Germany's Paul-Ehrlich-Institute Approves Clinical Trial in Rheumatoid Arthritis Patients
MorphoSys AG (FSE: MOR; Prime Standard Segment, TecDAX) announced today that it has received clearance from Germany's Paul-Ehrlich-Institute as well as a positive opinion from the ethics committees in Germany to commence a Phase 1b/2a human clinical trial in patients with rheumatoid arthritis (RA) of its lead drug MOR103, a fully human monoclonal antibody directed against Granulocyte Macrophage-Colony Stimulating Factor (GM-CSF). In total, the randomized, double-blind, placebo-controlled, dose-escalation trial is expected to enroll 135 patients and will be conducted in multiple centers in several European countries. Patients with active RA despite previous therapy with NSAIDs, corticosteroids, DMARDs and/or anti-TNF-alpha will each receive four infusions of either the HuCAL-derived antibody MOR103 or placebo in three ascending dose cohorts. Enrollment is expected to be completed in the first half of 2011. The final results of the trial are expected in H1 2012.
The primary endpoint of the trial is to determine the safety and tolerability of multiple doses of up to 1.5 mg/kg of MOR103 in patients with active RA. Secondary outcome measures will evaluate pharmacokinetics, immunogenicity, and the drug's potential to improve clinical signs and symptoms of RA as measured by ACR and EULAR28 response criteria and patient reported outcomes.
"We are pleased to have achieved clearance by the regulatory authorities and ethics committees in Germany in such a short time frame which speaks for the high quality of the application documents provided by MorphoSys," commented Dr. Arndt Schottelius, Chief Development Officer. "We'll continue to work towards finalization of the entire approval process in all European countries where we have filed."
About MorphoSys:
MorphoSys is an independent biotechnology company that develops novel antibodies for therapeutic, diagnostic and research applications. The Company's HuCAL technology is one of the most powerful methods available for generating fully human antibodies. By successfully applying this and other proprietary technologies, MorphoSys has become a leader in the field of therapeutic antibodies, one of the fastest-growing drug classes in human health-care. Through its alliances with some of the world's leading pharmaceutical companies, MorphoSys has created a pipeline of more than 60 drug candidates. The Company is expanding its drug pipeline by adding new partnered programs, and by building a portfolio of fully-owned therapeutic antibodies. For its proprietary portfolio, the Company is focused on the areas of oncology and inflammation, within which it plans to have eight active programs by the end of 2009. Its most advanced program is MOR103, a first-in-class, fully human antibody against GM-CSF. MorphoSys expects to commence a Phase Ib/IIa trial of this antibody in rheumatoid arthritis patients in the second half of 2009. Via its business unit AbD Serotec, MorphoSys is expanding the reach of its technologies in the diagnostics and research markets. MorphoSys is headquartered in Munich, Germany and listed on the Frankfurt Stock Exchange under the symbol "MOR". For further information, visit http://www.morphosys.com/
HuCAL®, HuCAL GOLD®, HuCAL PLATINUM®, CysDisplay® and RapMAT® are registered trademarks of MorphoSys AG.
This communication contains certain forward-looking statements concerning the MorphoSys group of companies. The forward-looking statements contained herein represent the judgment of MorphoSys as of the date of this release and involve risks and uncertainties. Should actual conditions differ from the Company's assumptions, actual results and actions may differ from those anticipated. MorphoSys does not intend to update any of these forward-looking statements as far as the wording of the relevant press release is concerned.
HUGIN /Source: MorphoSys AG /GER: MOR /ISIN: DE0006632003
Montag, 9. November 2009
G4S PLC Interim Management Statement
9 November 2009
INTERIM MANAGEMENT STATEMENT
G4S, the international security solutions group, will be updating analysts and investors today on trading for the year to date, including an overview of financial performance to 30 September 2009.
There have been no material changes in trading performance, financial position or market conditions across the various G4S businesses since the half yearly results announcement for the six months to June 2009. Trends from the first half continued into the third quarter, including slightly slower growth in developed markets' commercial security services, offset by continued strong performances in government and new markets. The improvement in the operating margin achieved at the half year was maintained.
An overview of the financial performance for the nine months to 30 September 2009 is as follows:
In the first nine months of 2009 overall revenues grew by 23% at actual exchange rates compared to the same period last year and by 9% at constant exchange rates. Operating profits were up 25% at actual rates and up 12% at constant rates. The group operating margin improved by 0.1% at actual rates and by 0.2% at constant rates.
Organic Growth
Overall organic growth was 4.2%, despite a lower inflation environment, with around 1.6% in developed markets and 12.3% in new markets.
§ In secure solutions, organic growth was 3.8% as a result of lower growth in Europe and North America commercial services, offset by a continued strong performance in government and new markets.
§ Cash solutions continued to deliver strong organic growth at around 5.9%.
Margins
Overall margins were ahead by 0.2% (at constant exchange rates) on the same period last year.
§ Secure solutions margins were up by 0.1%. Margins in new markets were up 0.3% with strong performances in the Middle East and Africa.
§ In cash solutions, trading continued to be strong with margins up 0.7% on the prior year helped by improved profitability in Europe and North America.
Acquisitions & Divestments
No significant acquisitions have been made since the half year. G4S invested a total of approximately £54.8m on acquisitions during the first half of the year. Of this, £19.7m was invested in capability building acquisitions such as a juvenile justice business in the US and SecuraMonde, a global cash management consultancy based in the UK. G4S also purchased minority interests for a total of £33.5m and paid a further £1.6m in deferred consideration from previous acquisitions. The disposal of the French security business was also completed in the first half of 2009.
Financial position
Our financial position continues to be strong and we have current headroom from committed funds of more than £550 million. Cash flow also remains strong and we are on track to hit our cash conversion target of 85% of PBITA for the full year.
Outlook
Our businesses have continued to perform well despite facing challenging market conditions. In the first nine months of 2009 the group has achieved robust organic growth and margin improvement and we remain confident that we can deliver a strong performance in 2009 and into 2010.
For further enquiries, please contact:
Helen Parris +44 (0) 1293 554400
Media Enquiries:
Kevin Smith, Citigate Dewe Rogerson +44 (0) 7973 672649
Alison Flynn +44 (0) 1293 5544000
High resolution images are available for the media to view and download free of charge from www.vismedia.co.uk.
Notes to Editors:
G4S is the world's leading international security solutions group, which specialises in outsourced business processes in sectors where security and safety risks are considered a strategic threat.
G4S is the largest employer quoted on the London Stock Exchange and has a secondary stock exchange listing in Copenhagen. G4S has operations in over 110 countries and over 585,000 employees. For more information on G4S, visit www.g4s.com.
