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Northern Investors down to last 15 holdings

Northern Investors, which is gradually selling off its portfolio and returning the proceeds to shareholders, has published results for the year ended 31 March 2015. Over the year the net asset value rose by 20.6% to 523p and they handed back £20m to investors in capital returns and dividends. The dividend is being increased from 10p to 17p.

Assets at the end of the period amounted to £25m. The number of holdings in the portfolio reduced from 20 to 15 over the year, following the successful realisation of the investments in Envirotec, CloserStill Group, Kerridge Commercial Systems, Nasstar and Promatic Group.  The Kerridge sale returned a total of £20.6m in income and capital proceeds over the five year life of the investment from an original commitment of £4m.  A total of £23m was realised from sales during the year, reflecting a strong enhancement of value by comparison with the £17.2m carrying value of these investments at the beginning of the year.

There are 15 investments left in the portfolio. As they progress the disposal programme, the portfolio is becoming more concentrated. The largest investment is now Control Risks Group which accounts for 30% of the portfolio. two other companies, Kitwave One and Weldex (International) Offshore bring the total over 50%.

NRI : Northern Investors down to last 15 holdings

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