Proposed return of capital
19 May 2017
NORTHERN INVESTORS COMPANY PLC
Proposed Return of Capital
Northern Investors Company PLC (the "Company") is pleased to announce that it proposes to return a further £6.4 million to Shareholders, representing 257.5 pence for each Ordinary Share currently in issue, utilising the B Share Scheme that was approved by Shareholders on 19 January 2017. Under these proposals, Shareholders will receive 5.15 B Shares for each Ordinary Share held by them on 26 May 2017 by way of a bonus issue. Fractional entitlements will be rounded down to the nearest whole number. Shortly after their issue, the B Shares will be redeemed by the Company in accordance with their terms at a price of 50 pence for each B Share then in issue. Shareholders are expected to receive the proceeds of the redemption by 12 June 2017. In addition, Shareholders will receive a small fixed rate dividend on the B Shares.
No share certificates will be issued in relation to the B Shares and the B Shares will not be listed or traded on the London Stock Exchange or any other recognised exchange. The B Shares will have limited rights, including the right to a dividend at a small fixed rate.
The redemption proceeds should, under current legislation, be taxed as capital for UK individual Shareholders. The apportionment ratio of Shareholders' base cost between the B Shares and the Ordinary Shares will be published on the Company's website at the earliest practicable time following the issue of the B Shares. Any dividend paid in respect of the B Shares, which would be an income payment, will be paid separately from the redemption proceeds, either to mandated bank accounts or by cheque.
Further details of the B Share Scheme are contained in the circular published by the Company on 21 December 2016, which is available on the NVM Private Equity LLP website at www.nvm.co.uk.
A copy of the above circular has been submitted to the National Storage Mechanism and is available for inspection at www.morningstar.co.uk/uk/NSM
|Record date for entitlement to B Shares in connection with the proposed return of capital||6.00pm on 26 May 2017|
|Ordinary Shares trade ex entitlement to the B Share entitlement and the associated B Share dividend||30 May 2017|
|Issue of B Shares in connection with the return of capital||8.00am on 30 May 2017|
|Record date for the B Share dividend||6.00pm on 30 May 2017|
|Redemption of B Shares||6.30pm on 5 June 2017|
|Settlement of the capital payments linked to the redemption of the B Shares into CREST and by cheque||12 June 2017|
|Income payment of the B Share dividend to mandated bank accounts or by cheque||16 June 2017|
Unless otherwise defined, capitalised terms used in this announcement have the same meaning as those defined in the circular published by the Company on 21 December 2016.
Northern Investors Company PLC
Nigel Guy/Christopher Mellor 0191 244 6000
Stifel Nicolaus Europe Limited
Neil Winward/Mark Bloomfield/Gaudi Le Roux 020 7710 7600
Neither the contents of the NVM Private Equity LLP website nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP website (or any other website) is incorporated into, or forms part of, this announcement.