An investor and analyst conference call is taking place today at 09.00 (UK time). To register for the conference call (and access free international dial in codes), please click on the following link and follow the instructions:
https://eventreg1.conferencing.com/webportal3/reg.html?Acc=998166&Conf=168705
or dial +44 2071620035; Conference PIN 829992
Preliminary results for the year to 31 December 2009 will be published on 16 March 2010.
Interim Management Statement
HUGIN /Source: G4S plc /LSE: GFS /ISIN: GB00B01FLG62
INTERIM MANAGEMENT STATEMENT
G4S, the international security solutions group, will be updating analysts and investors today on trading for the year to date, including an overview of financial performance to 30 September 2009.
There have been no material changes in trading performance, financial position or market conditions across the various G4S businesses since the half yearly results announcement for the six months to June 2009. Trends from the first half continued into the third quarter, including slightly slower growth in developed markets' commercial security services, offset by continued strong performances in government and new markets. The improvement in the operating margin achieved at the half year was maintained.
An overview of the financial performance for the nine months to 30 September 2009 is as follows:
In the first nine months of 2009 overall revenues grew by 23% at actual exchange rates compared to the same period last year and by 9% at constant exchange rates. Operating profits were up 25% at actual rates and up 12% at constant rates. The group operating margin improved by 0.1% at actual rates and by 0.2% at constant rates.
Organic Growth
Overall organic growth was 4.2%, despite a lower inflation environment, with around 1.6% in developed markets and 12.3% in new markets.
§ In secure solutions, organic growth was 3.8% as a result of lower growth in Europe and North America commercial services, offset by a continued strong performance in government and new markets.
§ Cash solutions continued to deliver strong organic growth at around 5.9%.
Margins
Overall margins were ahead by 0.2% (at constant exchange rates) on the same period last year.
§ Secure solutions margins were up by 0.1%. Margins in new markets were up 0.3% with strong performances in the Middle East and Africa.
§ In cash solutions, trading continued to be strong with margins up 0.7% on the prior year helped by improved profitability in Europe and North America.
Acquisitions & Divestments
No significant acquisitions have been made since the half year. G4S invested a total of approximately £54.8m on acquisitions during the first half of the year. Of this, £19.7m was invested in capability building acquisitions such as a juvenile justice business in the US and SecuraMonde, a global cash management consultancy based in the UK. G4S also purchased minority interests for a total of £33.5m and paid a further £1.6m in deferred consideration from previous acquisitions. The disposal of the French security business was also completed in the first half of 2009.
Financial position
Our financial position continues to be strong and we have current headroom from committed funds of more than £550 million. Cash flow also remains strong and we are on track to hit our cash conversion target of 85% of PBITA for the full year.
Outlook
Our businesses have continued to perform well despite facing challenging market conditions. In the first nine months of 2009 the group has achieved robust organic growth and margin improvement and we remain confident that we can deliver a strong performance in 2009 and into 2010.
For further enquiries, please contact:
Helen Parris +44 (0) 1293 554400
Media Enquiries:
Kevin Smith, Citigate Dewe Rogerson +44 (0) 7973 672649
Alison Flynn +44 (0) 1293 5544000
High resolution images are available for the media to view and download free of charge from www.vismedia.co.uk.
Notes to Editors:
G4S is the world's leading international security solutions group, which specialises in outsourced business processes in sectors where security and safety risks are considered a strategic threat.
G4S is the largest employer quoted on the London Stock Exchange and has a secondary stock exchange listing in Copenhagen. G4S has operations in over 110 countries and over 585,000 employees. For more information on G4S, visit www.g4s.com.
An investor and analyst conference call is taking place today at 09.00 (UK time). To register for the conference call (and access free international dial in codes), please click on the following link and follow the instructions:
https://eventreg1.conferencing.com/webportal3/reg.html?Acc=998166&Conf=168705
or dial +44 2071620035; Conference PIN 829992
Preliminary results for the year to 31 December 2009 will be published on 16 March 2010.
Interim Management Statement
HUGIN /Source: G4S plc /LSE: GFS /ISIN: GB00B01FLG62
Eurocastle to Release IMS Statement on 12 November 2009
EUROCASTLE INVESTMENT LIMITED
Eurocastle to Release IMS Statement on 12 November 2009
Eurocastle Investment Limited (Euronext Amsterdam: ECT) announces that it intends to release its interim management statement for the third quarter ended 30 September 2009 on Thursday, 12 November 2009.
About Eurocastle
Eurocastle Investment Limited is an investment company which primarily owns and manages German commercial real estate assets. The Company is Euro denominated and is listed on Euronext Amsterdam under the symbol "ECT." Eurocastle is managed by an affiliate of Fortress Investment Group LLC, a leading global alternative asset manager. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.
HUGIN /Source: Eurocastle Investment Limited /AEX: ECT /ISIN: GB00B01C5N27
Eurocastle to Release IMS Statement on 12 November 2009
Eurocastle Investment Limited (Euronext Amsterdam: ECT) announces that it intends to release its interim management statement for the third quarter ended 30 September 2009 on Thursday, 12 November 2009.
About Eurocastle
Eurocastle Investment Limited is an investment company which primarily owns and manages German commercial real estate assets. The Company is Euro denominated and is listed on Euronext Amsterdam under the symbol "ECT." Eurocastle is managed by an affiliate of Fortress Investment Group LLC, a leading global alternative asset manager. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.
HUGIN /Source: Eurocastle Investment Limited /AEX: ECT /ISIN: GB00B01C5N27
Evotec and Boehringer Ingelheim Extend and Broaden Research Collaboration
- Strategic research collaboration continues for another 4 years at a value of EUR 15 million plus milestones and royalties -
Evotec AG (Frankfurt Stock Exchange: EVT; TecDAX, NASDAQ: EVTC) today announced that it has extended the research collaboration with Boehringer Ingelheim for a further 4 years. The collaboration was initiated in August 2004 and has been extended on two previous occasions. At the same time, based on the success to date in the areas of CNS, inflammation, cardiometabolic and respiratory diseases the scope of the collaboration has been expanded to also include oncology targets. Over the term of the extension Evotec will receive research funding of around EUR 15 million plus success milestones and royalties.
Dr Werner Lanthaler, Chief Executive Officer of Evotec, commented: "We are extremely pleased and proud that Boehringer Ingelheim continues to see the value that we bring to their research, by committing to one of the largest and most innovative integrated research projects in the industry. This extension speaks volumes for the excellent scientific results achieved."
Dr Wolfgang Rettig, Corporate Senior Vice President Research of Boehringer Ingelheim, commented: "Evotec has continually demonstrated exceptional scientific expertise in support of our research. We are very pleased to be able to continue our collaboration with Evotec and expand it into new areas of research and have no doubt that they will continue to assist us in achieving our drug discovery goals."
