Sale of Product Support (Hold

RNS Number : 6428V

Northern 2 VCT PLC

30 May 2008

 

30 MAY 2008

NORTHERN 2 VCT PLC

SALE OF PRODUCT SUPPORT (HOLDINGS) LIMITED

Northern 2 VCT PLC announces the sale of its investment in Product Support (Holdings) Limited ('PSL') to Wincanton plc for total proceeds of £1,985,000 in cash. This represents an uplift of £449,000 (equivalent to 0.8p per ordinary share) over the carrying value of the investment included in the net asset value as at 30 April 2008 which was published in the company's interim management statement on 22 May 2008.

Northern 2 VCT PLC invested £1,000,000 in the management buy-out of PSL in December 2006, alongside investments by other venture capital funds managed by NVM Private Equity, and has received total capital and income payments of £2,107,000 from the holding. This represents an internal rate of return (IRR) of 70% per annum over the period of the investment and a money multiple of 2.1 times.

Enquiries:

Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000

 

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