30 May 2008 14:11
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
Northern Venture Trust (NVT)