Northern Venture Tst Admission To Aim Of Musicmagpie Plc
22 April 2021 - 6:00PM
UK Regulatory
TIDMNVT
22 APRIL 2021
NORTHERN VENTURE TRUST PLC
Admission to AIM of musicMagpie plc
The board of Northern Venture Trust PLC (the "Company") is pleased to
announce that its investee company musicMagpie plc ("musicMagpie"), the
holding company of Entertainment Magpie Group Limited, was earlier today
admitted to trading on AIM, alongside a placing of new and existing
shares. The placing price of these shares was GBP1.93 per share, valuing
musicMagpie at a market capitalisation of GBP208 million.
The Company sold 4,444,243 shares as part of the placing and realised
cash proceeds of GBP8.3 million (net of transaction costs). As part of
this transaction, the Company will also receive payment for its
outstanding loan stock of GBP1.1 million.
Following completion of the placing, the Company now holds 4,444,243
shares in musicMagpie. Based upon the placing price of GBP1.93 per share,
this holding is valued at GBP8.6 million. The board has supported the
management team of musicMagpie through its growth strategy since 2015
and is pleased to retain this equity stake, representing 4.1% of the
total outstanding share capital. Taken together with the realised
proceeds described above and the total investment income received to
date of GBP0.6 million, a return of 11.6 times has been achieved on the
Company's total original investment amount.
The realisation of capital proceeds outlined above, combined with the
uplift in the value of the musicMagpie shares held by the Company,
represents an uplift in valuation of GBP6.4 million, compared to the
value included in the Company's unaudited Net Asset Value ("NAV") per
share at 31 December 2020 (published on 25 February 2021). This is an
increase of 4.0 pence per share over the unaudited NAV per share at 31
December 2020 of 72.9 pence. The Company emphasises that this increase
in unaudited NAV per share is in isolation from any other changes in the
Company's balance sheet, including valuation and other transaction
movements in the Company's investment portfolio that may also have
affected the NAV per share since 31 December 2020.
Enquiries:
Simon John/James Bryce, NVM Private Equity LLP - 0191 244 6000
Website: www.nvm.co.uk
Martin Glanfield, Chief Financial Officer Mercia Asset Management PLC -
0330 223 1430
Website: www.mercia.co.uk
Neither the contents of the NVM Private Equity LLP or the Mercia Asset
Management PLC website, nor the contents of any website accessible from
hyperlinks on the NVM Private Equity LLP or Mercia Asset Management PLC
website (or any other website), is incorporated into, or forms part of,
this announcement.
(END) Dow Jones Newswires
April 22, 2021 04:00 ET (08:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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