About the Collaboration
In 2004, Evotec and Boehringer Ingelheim entered into a multiyear drug discovery collaboration to jointly identify and develop preclinical development candidates for the treatment of various diseases. Under the terms of the agreement, Boehringer Ingelheim has full ownership and global responsibility for clinical development, manufacturing and commercialisation of the compounds identified. In return, Evotec receives ongoing research payments and preclinical milestones. Furthermore, the contract provides substantial long-term upside for Evotec through potential payments for successful milestone achievements during clinical development and royalties when new drugs reach the market.
Forward-Looking Statements
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements about our expectations and assumptions concerning regulatory, clinical and business strategies, the progress of our clinical development programs and timing of the results of our clinical trials, strategic collaborations and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: risks that the Company may be unable to reduce its cash burn through recent restructuring and cost containment measures and may not recognize the results of such measures within the expected timeframe; risks that product candidates may fail in the clinic or may not be successfully marketed or manufactured; the risk that we will not achieve the anticipated benefits of our collaborations, partnerships and acquisitions in the timeframes expected, or at all; risks relating to our ability to advance the development of product candidates currently in the pipeline or in clinical trials; our inability to further identify, develop and achieve commercial success for new products and technologies; the risk that competing products may be more successful; our inability to interest potential partners in our technologies and products; our inability to achieve commercial success for our products and technologies; our inability to protect our intellectual property and the cost of enforcing or defending our intellectual property rights; our failure to comply with regulations relating to our products and product candidates, including FDA requirements; the risk that the FDA may interpret the results of our studies differently than we have; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully secure regulatory approval of and market our drug candidates; and risks of new, changing and competitive technologies and regulations in the U.S. and internationally.
The list of risks above is not exhaustive. Our most recent Annual Report on Form 20-F, filed with the Securities and Exchange Commission, and other documents filed with, or furnished to the Securities and Exchange Commission, contain additional factors that could impact our businesses and financial performance. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
HUGIN 9.11.2009
Evotec AG (Frankfurt Stock Exchange: EVT; TecDAX, NASDAQ: EVTC) today announced that it has extended the research collaboration with Boehringer Ingelheim for a further 4 years. The collaboration was initiated in August 2004 and has been extended on two previous occasions. At the same time, based on the success to date in the areas of CNS, inflammation, cardiometabolic and respiratory diseases the scope of the collaboration has been expanded to also include oncology targets. Over the term of the extension Evotec will receive research funding of around EUR 15 million plus success milestones and royalties.
Dr Werner Lanthaler, Chief Executive Officer of Evotec, commented: "We are extremely pleased and proud that Boehringer Ingelheim continues to see the value that we bring to their research, by committing to one of the largest and most innovative integrated research projects in the industry. This extension speaks volumes for the excellent scientific results achieved."
Dr Wolfgang Rettig, Corporate Senior Vice President Research of Boehringer Ingelheim, commented: "Evotec has continually demonstrated exceptional scientific expertise in support of our research. We are very pleased to be able to continue our collaboration with Evotec and expand it into new areas of research and have no doubt that they will continue to assist us in achieving our drug discovery goals."
About the Collaboration
In 2004, Evotec and Boehringer Ingelheim entered into a multiyear drug discovery collaboration to jointly identify and develop preclinical development candidates for the treatment of various diseases. Under the terms of the agreement, Boehringer Ingelheim has full ownership and global responsibility for clinical development, manufacturing and commercialisation of the compounds identified. In return, Evotec receives ongoing research payments and preclinical milestones. Furthermore, the contract provides substantial long-term upside for Evotec through potential payments for successful milestone achievements during clinical development and royalties when new drugs reach the market.
Forward-Looking Statements
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements about our expectations and assumptions concerning regulatory, clinical and business strategies, the progress of our clinical development programs and timing of the results of our clinical trials, strategic collaborations and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: risks that the Company may be unable to reduce its cash burn through recent restructuring and cost containment measures and may not recognize the results of such measures within the expected timeframe; risks that product candidates may fail in the clinic or may not be successfully marketed or manufactured; the risk that we will not achieve the anticipated benefits of our collaborations, partnerships and acquisitions in the timeframes expected, or at all; risks relating to our ability to advance the development of product candidates currently in the pipeline or in clinical trials; our inability to further identify, develop and achieve commercial success for new products and technologies; the risk that competing products may be more successful; our inability to interest potential partners in our technologies and products; our inability to achieve commercial success for our products and technologies; our inability to protect our intellectual property and the cost of enforcing or defending our intellectual property rights; our failure to comply with regulations relating to our products and product candidates, including FDA requirements; the risk that the FDA may interpret the results of our studies differently than we have; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully secure regulatory approval of and market our drug candidates; and risks of new, changing and competitive technologies and regulations in the U.S. and internationally.
The list of risks above is not exhaustive. Our most recent Annual Report on Form 20-F, filed with the Securities and Exchange Commission, and other documents filed with, or furnished to the Securities and Exchange Commission, contain additional factors that could impact our businesses and financial performance. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
HUGIN 9.11.2009
EcoSecurities Group plc Forthcoming Appointment
9 November 2009
EcoSecurities Group plc ("EcoSecurities" or "Company") Forthcoming Appointment
Dublin, Ireland - EcoSecurities, a leading company in the business of sourcing, developing and trading emission reduction credits notes the earlier announcement made by the Carbon Acquisition Company, a wholly owned indirect subsidiary of J.P.Morgan, to appoint Paul M. Kelly as Chief Executive Officer (CEO) of EcoSecurities once the Company delists.
Mark Nicholls, Chairman, commented: "I would like to congratulate Paul on his forthcoming appointment as CEO of EcoSecurities and wish him every success in building on the Company's achievements to date".
Further information
The directors of EcoSecurities accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of EcoSecurities (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
RBS Hoare Govett Limited which is authorised and regulated in the United Kingdom by the Financial Services Authority is acting exclusively for EcoSecurities and for no-one else in connection with the Increased Offer (defined below) and will not be responsible to anyone other than EcoSecurities for providing the protections afforded to clients of RBS Hoare Govett Limited or for providing advice in relation to this matter or any other matters referred to in this announcement.
A copy of the documents listed as available for inspection in Carbon Acquisition Company's recommended cash offer document dated 25 September 2009 setting out the terms of the increased offer of 105 pence per ordinary share made by Carbon Acquisition Company (the "Increased Offer") and a copy of all announcements made by EcoSecurities in relation to the original offer of 100 pence per ordinary share made by Carbon Acquisition Company on 15 September and the Increased Offer, including this announcement, will be available for inspection at the offices of Matheson Ormsby Prentice, 70 Sir John Rogerson's Quay, Dublin 2 during normal business hours on any weekday (Saturday, Sunday and public holidays excepted) whilst the Increased Offer remains open for acceptance.
