Northern Investors Company has announced the sale of its investment in Control Risks Group Holdings Limited for £7.3m in cash. The directors’ valuation of the investment in Control Risks for the purposes of calculating Northern
Investors’ unaudited net asset value as at 31 December 2015, which was announced on 17 February 2016, was also £7.3m. Consequently there is no change to the net asset value as a result of the sale.
On 2 March 2016 Northern Investors announced the sale of its investment in Kitwave One Limited for initial cash proceeds of £8.14m.
As previously announced, the directors intend to make a further distribution of funds to shareholders by way of a tender offer. Following the successful realisation of the investments in Kitwave and Control Risks, the directors now envisage that the amount to be distributed will be approximately £20m. It is expected that a circular giving details of the tender offer will be published on 8 March 2016 and that the ensuing re-purchase and cancellation of shares will be completed by 31 March 2016.
NRI : Northern Investors sells Control Risks