Northern Venture Tst Admission To Aim Of Musicmagpie Plc

 
TIDMNVT 
 
 
   22 APRIL 2021 
 
   NORTHERN VENTURE TRUST PLC 
 
   Admission to AIM of musicMagpie plc 
 
   The board of Northern Venture Trust PLC (the "Company") is pleased to 
announce that its investee company musicMagpie plc ("musicMagpie"), the 
holding company of Entertainment Magpie Group Limited, was earlier today 
admitted to trading on AIM, alongside a placing of new and existing 
shares. The placing price of these shares was GBP1.93 per share, valuing 
musicMagpie at a market capitalisation of GBP208 million. 
 
   The Company sold 4,444,243 shares as part of the placing and realised 
cash proceeds of GBP8.3 million (net of transaction costs). As part of 
this transaction, the Company will also receive payment for its 
outstanding loan stock of GBP1.1 million. 
 
   Following completion of the placing, the Company now holds 4,444,243 
shares in musicMagpie. Based upon the placing price of GBP1.93 per share, 
this holding is valued at GBP8.6 million. The board has supported the 
management team of musicMagpie through its growth strategy since 2015 
and is pleased to retain this equity stake, representing 4.1% of the 
total outstanding share capital. Taken together with the realised 
proceeds described above and the total investment income received to 
date of GBP0.6 million, a return of 11.6 times has been achieved on the 
Company's total original investment amount. 
 
   The realisation of capital proceeds outlined above, combined with the 
uplift in the value of the musicMagpie shares held by the Company, 
represents an uplift in valuation of GBP6.4 million, compared to the 
value included in the Company's unaudited Net Asset Value ("NAV") per 
share at 31 December 2020 (published on 25 February 2021). This is an 
increase of 4.0 pence per share over the unaudited NAV per share at 31 
December 2020 of 72.9 pence. The Company emphasises that this increase 
in unaudited NAV per share is in isolation from any other changes in the 
Company's balance sheet, including valuation and other transaction 
movements in the Company's investment portfolio that may also have 
affected the NAV per share since 31 December 2020. 
 
   Enquiries: 
 
   Simon John/James Bryce, NVM Private Equity LLP - 0191 244 6000 
 
   Website: www.nvm.co.uk 
 
   Martin Glanfield, Chief Financial Officer Mercia Asset Management PLC - 
0330 223 1430 
 
   Website: www.mercia.co.uk 
 
   Neither the contents of the NVM Private Equity LLP or the Mercia Asset 
Management PLC website, nor the contents of any website accessible from 
hyperlinks on the NVM Private Equity LLP or Mercia Asset Management PLC 
website (or any other website), is incorporated into, or forms part of, 
this announcement. 
 
 
 
 

(END) Dow Jones Newswires

April 22, 2021 04:00 ET (08:00 GMT)

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