HUGIN /Source: ECO Securities /LSE: ECO /ISIN: IE00B0PR8X46
EcoSecurities Group plc ("EcoSecurities" or "Company") Forthcoming Appointment
Dublin, Ireland - EcoSecurities, a leading company in the business of sourcing, developing and trading emission reduction credits notes the earlier announcement made by the Carbon Acquisition Company, a wholly owned indirect subsidiary of J.P.Morgan, to appoint Paul M. Kelly as Chief Executive Officer (CEO) of EcoSecurities once the Company delists.
Mark Nicholls, Chairman, commented: "I would like to congratulate Paul on his forthcoming appointment as CEO of EcoSecurities and wish him every success in building on the Company's achievements to date".
Further information
The directors of EcoSecurities accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of EcoSecurities (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
RBS Hoare Govett Limited which is authorised and regulated in the United Kingdom by the Financial Services Authority is acting exclusively for EcoSecurities and for no-one else in connection with the Increased Offer (defined below) and will not be responsible to anyone other than EcoSecurities for providing the protections afforded to clients of RBS Hoare Govett Limited or for providing advice in relation to this matter or any other matters referred to in this announcement.
A copy of the documents listed as available for inspection in Carbon Acquisition Company's recommended cash offer document dated 25 September 2009 setting out the terms of the increased offer of 105 pence per ordinary share made by Carbon Acquisition Company (the "Increased Offer") and a copy of all announcements made by EcoSecurities in relation to the original offer of 100 pence per ordinary share made by Carbon Acquisition Company on 15 September and the Increased Offer, including this announcement, will be available for inspection at the offices of Matheson Ormsby Prentice, 70 Sir John Rogerson's Quay, Dublin 2 during normal business hours on any weekday (Saturday, Sunday and public holidays excepted) whilst the Increased Offer remains open for acceptance.
HUGIN /Source: ECO Securities /LSE: ECO /ISIN: IE00B0PR8X46
GLG PARTNERS LP Rule 8.3 - Powerleague Group Plc
- 06.11.09
FORM 8.3
DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
(Rule 8.3 of the Takeover Code)
1. KEY INFORMATION
Name of person dealing (Note 1) GLG PARTNERS LP
Company dealt in POWERLEAGUE GROUP PLC
Class of relevant security to which the dealings being disclosed relate (Note 2) ORDINARY SHARES
Date of dealing 06 November 2009
2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)
Long Short
ISIN: GB00B08JHZ23 Number (%) Number (%)
(1) Relevant securities
(2) Derivatives (other than options) 1,334,175 1.63%
(3) Options and agreements to purchase/sell
Total 1,334,175 1.63%
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)
Class of relevant security: Long Short
Number (%) Number (%)
(1) Relevant securities
(2) Derivatives (other than options)
(3) Options and agreements to purchase/sell
Total
(c) Rights to subscribe (Note 3)
Class of relevant security: Details
3. DEALINGS (Note 4)
(a) Purchases and sales
Purchase/sale Number of securities Price per unit (Note 5)
(b) Derivatives transactions (other than options)
Product name e.g.CFD Long/short (Note 6) Number of securities Price per unit (Note 5)
Total Return Swaps Short 600,000 0.5195 GBP
Total Return Swaps Long 534,175 0.5135 GBP
(c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying
Product name,e.g. call option Writing, selling, purchasing, varying etc. Number of securities to which the option relates (Note 7) Exercise price GBP Type, e.g. American, European etc Expiry date Option money paid/received per unit (Note 5) GBP
(ii) Exercising
Purchase/sale Number of securities Exercise price per unit (Note 5)
(d) Other dealings (including new securities) (Note 4)
Nature of transaction (Note 8) Details Price per unit (if applicable) (Note 5)
4 OTHER INFORMATION
Agreements, arrangements or understandings relating to options or derivatives
Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future ac
NONE
Is a Supplemental Form 8 attached? (Note 9) YES NO
Date of disclosure 9-Nov-2009
Contact name Dan Johnson
Telephone number 020 7016 7426
If a connected EFM, name of offeree/offeror with which connected N/A
If a connected EFM, state nature of connection (Note 10) N/A
HUGIN /Source: GLG PARTNERS LP
FORM 8.3
DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
(Rule 8.3 of the Takeover Code)
1. KEY INFORMATION
Name of person dealing (Note 1) GLG PARTNERS LP
Company dealt in POWERLEAGUE GROUP PLC
Class of relevant security to which the dealings being disclosed relate (Note 2) ORDINARY SHARES
Date of dealing 06 November 2009
2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)
Long Short
ISIN: GB00B08JHZ23 Number (%) Number (%)
(1) Relevant securities
(2) Derivatives (other than options) 1,334,175 1.63%
(3) Options and agreements to purchase/sell
Total 1,334,175 1.63%
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)
Class of relevant security: Long Short
Number (%) Number (%)
(1) Relevant securities
(2) Derivatives (other than options)
(3) Options and agreements to purchase/sell
Total
(c) Rights to subscribe (Note 3)
Class of relevant security: Details
3. DEALINGS (Note 4)
(a) Purchases and sales
Purchase/sale Number of securities Price per unit (Note 5)
(b) Derivatives transactions (other than options)
Product name e.g.CFD Long/short (Note 6) Number of securities Price per unit (Note 5)
Total Return Swaps Short 600,000 0.5195 GBP
Total Return Swaps Long 534,175 0.5135 GBP
(c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying
Product name,e.g. call option Writing, selling, purchasing, varying etc. Number of securities to which the option relates (Note 7) Exercise price GBP Type, e.g. American, European etc Expiry date Option money paid/received per unit (Note 5) GBP
(ii) Exercising
Purchase/sale Number of securities Exercise price per unit (Note 5)
(d) Other dealings (including new securities) (Note 4)
Nature of transaction (Note 8) Details Price per unit (if applicable) (Note 5)
4 OTHER INFORMATION
Agreements, arrangements or understandings relating to options or derivatives
Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future ac
NONE
Is a Supplemental Form 8 attached? (Note 9) YES NO
Date of disclosure 9-Nov-2009
Contact name Dan Johnson
Telephone number 020 7016 7426
If a connected EFM, name of offeree/offeror with which connected N/A
If a connected EFM, state nature of connection (Note 10) N/A
HUGIN /Source: GLG PARTNERS LP
Northern Investors Company PLC Half-yearly report
9 NOVEMBER 2009
NORTHERN INVESTORS COMPANY PLC
UNAUDITED HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
Northern Investors Company PLC is an investment trust managed by NVM Private Equity Limited. Launched in 1984 and listed on the London Stock Exchange since 1990, it invests mainly in unquoted venture capital holdings and aims to provide high long-term returns to shareholders through a combination of capital growth and dividend yield.
