15th May 2008 07:00
For immediate release on Thursday 15th May, 2008 The information contained herein is not for publication or distribution to persons in the United States of America.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 - Interim management statement This is the first interim management statement issued by Candover Investments plc (`Candover' or the `Company') pursuant to the new EU Transparency Directive and the Disclosure and Transparency Rules issued by the FSA. This statement relates to the period from 1st January, 2008 to 14th May 2008. Net asset value per share Candover's investment portfolio, which comprises both direct investments and investments made alongside funds managed by its wholly-owned subsidiary, Candover Partners Limited, has not been revalued since 31st December 2007. The valuations at 31st December 2007 are set out in Candover's audited 2007 financial statements, which were published in April 2008. Share price performance Candover's share price was 1790p at 31st December 2007 and 2138p at 13th May 2008. Candover's shares increased in value by over 19% over this period. Daily share price information on Candover's shares is available on the Candover Investments plc website at www.candoverinvestments.com. Investments The Candover 2005 Fund has made one new investment since 1st January, 2008: the delisting of Stork, a Dutch engineering conglomerate, from the Amsterdam Stock Exchange. Candover invested ‚£54.7 million, alongside the Candover 2005 Fund which invested ‚£336.0 million. Three significant follow-on investments have been completed - with Candover committing ‚£7.5 million to Parques, alongside ‚£46.2 million from the Candover 2005 Fund, ‚£3.8 million to Gala, alongside ‚£30.3 million from the Candover 2005 Fund, and investing ‚£1.1 million in Alma with ‚£6.8 million from the Candover 2005 Fund. On 17th April, 2008, in a consortium with Goldman Sachs and AlpInvest, the Candover 2005 Fund announced a recommended ‚£1.6 billion cash offer for Expro International Group plc, a leading provider of products and services for the oil and gas industries. This offer has not yet been concluded. Realisations Candover and its managed funds have realised proceeds totalling ‚£296.0 million since 1st January 2008; Candover's share was ‚£29.9 million. This included ‚£15.6 million for Candover from the disposal of the remaining holding in Wellstream, ‚£5.3 million from the refinancing of Wood Mackenzie and ‚£8.6 million from the sale of the remaining holding in Aspen. Other activities In February, Candover announced the recruitment of an experienced Director to open its first office in Asia. Candover Asia will operate initially out of Hong Kong while options across the region are evaluated. In March, Candover Partners commenced the marketing of the Candover 2008 Fund with a target of ¢â€š¬5.0 billion. Candover has committed to invest ¢â€š¬1 billion in the Candover 2008 Fund. Annual General Meeting The Company's Annual General Meeting was held on 14th May 2008. All resolutions set out in the notice of the Annual General Meeting were duly passed. Changes to the Board As previously announced, Lord Jay joined the Candover Board on 1st January 2008 and Nicholas Jones joined the Board on 14th April 2008. Jimmy West retired as a director at the Annual General Meeting on 14th May 2008, at which time Antony Hichens became the Senior Independent Director. For further information about Candover please contact: Andrew Moberly, Company Secretary [email protected] +44 20 7489 9848 Note: This statement aims to give an indication of material events and transactions that have taken place during the period from 1st January 2008 to 14th May 2008 and their impact on the financial position of Candover Investments plc. These indications reflect the Board's current view. They are subject to a number of risks and uncertainties and could change. Factors which could cause or contribute to such differences include, but are not limited to, general economic and market conditions and specific factors affecting the financial prospects or performance of individual investments within Candover's
portfolio.
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