 
(including distributions from the liquidator, and net of all costs) in 
the range from 162% to 167%.  In cash terms this implies further returns 
of between GBP4.9 million and GBP7.6 million, equivalent to between 196 
pence and 304 pence per share.  These estimates are given for 
illustrative purposes and are subject to various uncertainties, 
including actions that may be taken by the liquidator once appointed, so 
reliance should not be placed on them. 
 
   It is likely that the company's Stock Exchange listing will be cancelled 
on or shortly after the appointment of a liquidator, and shareholders 
should be aware that the share register will be frozen at the date of 
liquidation, with any requests for shares to be transferred needing to 
be authorised by the liquidator.  Those shareholders whose shares are 
held in ISAs or other investment wrappers should consult with their plan 
manager in good time so as to determine whether they need to take any 
action prior to the company going into liquidation. 
 
   Manager's remuneration and performance incentive 
 
   In recognition of the reduced size of the company, it has been agreed 
with NVM Private Equity that with effect from 1 April 2018 the fixed 
element of their management fee will reduce from GBP100,000 to GBP75,000 
and their secretarial/administration fee will reduce from GBP35,000 to 
GBP25,000. 
 
   A further performance incentive fee instalment of GBP0.7 million was 

paid to NVM in May 2017 on the basis of cash generated for distribution 
up to 31 March 2017.  The balance sheet as at 31 March 2018 includes a 
provision of GBP1.8 million for amounts expected to become payable in 
the future, of which GBP0.5 million is due shortly after publication of 
the 31 March 2018 financial statements. 
 
   Board of directors 
 
   Mark Nicholls, who joined the board in 2006, has indicated that he does 
not wish to seek re-election as a director at the annual general meeting 
on 10 July 2018.  Mark's knowledge and experience of corporate financial 
matters have been invaluable to our company through a period of 
strategic change, and I would like to thank him on behalf of 
shareholders and board colleagues for his important contribution. 
 
   Company secretary 
 
   Chris Mellor retired as company secretary on 31 March 2018, having 
served in that role since 1989.  I would like to thank Chris for his 
excellent service to the company and wish him well in his retirement. 
We welcome James Bryce, NVM's new head of legal and compliance, as our 
new company secretary and look forward to working with him. 
 
   Outlook 
 
   Your directors and manager will continue to focus on the investment 
realisation process with a view to resolving as many issues as possible 
before the company goes into liquidation.  It is now almost seven years 
since the run-off process commenced; we believe that shareholders' 
patience over that period has been well rewarded and we look forward to 
a very satisfactory final result. 
 
   Nigel Guy 
 
   Chairman 
 
   Extracts from the audited financial statements for the year ended 31 
March 2018 are set out below. 
 
   INCOME STATEMENT 
 
   for the year ended 31 March 2018 
 
 
 
 
                     Year ended 31 March 2018            Year ended 31 March 2017 
                 Revenue     Capital      Total      Revenue     Capital      Total 
                  GBP000      GBP000      GBP000      GBP000      GBP000      GBP000 
Gain on 
 disposal of 
 investments             -         776         776           -       2,056       2,056 
Movements in 
 fair value of 
 investments             -          26          26           -         305         305 
                ----------  ----------  ----------  ----------  ----------  ---------- 
                         -         802         802           -       2,361       2,361 
Income                 130           -         130       1,093           -       1,093 
Investment 
 management 
 fee                  (39)       (194)       (233)        (55)       (568)       (623) 
Other expenses       (319)        (42)       (361)       (322)        (22)       (344) 
                ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
ordinary 
activities 
before tax, 
being total 
 comprehensive 
 income              (228)         566         338         716       1,771       2,487 
Tax on return 
 on ordinary 
 activities              -           -           -       (143)         143           - 
                ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 after tax           (228)         566         338         573       1,914       2,487 
                ----------  ----------  ----------  ----------  ----------  ---------- 
Return per          (9.1)p       22.6p       13.5p       22.9p       76.7p       99.6p 
 share 
 
   BALANCE SHEET 
 
   as at 31 March 2018 
 
 
 
