30th May 2008 13:58
30 MAY 2008
NORTHERN 3 VCT PLC
SALE OF PRODUCT SUPPORT (HOLDINGS) LIMITED
Northern 3 VCT PLC announces the sale of its investment in Product Support (Holdings) Limited ("PSL") to Wincanton plc for total proceeds of £1,985,000 in cash. This represents an uplift of £438,000 (equivalent to 1.5p per ordinary share) over the carrying value of the investment as shown in the company's audited financial statements as at 31 March 2008.
Northern 3 VCT PLC invested £1,000,000 in the management buy-out of PSL in December 2006, alongside investments by other venture capital funds managed by NVM Private Equity, and has received total capital and income payments of £2,107,000 from the holding. This represents an internal rate of return (IRR) of 70% per annum over the period of the investment and a money multiple of 2.1 times.
Enquiries:
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
Related Shares:
Northern 3 Vct