Financial highlights (comparative figures as at 30 September 2008):
2009 2008
Net assets
£50.3m £49.7m
Net asset value per share
259.6p 255.9p
Mid-market share price
186.0p 156.0p
Share price discount to
net asset value
28.4% 39.0%
Return per share after tax:
Revenue
Capital
Total
2.9p
17.9p
20.8p
3.9p
(40.3)p
(36.4)p
Interim dividend per share
declared in respect of the period 2.2p 2.2p
HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS
During the past six months our company has continued to operate against a background of economic recession and wide fluctuations in the financial markets. We are therefore pleased to be able to report an increase in net asset value (NAV) per share, a maintained interim dividend, a further strengthening of the company's cash reserves through several successful realisations and a strong recovery in the share price.
Net asset value and share price
The following table shows the NAV per share, mid-market share price and discount as at 30 September 2009 compared with the corresponding figures at 31 March 2009 and 30 September 2008:
30 September
2009 31 March
2009 30 September
2008
NAV per share 259.6p 243.9p 255.9p
Share price 186.0p 96.0p 156.0p
Share price discount to NAV 28.4% 60.6% 39.0%
The steep fall in the Northern Investors share price during late 2008 and early 2009 appears to have been largely due to a change in market sentiment towards private equity investment trusts, driven by concerns about investment valuations and unfunded investment commitments. Over the past six months, however, the share price has almost doubled, perhaps reflecting a better appreciation by the market of our conservative valuation methodology and strong cash position.
The directors have continued to take a cautious view in assessing the value of the unquoted investment portfolio, notwithstanding the remarkable upturn in the quoted markets over the past six months, and as a result the recent increase in NAV has been only modest. The following table shows the movement in NAV and share price over the latest six and 12 month periods compared with the movement in the FTSE All-Share index:
Periods to 30 Sept 2009 NAV per share Share price FTSE All-Share
Six months +6.4% +93.8% +32.8%
12 months +1.4% +19.2% +6.1%
Revenue and dividend
Investment income for the half year was lower than in the corresponding period, reflecting the continuing depressed level of interest rates as well as the present inability of some investee companies fully to service their loans whilst under pressure from severe bank lending covenants. Consequently the revenue return per share fell to 2.9p (corresponding period 3.9p). The interim dividend is maintained at 2.2p per share, payable on 8 January 2010 to shareholders on the register on 4 December 2009.
Investment portfolio
The period under review has seen a continuation of the strong flow of investment realisations which began in the preceding year, with sales proceeds in the period totalling £7.9 million. The most significant event was the sale of DxS, the Manchester-based molecular diagnostics business which NVM funds backed as an early-stage investment in 2001. The sale to Qiagen NV in September 2009 produced £5.9 million in cash from our original investment of £841,000, with the possibility of further payments over the next three years dependent on future performance - overall an outstanding result. Our holding in public sector software developer Liquidlogic was sold to the AIM-quoted System C Healthcare for £1.2 million, compared with an original cost (net of previous loan stock repayments) of £175,000. Subsequent to the period end we have also exited from the occupational healthcare group Abermed at a price reflected in the carrying value at 30 September 2009.
There were no significant additions to the portfolio during the period, although our managers report an upturn recently in the volume and quality of enquiries received. It has been our previous experience that attractively-priced investment opportunities can become available in the aftermath of recession, and following the recent series of realisations we expect the emphasis to turn over the next 12 months to making new additions to the portfolio. We are also prepared to provide additional funding to existing portfolio companies where appropriate, particularly in those cases where bank financing is not available on acceptable terms.
Corporate strategy
At the annual general meeting in June 2009, the directors asked shareholders to approve their strategy of postponing the next continuation vote until the 2012 meeting, with subsequent resolutions at the customary five-yearly interval. This proposal was strongly endorsed, giving us a helpful additional visibility at a time when long-term decision-making is inevitably subject to a measure of uncertainty. On behalf of the board I would like to thank shareholders for their ongoing support.
Risk management
The board carries out a regular review of the risk environment in which the company operates. There has been no significant change to the key risks discussed on page 9 of the annual report for the year ended 31 March 2009, including those resulting from the size and relative illiquidity of the unquoted and AIM-quoted investments held by the company.
Prospects
A year ago we noted that conditions in the UK economy would probably worsen further before any improvement became apparent. This expectation has subsequently been fulfilled and the search for the UK economy's green shoots continues to be largely frustrated. Nevertheless our managers have been successful in reaping some excellent gains. The next phase of the cycle is likely to see a move to re-stocking the portfolio with a new vintage of investments, carefully redeploying the substantial liquidity which has been built up over the past two years. There are few short cuts available in this process, but we believe that the consistent application of our established approach to selection and management of venture capital holdings will continue to produce good returns for shareholders in the future.
On behalf of the Board
Peter HaighChairman
The unaudited half-yearly financial statements for the six months ended 30 September 2009 are set out below.