 
                                                  31 March 2018  31 March 2017 
                                                      GBP000         GBP000 
Fixed assets: 
 Investments                                              5,737          9,981 
                                                     ----------     ---------- 
Current assets: 
 Debtors                                                     19            791 
 Cash and cash equivalents                                1,867          4,570 
                                                     ----------     ---------- 
                                                          1,886          5,361 
Creditors (amounts falling due within one year)         (1,827)        (2,649) 
                                                     ----------     ---------- 
Net current assets                                           59          2,712 
                                                     ----------     ---------- 
Net assets                                                5,796         12,693 
                                                     ----------     ---------- 
Capital and reserves: 
Called-up equity share capital                              624            624 
Capital redemption reserve                                    -          6,242 
Capital reserve                                           6,437        (7,018) 
Special reserve                                               -         10,941 
Revaluation reserve                                     (2,205)           (17) 
Revenue reserve                                             940          1,921 
                                                     ----------     ---------- 
Total equity shareholders' funds                          5,796         12,693 
                                                     ----------     ---------- 
Net asset value per share                                232.1p         508.4p 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   for the year ended 31 March 2018 
 
 
 
 
                       ------ 
                  Non-distributable 
                   reserves ------            ------ Distributable reserves ------           Total 
                             Capital 
                  Share     redemption    Revaluation    Capital     Special     Revenue 
                 capital     reserve          reserve    reserve     reserve     reserve 
                 GBP000      GBP000            GBP000    GBP000      GBP000      GBP000      GBP000 
At 1 April 
 2017                 624        6,242           (17)     (7,018)      10,941       1,921      12,693 
Return on 
ordinary 
activities 
after tax for 
 the year               -            -        (2,188)       2,796        (42)       (228)         338 
Cancellation 
of capital 
 redemption 
  reserve               -     (12,671)              -           -      12,671           -           - 
Bonus issue 
 of B shares            -            -              -           -     (6,429)           -     (6,429) 
Redemption of 
 B shares               -        6,429              -     (6,429)           -           -           - 
B share 
 redemption 
 expenses               -            -              -        (53)           -           -        (53) 
Transfer to 
 capital 
 reserve                -            -              -      17,141    (17,141)           -           - 
Dividends 
 paid                   -            -              -           -           -       (753)       (753) 
               ----------   ----------     ----------  ----------  ----------  ----------  ---------- 
At 31 March 
 2018                 624            -        (2,205)       6,437           -         940       5,796 
               ----------   ----------     ----------  ----------  ----------  ----------  ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   for the year ended 31 March 2017 
 
 
 
 
                       ------ 
                  Non-distributable 
                   reserves ------            ------ Distributable reserves ------           Total 
                             Capital 
                  Share     redemption    Revaluation    Capital     Special     Revenue 
                 capital     reserve          reserve    reserve     reserve     reserve 
                 GBP000      GBP000            GBP000    GBP000      GBP000      GBP000      GBP000 
At 1 April 
 2016                 624        4,531            251     (2,918)      12,674       1,950      17,112 
Return on 
ordinary 
activities 
after tax for 
 the year               -            -          (268)       2,204        (22)         573       2,487 
Cancellation 
of capital 
 redemption 
  reserve               -      (4,531)              -           -       4,531           -           - 
Bonus issue 
 of B shares            -            -              -           -     (6,242)           -     (6,242) 
Redemption of 
 B shares               -        6,242              -     (6,242)           -           -           - 
B share 
 redemption 
 expenses               -            -              -        (62)           -           -        (62) 
Dividends 
 paid                   -            -              -           -           -       (602)       (602) 
               ----------   ----------     ----------  ----------  ----------  ----------  ---------- 
At 31 March 
 2017                 624        6,242           (17)     (7,018)      10,941       1,921      12,693 
               ----------   ----------     ----------  ----------  ----------  ----------  ---------- 
 
 
   STATEMENT OF CASH FLOWS 
 
   for the year ended 31 March 2018 
 
 
 
 
                                                      Year ended      Year ended 
                                                     31 March 2018   31 March 2017 
                                                        GBP000          GBP000 
Cash flows from operating activities: 
Return on ordinary activities before tax                       338           2,487 
Adjustments for: 
Gain on disposal of investments                              (776)         (2,056) 
Movement in fair value of investments                         (26)           (305) 
(Increase)/decrease in debtors                                 772           (766) 
Increase/(decrease) in creditors                             (822)         (2,448) 
                                                        ----------      ---------- 
Net cash inflow/(outflow) from operating 
 activities                                                  (514)         (3,088) 

                                                        ----------      ---------- 
Cash flows from investing activities: 
Purchase of investments                                          -               - 
Sale/repayment of investments                                5,046           4,100 
                                                        ----------      ---------- 
Net cash inflow from investing activities                    5,046           4,100 
                                                        ----------      ---------- 
Cash flows from financing activities: 
Redemption of B shares                                     (6,429)         (6,242) 
Expenses associated with redemption/repurchase of 
 shares                                                       (53)            (62) 
Dividends paid on ordinary shares and B shares               (753)           (602) 
                                                        ----------      ---------- 
Net cash outflow from financing activities                 (7,235)         (6,906) 
                                                        ----------      ---------- 
Net increase/(decrease) in cash and cash 
 equivalents                                               (2,703)         (5,894) 
Cash and cash equivalents at beginning of year               4,570          10,464 
                                                        ----------      ---------- 
Cash and cash equivalents at end of year                     1,867           4,570 
                                                        ----------      ---------- 
 
