15th Apr 2016 07:24
LONDON (Alliance News) - ICG Enterprise Trust PLC on Friday said it made "good progress" in its last financial year, with its net asset value per share rising by 8.2% and the value of its investment portfolio up 11.1% in local currencies.
The NAV per share increased by 36 pence to 731p in the year ended January 31, the trust said, extending its period of growth to seven years, with net assets - the difference between assets and liabilities - amounting to GBP521 million.
Its share price fell 1.9% to 545p that year, versus a 4.6% fall in the FTSE All Share Index. Shares in ICG Enterprise were up 1.8% at 558p on Friday morning.
The underlying growth in in the value of its portfolio was "split evenly" between realisations and increases in the unrealised value of the remaining investments.
The trust declared a final dividend of 6.0p, taking the total for the year to 11.0p. Share buy-backs returned a further GBP9.0 million.
Proceeds from realising investments "remained at a very high level" with 28% of the opening portfolio being realised in the 12 months, the trust said. New investments amounted to GBP64 million, which the trust said was "materially lower" than a year earlier, citing "greater discretion of underlying managers in a more competitive market."
The new financial year marks the first in which the trust will be managed by Intermediate Capital Group PLC, the FTSE 250 private debt, credit and equity asset manager.
"After a very successful 35 years under the stewardship of Graphite Capital, the board approved the appointment of ICG as the new manager following its acquisition of Graphite Capital's private equity fund investment business. The company has had a highly successful relationship with ICG for more than 25 years," Chairman Mark Fane said in a statement.
The change of manager took effect from February 1 and Graphite Enterprise Trust PLC was renamed ICG Enterprise Trust PLC on that date.
By Samuel Agini; [email protected]; @samuelagini
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