INCOME STATEMENT
(unaudited) for the six months ended 30 September 2009
Six months ended
30 September 2009 Six months ended
30 September 2008
Revenue
£000 Capital
£000 Total
£000 Revenue
£000 Capital
£000 Total
£000
Gain on disposal
of investments - 1,766 1,766 - 1,679 1,679
Movements in fair value
of investments - 1,922 1,922 - (9,251) (9,251)
------ ------ ------ ------ ------ ------
- 3,688 3,688 - (7,572) (7,572)
Income 970 - 970 1,271 - 1,271
Investment management fee (124) (289) (413) (152) (354) (506)
Recoverable VAT - - - - - -
Other expenses (172) - (172) (178) - (178)
------ ------ ------ ------ ------ ------
Return on ordinary
activities before tax 674 3,399 4,073 941 (7,926) (6,985)
Tax on return on ordinary activities (117) 81 (36) (192) 99 (93)
------ ------ ------ ------ ------ ------
Return on ordinary
activities after tax 557 3,480 4,037 749 (7,827) (7,078)
------ ------ ------ ------ ------ ------
Return per share 2.9p 17.9p 20.8p 3.9p (40.3)p (36.4)p
Year ended 31 March 2009
Revenue
£000 Capital
£000 Total
£000
Gain on disposal
of investments - 2,483 2,483
Movements in fair value
of investments - (12,387) (12,387)
------ ------ ------
- (9,904) (9,904)
Income 2,267 - 2,267
Investment management fee (303) (707) (1,010)
Recoverable VAT 115 - 115
Other expenses (325) - (325)
------ ------ ------
Return on ordinary activities
before tax 1,754 (10,611) (8,857)
Tax on return on ordinary activities (370) 198 (172)
------ ------ ------
Return on ordinary activities
after tax 1,384 (10,413) (9,029)
------ ------ ------
Return per share 7.1p (53.6)p (46.5)p
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
(unaudited) for the six months ended 30 September 2009
Six months ended
30 September 2009 Six months ended
30 September 2008 Year ended
31 March 2009
£000 £000 £000
Equity shareholders' funds
at 1 April 2009 47,297 57,755 57,755
Return on ordinary
activities after tax 4,037 (7,078) (9,029)
Dividends recognised
in the period (989) (971) (1,399)
Shares purchased
for cancellation - - (30)
------ ------ ------
Equity shareholders' funds
at 30 September 2009 50,345 49,706 47,297
------ ------ ------
BALANCE SHEET
(unaudited) as at 30 September 2009
30 September 2009 30 September 2008 31 March 2009
£000 £000 £000
Fixed asset investments
Unquoted 28,279 36,462 32,079
Quoted 349 736 333
------ ------ ------
Total fixed asset investments 28,628 37,198 32,412
------ ------ ------
Current assets:
Investments 232 906 2,427
Debtors 50 675 323
Cash and deposits 21,770 11,214 12,420
------ ------ ------
22,052 12,795 15,170
Creditors (amounts falling
due within one year) (335) (287) (285)
------ ------ ------
Net current assets 21,717 12,508 14,885
------ ------ ------
Net assets 50,345 49,706 47,297
------ ------ ------
Capital and reserves
Called-up equity share capital 4,849 4,856 4,849
Share premium 12,694 12,694 12,694
Capital redemption reserve 306 299 306
Capital reserve 32,962 30,631 31,582
Revaluation reserve (2,424) (957) (4,524)
Revenue reserve 1,958 2,183 2,390
------ ------ ------
Total equity
shareholders' funds 50,345 49,706 47,297
------ ------ ------
Net asset value per share 259.6p 255.9p 243.9p
CASH FLOW STATEMENT
(unaudited) for the six months ended 30 September 2009
Six months ended
30 September 2009 Six months ended
30 September 2008 Year ended
31 March 2009
£000 £000 £000 £000 £000 £000
Cash flow statement
Net cash inflow from
operating activities 672 835 1,580
Taxation:
Corporation tax paid - - (98)
Financial investment:
Purchase of investments (379) (3,831) (5,701)
Sale/repayment of investments 7,851 11,504 15,912
------ ------ ------
Net cash inflow from
financial investment 7,472 7,673 10,211
Equity dividends paid (989) (971) (1,399)
------ ------ ------
Net cash inflow before
use of liquid resources
and financing 7,155 7,537 10,294
Financing:
Purchase of shares
for cancellation - - (30)
------ ------ ------
Net cash inflow before
use of liquid resources 7,155 7,537 10,264
Net cash inflow/(outflow)
from use of liquid resources 2,195 (45) (1,566)
------ ------ ------
Increase in cash at bank 9,350 7,492 8,698
------ ------ ------
Reconciliation of revenue
return before tax to net
cash flow from
operating activities
Revenue return on ordinary
activities before tax 674 941 1,754
Decrease in debtors 273 398 666
Increase/(decrease) in creditors 14 (150) (133)
Management fees charged to capital (289) (354) (707)
------ ------ ------
Net cash inflow from
operating activities 672 835 1,580
------ ------ ------
Reconciliation of movement
in net funds
1 April 2009 Cash flows 30 September 2009
£000 £000 £000
Short-term investments 2,427 (2,195) 232
Cash at bank 12,420 9,350 21,770
------ ------ ------
Net funds 14,847 7,155 22,002
------ ------ ------
INVESTMENT PORTFOLIO SUMMARY
as at 30 September 2009
Company Cost Valuation % of net assets
£000 £000 by valuation
Weldex (International) Offshore 200 4,880 9.7
Axial Systems Holdings 2,311 2,542 5.1
Britspace Holdings 3,603 2,205 4.4
Paladin Group 1,407 2,066 4.1
Crantock Bakery 1,061 1,782 3.5
Envirotec 1,008 1,772 3.5
Optilan Group 1,900 1,558 3.1
Promanex Group Holdings 1,974 1,480 2.9
Abermed 800 1,432 2.8
Closerstill Holdings 1,234 1,234 2.5
------ ------ -----
Ten largest investments 15,498 20,951 41.6
Arleigh International 480 1,010 2.0
Longhirst Venues 397 998 2.0
IG Doors 1,185 889 1.8
S&P Coil Products 510 880 1.8
Promatic Group 968 726 1.4
Wear Inns 762 643 1.3
e-know.net 480 623 1.2
Direct Valeting 764 573 1.1
CGI Group Holdings 1,723 431 0.9
Alaric Systems 1,618 350 0.7
------ ------ -----
Twenty largest investments 24,385 28,074 55.8
Other investments 6,667 554 1.1
------ ------ -----
Total fixed asset investments 31,052 28,628 56.9
------
Net current assets 21,717 43.1
------ -----
Net assets 50,345 100.0
------ -----
The above half-yearly financial statements for the six months ended 30 September 2009 do not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies. The figures for the year ended 31 March 2009 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies; the independent auditors' report on those financial statements under Section 235 of the Companies Act 1985 was unqualified. The half-yearly financial statements have been prepared on the basis of the accounting policies set out in the annual financial statements for the year ended 31 March 2009.
Each of the directors confirms that to the best of his or her knowledge the half-yearly financial statements have been prepared in accordance with the Statement "Half-yearly financial reports" issued by the UK Accounting Standards Board and the half-yearly financial report includes a fair review of the information required by (a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year, and (b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so.
The directors of the company at the date of this announcement were Mr P J Haigh (Chairman), Mr J C Barnsley, Mr E M P Denny, Mr F L G Neale, Mr M P Nicholls and Mrs S L Stewart.
The calculation of the revenue and capital return per share is based on the return on ordinary activities after tax for the period and on 19,395,440 (2008 19,425,440) ordinary shares, being the weighted average number of shares in issue during the period.
The interim dividend of 2.2p for the year ending 31 March 2010 will be paid on 8 January 2010 to shareholders on the register at the close of business on 4 December 2009.
A copy of the half-yearly financial report for the six months ended 30 September 2009 is expected to be posted to shareholders on 20 November 2009 and will be available to the public at the registered office of the company at Northumberland House, Princess Square, Newcastle upon Tyne NE1 8ER and on the NVM Private Equity Limited website, www.nvm.co.uk.
/HUGIN /Source: Northern Investors Co PLC /LSE: NRI /ISIN: GB00B08S4K30
NORTHERN INVESTORS COMPANY PLC
UNAUDITED HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
Northern Investors Company PLC is an investment trust managed by NVM Private Equity Limited. Launched in 1984 and listed on the London Stock Exchange since 1990, it invests mainly in unquoted venture capital holdings and aims to provide high long-term returns to shareholders through a combination of capital growth and dividend yield.