   INVESTMENT PORTFOLIO SUMMARY 
 
   as at 31 March 2018 
 
 
 
 
                                                                      % of 
                                              Cost      Valuation   net assets 
                                             GBP000      GBP000      by value 
Weldex (International) Offshore Holdings       3,252        1,921         33.1 
CGI Group Holdings                             1,908        1,656         28.6 
Axial Systems Holdings                         2,311        1,483         25.6 
Lanner Group                                     471          677         11.7 
                                          ----------   ----------     -------- 
Total fixed asset investments                  7,942        5,737         99.0 
                                          ---------- 
Net current assets                                             59          1.0 
                                                       ----------     -------- 
Net assets                                                  5,796        100.0 
                                                       ----------     -------- 
 
 
   BUSINESS RISKS 
 
   The board carries out a regular and robust review of the risk 
environment in which the company operates.  The principal risks and 
uncertainties identified by the board which might affect the company's 
business model and future performance, and the steps taken with a view 
to their mitigation, are as follows: 
 
   Investment and liquidity risk:  the majority of the company's 
investments comprise minority holdings in small and medium-sized 
unquoted companies, which by their nature entail a higher level of risk 
and lower liquidity than investments in large quoted companies. 
Mitigation: the investment manager aims to limit the risk attaching to 
the portfolio as a whole by close monitoring of individual holdings, 
including the appointment of investor directors where appropriate.  The 
board reviews the portfolio, including the schedule of projected exits, 
with the investment manager on a regular basis with a view to ensuring 
that the orderly realisation process remains on track. 
 
   Portfolio concentration risk:  following the adoption of the company's 
revised investment policy in July 2011, the portfolio has and will 
continue to become more concentrated as investments are realised and 
cash is returned to shareholders.  This will increase the proportionate 
impact of changes in the value of individual investments on the value of 
the company as a whole.  The directors' valuation of the company's 
investments represents their best assessment of the fair value of the 
investments as at the valuation date and the amounts eventually realised 
from such investments may be more or less than the directors' valuation. 
Mitigation: the directors and manager keep the changing composition of 
the portfolio under review and focus closely on those holdings which 
represent the largest proportions of total value. 
 
   Financial risk:  the company's investments are relatively illiquid. 
Mitigation: the directors consider that it is inappropriate to finance 
the company's activities through borrowing except on an occasional 
short-term basis.  Accordingly they seek to maintain a proportion of the 
company's assets in cash or cash equivalents in order to be in a 
position to meet expenditure commitments including any investments which 
may be made under the company's revised investment policy.  The company 
has very little exposure to foreign currency risk and does not enter 
into derivative transactions. 
 
   Economic risk:  events such as economic recession or general 
fluctuations in stock markets and interest rates may affect the 
valuation of investee companies and their ability to access adequate 
financial resources, as well as affecting the company's own share price 
and discount to net asset value.  Mitigation: the company invests in a 
diversified portfolio of investments spanning various industry sectors, 
and maintains sufficient cash reserves to be able to provide additional 
funding to investee companies should this be necessary. 
 
   Liquidation risk:  in order to complete the implementation of the 
company's corporate strategy it is envisaged that a liquidator will be 
appointed and that the company's shares will cease to be listed on the 
London Stock Exchange.  This may result in shareholders having a lesser 
degree of influence over the affairs of the company than previously and 
to a loss of liquidity as regards their shareholdings.  Mitigation: the 
directors will keep shareholders informed as to intended strategic 
developments and will liaise with the prospective liquidator with a view 
to ensuring a smooth transition. 
 
   Credit risk:  the company holds a number of financial instruments and 
cash deposits and is dependent on the counterparties discharging their 
commitment.  Mitigation: the directors review the creditworthiness of 
the counterparties to these instruments and cash deposits and seek to 
ensure there is no undue concentration of credit risk with any one 
party. 
 
   Internal control risk:  the company's assets could be at risk in the 
absence of an appropriate internal control regime.  Mitigation: the 
board regularly reviews the system of internal controls, both financial 
and non-financial, operated by the company and the manager.  These 
include controls designed to ensure that the company's assets are 
safeguarded and that proper accounting records are maintained. 
 
