7th Oct 2009 07:00
Press release For immediate release on 7th October 2009 Candover Investments plc - Interim management statement
The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein
have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold without
registration thereunder or pursuant to an available exemption therefrom. Any public offering of securities to be made in the United States would have to be made by means of a prospectus that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial statements. Neither this document nor the information contained herein constitutes an offer to sell or the solicitation of an offer to buy any securities. These materials do not constitute an offer of securities for sale in the United States. No money,
securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted.
Candover Investments plc ("Candover") today issues its Interim ManagementStatement in accordance with FSA Disclosure and Transparency Rule 4.3. Thisstatement which is unaudited, relates to the three month period from 1st July,2009 to 30th September, 2009.
Portfolio valuation and performance
Candover's investment portfolio was last valued as at 30th June 2009. The netasset value per share at that date was 902p. Since that date there have been nonew investments and no realisations.
The next valuation will be conducted as of 31st December 2009, and consistent with its valuation policy the Company will continue to apply earnings based valuations to portfolio businesses and will appropriately value the carried interest of the Company in the respective funds.
Against a backdrop of what continues to be a challenging economic climate, ourportfolio companies continue to show resilience overall. Of the largest tencompanies which accounted for 87 per cent of our investment value at 30th June2009, seven continue to deliver earnings on a rolling 12 months basis above orbroadly in line with the prior year.
Candover 2008 Fund discussions
The standstill agreement relating to the suspension of the Candover 2008 Fund ("2008 Fund") is to be extended to 4th December 2009 in order to allowdiscussions to continue with the Limited Partners with regard to the future ofthat Fund.
Ownership of Candover Partners
Alternative ownership structures are being considered, but changes to the current structure will remain dependent on the progress and outcome of discussions concerning the future of the 2008 Fund.
For further information, please contact:
Candover Investments plc +44 20 7489 9848 Philip Price ,
Company Secretary and General Counsel
Tulchan +44 20 7353 4200 Susanna Voyle / Peter Hewer
vendorRelated Shares:
CDI.L