22 AUGUST 2011
NORTHERN VENTURE TRUST PLC
Northern Venture Trust PLC ("NVT") announces the sale of its investment in
Promanex Group Holdings Limited ("Promanex"), an industrial support services
business providing facilities management, installation, repair and maintenance
and general asset management in a number of high growth specialist markets,
which has been acquired by Costain Group PLC.
NVT received total cash at completion of £2.64 million, comprising £0.51 million
of accrued investment income not previously recognised in NVT's financial
statements and £2.13 million by way of consideration for its investment in
ordinary shares and loan stock in Promanex. The carrying value of the
investment in Promanex for the purposes of calculating the financial information
disclosed in NVT's interim management statement for the quarter ended 30 June
2011, published on 27 July 2011, was £2.18 million.
NVT also announces the receipt of a further £0.45 million of deferred
consideration arising from the sale of DxS Limited in September 2009. This
amount has not previously been recognised in NVT's financial statements.
The uplift in NVT's net assets resulting from the above transactions (after
providing for corporation tax on the Promanex investment income element) is
estimated at £0.78 million, equivalent to approximately 1.1p per ordinary share.
Alastair Conn/Christopher Mellor, NVM Private Equity Limited
0191 244 6000
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Source: Northern Venture Trust PLC via Thomson Reuters ONE