20th May 2010 11:04
Press release For immediate release on 20 May 2010 Candover Investments plc - Interim Management Statement
Candover Investments plc ("Candover" or the "Company") today issues its Interim Management Statement in accordance with FSA Disclosure and Transparency Rule 4.3. This statement which, as usual, is unaudited, relates to the period from 1 January 2010.
Candover 2008 Fund - Agreement to terminate the investment period concluded
On 8 January 2010, Candover announced that it had reached agreement with all Limited Partners ("LPs") and Candover Partners Limited, its wholly owned fund manager, to terminate the investment period of the Candover 2008 Fund (the "2008 Fund"). The 2008 Fund's sole investment will be Expro, the oil and gas services group.
Financial performance and portfolio valuation
Candover's investment portfolio, which comprises both direct investments and investments made alongside funds managed by Candover Partners Limited, was last valued as at 31 December 2009. The net asset value per share as at that date was 1038p.
Since the year end, the Company received final proceeds of £16.7 million from the sale of Springer Science+Business Media by Candover Partners Limited, including a further carried interest payment from the Candover 2001 Fund. The effect of these cash proceeds would be to reduce net debt on a pro forma basis as of 31 December 2009 to £58.1 million and improve the Company's loan-to-value ratio to 21.9% from 26.4%.
Whilst the economic outlook remains uncertain, the overall performance of the top ten portfolio companies continues to be resilient. The next portfolio valuation will be conducted as at 30 June 2010 and, consistent with its valuation policy, the Company will continue to apply earnings-based valuations to portfolio businesses.
Statement re possible offer
On 27 April 2010, the Board issued a statement confirming that it was in discussions following an initial approach by a third party to acquire the Company. The statement said that these discussions may or may not lead to an offer being made for the whole of the Company's issued share capital and any offer was expected to be at a price no higher than the last reported net asset value per share of 1038p per share as at 31 December 2009. The Board emphasises that there can be no certainty as to the outcome of such discussions. Further announcements will be made as appropriate.
Ends. For further information, please contact: Candover Investments plc +44 207 489 9848 Philip Price, General Counsel and
Company Secretary Tulchan Communications LLP +44 207 353 4200 Susanna Voyle Peter Hewer
vendorRelated Shares:
CDI.L