Financial highlights (comparative figures as at 30 September 2008):
2009 2008
Net assets
£50.3m £49.7m
Net asset value per share
259.6p 255.9p
Mid-market share price
186.0p 156.0p
Share price discount to
net asset value
28.4% 39.0%
Return per share after tax:
Revenue
Capital
Total
2.9p
17.9p
20.8p
3.9p
(40.3)p
(36.4)p
Interim dividend per share
declared in respect of the period 2.2p 2.2p
HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS
During the past six months our company has continued to operate against a background of economic recession and wide fluctuations in the financial markets. We are therefore pleased to be able to report an increase in net asset value (NAV) per share, a maintained interim dividend, a further strengthening of the company's cash reserves through several successful realisations and a strong recovery in the share price.
Net asset value and share price
The following table shows the NAV per share, mid-market share price and discount as at 30 September 2009 compared with the corresponding figures at 31 March 2009 and 30 September 2008:
30 September
2009 31 March
2009 30 September
2008
NAV per share 259.6p 243.9p 255.9p
Share price 186.0p 96.0p 156.0p
Share price discount to NAV 28.4% 60.6% 39.0%
The steep fall in the Northern Investors share price during late 2008 and early 2009 appears to have been largely due to a change in market sentiment towards private equity investment trusts, driven by concerns about investment valuations and unfunded investment commitments. Over the past six months, however, the share price has almost doubled, perhaps reflecting a better appreciation by the market of our conservative valuation methodology and strong cash position.
The directors have continued to take a cautious view in assessing the value of the unquoted investment portfolio, notwithstanding the remarkable upturn in the quoted markets over the past six months, and as a result the recent increase in NAV has been only modest. The following table shows the movement in NAV and share price over the latest six and 12 month periods compared with the movement in the FTSE All-Share index:
Periods to 30 Sept 2009 NAV per share Share price FTSE All-Share
Six months +6.4% +93.8% +32.8%
12 months +1.4% +19.2% +6.1%
Revenue and dividend
Investment income for the half year was lower than in the corresponding period, reflecting the continuing depressed level of interest rates as well as the present inability of some investee companies fully to service their loans whilst under pressure from severe bank lending covenants. Consequently the revenue return per share fell to 2.9p (corresponding period 3.9p). The interim dividend is maintained at 2.2p per share, payable on 8 January 2010 to shareholders on the register on 4 December 2009.
Investment portfolio
The period under review has seen a continuation of the strong flow of investment realisations which began in the preceding year, with sales proceeds in the period totalling £7.9 million. The most significant event was the sale of DxS, the Manchester-based molecular diagnostics business which NVM funds backed as an early-stage investment in 2001. The sale to Qiagen NV in September 2009 produced £5.9 million in cash from our original investment of £841,000, with the possibility of further payments over the next three years dependent on future performance - overall an outstanding result. Our holding in public sector software developer Liquidlogic was sold to the AIM-quoted System C Healthcare for £1.2 million, compared with an original cost (net of previous loan stock repayments) of £175,000. Subsequent to the period end we have also exited from the occupational healthcare group Abermed at a price reflected in the carrying value at 30 September 2009.
There were no significant additions to the portfolio during the period, although our managers report an upturn recently in the volume and quality of enquiries received. It has been our previous experience that attractively-priced investment opportunities can become available in the aftermath of recession, and following the recent series of realisations we expect the emphasis to turn over the next 12 months to making new additions to the portfolio. We are also prepared to provide additional funding to existing portfolio companies where appropriate, particularly in those cases where bank financing is not available on acceptable terms.
Corporate strategy
At the annual general meeting in June 2009, the directors asked shareholders to approve their strategy of postponing the next continuation vote until the 2012 meeting, with subsequent resolutions at the customary five-yearly interval. This proposal was strongly endorsed, giving us a helpful additional visibility at a time when long-term decision-making is inevitably subject to a measure of uncertainty. On behalf of the board I would like to thank shareholders for their ongoing support.
Risk management
The board carries out a regular review of the risk environment in which the company operates. There has been no significant change to the key risks discussed on page 9 of the annual report for the year ended 31 March 2009, including those resulting from the size and relative illiquidity of the unquoted and AIM-quoted investments held by the company.
Prospects
A year ago we noted that conditions in the UK economy would probably worsen further before any improvement became apparent. This expectation has subsequently been fulfilled and the search for the UK economy's green shoots continues to be largely frustrated. Nevertheless our managers have been successful in reaping some excellent gains. The next phase of the cycle is likely to see a move to re-stocking the portfolio with a new vintage of investments, carefully redeploying the substantial liquidity which has been built up over the past two years. There are few short cuts available in this process, but we believe that the consistent application of our established approach to selection and management of venture capital holdings will continue to produce good returns for shareholders in the future.
On behalf of the Board
Peter HaighChairman
The unaudited half-yearly financial statements for the six months ended 30 September 2009 are set out below.
