23rd Jan 2012 11:30
23 January 2012
CANDOVER INVESTMENTS PLC Completion of the Sale of Capital Safety Group
Further to the announcement on 29 November 2011, Candover Investments plc ("Candover") today announces the completion of the sale by its investment manager Arle Capital Partners Limited ("Arle") of its interest in Capital Safety Group ("CSG") to KKR.
The sale has generated total proceeds of US$45.5 million (£29.6 million) for Candover, of which US$41.9 million (£27.2 million) has now been received. The remaining US$3.6 million (£2.4 million) is held in escrow, with £1.8 million payable after 60 days and £0.6 million after 90 days. Total proceeds are higher than reported on 29 November 2011 due to the addition of interest accrued and payable by the purchaser since the transaction was announced. This represents an uplift of £6.0 million (25%) on the valuation of CSG at 30 June 2011, after adjusting for the sale of a follow-on investment of £0.5 million in CSG under the terms of the strip disposal mechanism set out in the circular sent to shareholders in December 2010. This represents an increase of 27p per share from the 30 June 2011 net asset value of 839p per share.
The sale by Arle represents a 2.7x return and an IRR of 26% on the original investment made by Candover and the Candover 2005 Fund.
For further information please contact:
Candover Investments plc
Malcolm Fallen, CEO +44 207 489 9848
Helen Walsh, Communications +44 7747 868347
XLONRelated Shares:
CDI.L