   DIRECTORS' RESPONSIBILITIES STATEMENT 
 
   The directors are responsible for preparing the annual report and the 
financial statements in accordance with applicable law and regulations. 
 
   Company law requires the directors to prepare financial statements for 
each financial year.  Under that law the directors have elected to 
prepare the financial statements in accordance with UK Accounting 
Standards including FRS 102 "The Financial Reporting Standard applicable 
in the UK and Republic of Ireland". 
 
   Under company law the directors must not approve the financial 
statements unless they are satisfied that they give a true and fair view 
of the state of affairs of the company and of the profit or loss of the 
company for the year.  In preparing the financial statements, the 
directors are required to (i) select suitable accounting policies and 
then apply them consistently;  (ii) make judgements and estimates that 
are reasonable and prudent;  (iii) state whether applicable UK 
Accounting Standards have been followed, subject to any material 
departures disclosed and explained in the financial statements;  and 
(iv) prepare the financial statements on the going concern basis unless 
it is inappropriate to presume that the company will continue in 
business.  As explained below, the directors do not believe it is 
appropriate to prepare the financial statements for the year ended 31 
March 2018 on a going concern basis. 
 
   The directors are responsible for keeping adequate accounting records 
that are sufficient to show and explain the company's transactions and 
disclose with reasonable accuracy at any time the financial position of 
the company and enable them to ensure that its financial statements 
comply with the Companies Act 2006.  They have general responsibility 
for taking such steps as are reasonably open to them to safeguard the 
assets of the company and to prevent and detect fraud and other 
irregularities. 
 
   Under applicable law and regulations, the directors are also responsible 
for preparing a directors' report, strategic report, directors' 
remuneration report and corporate governance statement that comply with 
that law and those regulations. 
 
   The directors are responsible for the maintenance and integrity of the 
corporate and financial information included on the company's website. 
Legislation in the UK governing the preparation and dissemination of 
financial statements may differ from legislation in other jurisdictions. 
 
   In relation to the financial statements for the year ended 31 March 
2018, the directors confirm that to the best of their knowledge (i) 
taken as a whole the financial statements, prepared in accordance with 
the applicable accounting standards, give a true and fair view of the 
assets, liabilities, financial position and profit of the company;  and 
(ii) the strategic report and directors' report include a fair review of 
the development and performance of the business and the position of the 

company, together with a description of the principal risks and 
uncertainties that they face.  The directors consider that the annual 
report and financial statements, taken as a whole, is fair, balanced and 
understandable and provides the information necessary for shareholders 
to assess the company's position and performance, business model and 
strategy. 
 
   The directors of the company at the date of this announcement were Mr N 
R A Guy (Chairman), Mr J C Barnsley, Mr P W F Marsden and Mr M P 
Nicholls. 
 
   OTHER MATTERS 
 
   The above summary of results for the year ended 31 March 2018 does not 
constitute statutory financial statements within the meaning of Section 
435 of the Companies Act 2006 and has not been delivered to the 
Registrar of Companies.  Statutory financial statements will be filed 
with the Registrar of Companies in due course;  the independent 
auditor's report on those financial statements under Section 495 of the 
Companies Act 2006 is unqualified, draws attention to the non-going 
concern basis of preparing the accounts by way of emphasis without 
qualifying the report and does not contain a statement under Section 
498(2) or (3) of the Companies Act 2006. 
 
   In July 2011 shareholders approved a change in the investment policy of 
the company, with the objective of conducting an orderly realisation of 
the assets of the company in a manner that seeks to achieve a balance 
between an efficient return of cash to shareholders and maximising the 
value of the company's investments.  As it is likely that this process 
will ultimately lead to the liquidation of the company, the financial 
statements have not been prepared on a going concern basis.  No 
adjustments were necessary to the investment valuations or other assets 
and liabilities included in the financial statements as a consequence of 
the change in the basis of preparation. 
 
   The calculation of the revenue and capital return per share is based on 
the return on ordinary activities after tax for the year and on 
2,496,767 (2017 2,496,767) ordinary shares, being the weighted average 
number of shares in issue during the year. 
 
   The calculation of the net asset value per share is based on the net 
assets at 31 March 2018 divided by the 2,496,767 (2017 2,496,767) 
ordinary shares in issue at that date. 
 
   The full annual report including financial statements for the year ended 
31 March 2018 is expected to be posted to shareholders by 8 June 2018 
and will be available to the public at the registered office of the 
company at Time Central, 32 Gallowgate, Newcastle upon Tyne NE1 4SN and 
on the NVM Private Equity LLP 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 
 

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May 23, 2018 11:00 ET (15:00 GMT)

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