INCOME STATEMENT
(unaudited) for the six months ended 30 September 2009
Six months ended
30 September 2009 Six months ended
30 September 2008
Revenue
£000 Capital
£000 Total
£000 Revenue
£000 Capital
£000 Total
£000
Gain on disposal
of investments - 1,766 1,766 - 1,679 1,679
Movements in fair value
of investments - 1,922 1,922 - (9,251) (9,251)
------ ------ ------ ------ ------ ------
- 3,688 3,688 - (7,572) (7,572)
Income 970 - 970 1,271 - 1,271
Investment management fee (124) (289) (413) (152) (354) (506)
Recoverable VAT - - - - - -
Other expenses (172) - (172) (178) - (178)
------ ------ ------ ------ ------ ------
Return on ordinary
activities before tax 674 3,399 4,073 941 (7,926) (6,985)
Tax on return on ordinary activities (117) 81 (36) (192) 99 (93)
------ ------ ------ ------ ------ ------
Return on ordinary
activities after tax 557 3,480 4,037 749 (7,827) (7,078)
------ ------ ------ ------ ------ ------
Return per share 2.9p 17.9p 20.8p 3.9p (40.3)p (36.4)p
Year ended 31 March 2009
Revenue
£000 Capital
£000 Total
£000
Gain on disposal
of investments - 2,483 2,483
Movements in fair value
of investments - (12,387) (12,387)
------ ------ ------
- (9,904) (9,904)
Income 2,267 - 2,267
Investment management fee (303) (707) (1,010)
Recoverable VAT 115 - 115
Other expenses (325) - (325)
------ ------ ------
Return on ordinary activities
before tax 1,754 (10,611) (8,857)
Tax on return on ordinary activities (370) 198 (172)
------ ------ ------
Return on ordinary activities
after tax 1,384 (10,413) (9,029)
------ ------ ------
Return per share 7.1p (53.6)p (46.5)p
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
(unaudited) for the six months ended 30 September 2009
Six months ended
30 September 2009 Six months ended
30 September 2008 Year ended
31 March 2009
£000 £000 £000
Equity shareholders' funds
at 1 April 2009 47,297 57,755 57,755
Return on ordinary
activities after tax 4,037 (7,078) (9,029)
Dividends recognised
in the period (989) (971) (1,399)
Shares purchased
for cancellation - - (30)
------ ------ ------
Equity shareholders' funds
at 30 September 2009 50,345 49,706 47,297
------ ------ ------
BALANCE SHEET
(unaudited) as at 30 September 2009
30 September 2009 30 September 2008 31 March 2009
£000 £000 £000
Fixed asset investments
Unquoted 28,279 36,462 32,079
Quoted 349 736 333
------ ------ ------
Total fixed asset investments 28,628 37,198 32,412
------ ------ ------
Current assets:
Investments 232 906 2,427
Debtors 50 675 323
Cash and deposits 21,770 11,214 12,420
------ ------ ------
22,052 12,795 15,170
Creditors (amounts falling
due within one year) (335) (287) (285)
------ ------ ------
Net current assets 21,717 12,508 14,885
------ ------ ------
Net assets 50,345 49,706 47,297
------ ------ ------
Capital and reserves
Called-up equity share capital 4,849 4,856 4,849
Share premium 12,694 12,694 12,694
Capital redemption reserve 306 299 306
Capital reserve 32,962 30,631 31,582
Revaluation reserve (2,424) (957) (4,524)
Revenue reserve 1,958 2,183 2,390
------ ------ ------
Total equity
shareholders' funds 50,345 49,706 47,297
------ ------ ------
Net asset value per share 259.6p 255.9p 243.9p
CASH FLOW STATEMENT
(unaudited) for the six months ended 30 September 2009
Six months ended
30 September 2009 Six months ended
30 September 2008 Year ended
31 March 2009
£000 £000 £000 £000 £000 £000
Cash flow statement
Net cash inflow from
operating activities 672 835 1,580
Taxation:
Corporation tax paid - - (98)
Financial investment:
Purchase of investments (379) (3,831) (5,701)
Sale/repayment of investments 7,851 11,504 15,912
------ ------ ------
Net cash inflow from
financial investment 7,472 7,673 10,211
Equity dividends paid (989) (971) (1,399)
------ ------ ------
Net cash inflow before
use of liquid resources
and financing 7,155 7,537 10,294
Financing:
Purchase of shares
for cancellation - - (30)
------ ------ ------
Net cash inflow before
use of liquid resources 7,155 7,537 10,264
Net cash inflow/(outflow)
from use of liquid resources 2,195 (45) (1,566)
------ ------ ------
Increase in cash at bank 9,350 7,492 8,698
------ ------ ------
Reconciliation of revenue
return before tax to net
cash flow from
operating activities
Revenue return on ordinary
activities before tax 674 941 1,754
Decrease in debtors 273 398 666
Increase/(decrease) in creditors 14 (150) (133)
Management fees charged to capital (289) (354) (707)
------ ------ ------
Net cash inflow from
operating activities 672 835 1,580
------ ------ ------
Reconciliation of movement
in net funds
1 April 2009 Cash flows 30 September 2009
£000 £000 £000
Short-term investments 2,427 (2,195) 232
Cash at bank 12,420 9,350 21,770
------ ------ ------
Net funds 14,847 7,155 22,002
------ ------ ------
INVESTMENT PORTFOLIO SUMMARY
as at 30 September 2009
Company Cost Valuation % of net assets
£000 £000 by valuation
Weldex (International) Offshore 200 4,880 9.7
Axial Systems Holdings 2,311 2,542 5.1
Britspace Holdings 3,603 2,205 4.4
Paladin Group 1,407 2,066 4.1
Crantock Bakery 1,061 1,782 3.5
Envirotec 1,008 1,772 3.5
Optilan Group 1,900 1,558 3.1
Promanex Group Holdings 1,974 1,480 2.9
Abermed 800 1,432 2.8
Closerstill Holdings 1,234 1,234 2.5
------ ------ -----
Ten largest investments 15,498 20,951 41.6
Arleigh International 480 1,010 2.0
Longhirst Venues 397 998 2.0
IG Doors 1,185 889 1.8
S&P Coil Products 510 880 1.8
Promatic Group 968 726 1.4
Wear Inns 762 643 1.3
e-know.net 480 623 1.2
Direct Valeting 764 573 1.1
CGI Group Holdings 1,723 431 0.9
Alaric Systems 1,618 350 0.7
------ ------ -----
Twenty largest investments 24,385 28,074 55.8
Other investments 6,667 554 1.1
------ ------ -----
Total fixed asset investments 31,052 28,628 56.9
------
Net current assets 21,717 43.1
------ -----
Net assets 50,345 100.0
------ -----
The above half-yearly financial statements for the six months ended 30 September 2009 do not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies. The figures for the year ended 31 March 2009 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies; the independent auditors' report on those financial statements under Section 235 of the Companies Act 1985 was unqualified. The half-yearly financial statements have been prepared on the basis of the accounting policies set out in the annual financial statements for the year ended 31 March 2009.
Each of the directors confirms that to the best of his or her knowledge the half-yearly financial statements have been prepared in accordance with the Statement "Half-yearly financial reports" issued by the UK Accounting Standards Board and the half-yearly financial report includes a fair review of the information required by (a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year, and (b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so.
The directors of the company at the date of this announcement were Mr P J Haigh (Chairman), Mr J C Barnsley, Mr E M P Denny, Mr F L G Neale, Mr M P Nicholls and Mrs S L Stewart.
The calculation of the revenue and capital return per share is based on the return on ordinary activities after tax for the period and on 19,395,440 (2008 19,425,440) ordinary shares, being the weighted average number of shares in issue during the period.
The interim dividend of 2.2p for the year ending 31 March 2010 will be paid on 8 January 2010 to shareholders on the register at the close of business on 4 December 2009.
A copy of the half-yearly financial report for the six months ended 30 September 2009 is expected to be posted to shareholders on 20 November 2009 and will be available to the public at the registered office of the company at Northumberland House, Princess Square, Newcastle upon Tyne NE1 8ER and on the NVM Private Equity Limited website, www.nvm.co.uk.
/HUGIN /Source: Northern Investors Co PLC /LSE: NRI /ISIN: GB00B08S4K30
Abonnieren
Posts (Atom)