Portfolio update

Portfolio update

29 MAY 2012

NORTHERN VENTURE TRUST PLC

PORTFOLIO UPDATE

Northern Venture Trust PLC ("NVT") announces the sale of its investment in Closerstill Holdings Limited ("Closerstill"), which organises business-to-business exhibitions, to Aghoco 1090 Limited, a company controlled by venture capital funds managed by Phoenix Equity Partners.

NVT received cash proceeds of £2.99 million for its investment in ordinary shares and loan stock in Closerstill.  The carrying value of the investment in Closerstill in NVT's unaudited half-yearly financial statements for the six months ended 31 March 2012, published on 18 May 2012, was £2.75 million.  The uplift in NVT's net assets resulting from the sale is therefore £0.24 million, equivalent to approximately 0.3p per ordinary share.

As part of the same transaction NVT exchanged its holding of ordinary shares and loan stock in Closer 2 Investments Limited (a sister company of Closerstill), which had a carrying value of £0.89 million at 31 March 2012, for £0.79 million of unsecured loan notes and a 2.7% equity shareholding in Aghoco 1100 Limited, a company also controlled by venture capital funds managed by Phoenix Equity Partners.  The loan notes and equity shareholding were together valued for the purposes of the transaction at £0.89 million.

For further information, please contact:

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




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Northern Venture Trust PLC via Thomson Reuters ONE

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