Sale of Product Support (Hold

RNS Number : 6442V

Northern Venture Trust PLC

30 May 2008

 

30 MAY 2008

NORTHERN VENTURE TRUST PLC

SALE OF PRODUCT SUPPORT (HOLDINGS) LIMITED

Northern Venture Trust 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 £570,000 over the carrying value of the investment as shown in the company's unaudited half-yearly financial statements as at 31 March 2008.  The allocation between the ordinary share and C share pools is as follows:

	Ordinary share pool	C share pool
Carrying value as at 31 March 2008	£283,000	£1,132,000
Sale proceeds	£397,000	£1,588,000
Uplift over carrying value	£114,000	£456,000
Uplift in net asset value per share	0.3p	2.2p

Northern Venture Trust 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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