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Divestment of Proactis Holdings Plc

28th Jul 2021 08:51

RNS Number : 7401G
CIP Merchant Capital Ltd
28 July 2021
 

28 July 2021

CIP MERCHANT CAPITAL LIMITED

("CIP" or the "Company") 

Divestment of Proactis Holdings Plc

The Board of CIP notes the announcement made yesterday by the board of Proactis Holdings Plc ("Proactis") that the scheme of arrangement in connection with the recommended acquisition of the entire issued and to be issued share capital of Proactis by Cafe Bidco Limited ("Bidco") at a price of 75 pence per share has become effective.

 

CIP held 2,825,000 ordinary shares in Proactis at a book cost of 32.82p per share, such that completion of Bidco's offer represents a 2.3x cash-on-cash return and a 45% IRR on the Company's investment.

The divestment of its holding in Proactis constitutes the Company's second successful exit, further to the 72% IRR achieved on the disposal of the Company's interest in Circassia Group plc in September 2020.

For further information, please contact:

 

Merchant Capital Manager Limited (Investment Manager)

Wikus Van Schalkwyk

 

+44 1481 749363

Strand Hanson Limited (Nominated Adviser and Broker)

James Bellman / Matthew Chandler / Ritchie Balmer

+44 20 7409 3494

 

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