18th Mar 2015 10:28
LONDON (Alliance News) - AIM-listed private equity vehicle EPE Special Opportunities PLC Wednesday said it is pursuing new investment opportunities and is mulling over whether to raise new funds to support that.
The proceeds of any funds raised, according to Chairman Geoffrey Vero, would be used to "retire existing convertible loan notes in light of the December 2015 end date (extendable to December 2016 at the company's behest), buy-in minorities in the existing investments, and support new investments".
The company could turn to senior debt, mezzanine finance or bonds under the fundraising.
The vehicle, advised by EPIC Private Equity LLP in its investments, reported a 5.0% increase in net asset value per share over the course of the financial year ended January 31. NAV per share rose to 142.13 pence from 135.37p at the corresponding stage of the prior year.
Vero said the board is satisfied with the portfolio's overall performance and the way things have played out at the company in the last year.
Vero highlighted electronics company Nexus Industries, the company's largest asset, which he said traded ahead of budget due to sales of its new LED lighting range. Vero expects Nexus to show a strong performance in 2015. However, Whittard of Chelsea, the tea and coffee company, underperformed in 2014, Vero said, pointing out that the new strategy is taking longer than expected to deliver returns.
The vehicle also sold investments in Bighead Holdings Ltd and Indicia Group Ltd in 2014.
"We are optimistic that the company's portfolio will continue to perform and that the company will continue to explore opportunities to acquire high quality assets at attractive prices to further diversify the current portfolio," Vero said.
EPE Special Opportunities shares were up 0.5% at 102.00 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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