29th Mar 2007 07:02
3i Group PLC29 March 2007 29 March 2007 3i Group plc - Pre-close period briefing Highlights • New investment up 35% over same period last year • Intended further return of £800 million to shareholders, reflectingthe continued strong level of realisations Philip Yea, 3i's Chief Executive, said: "3i has been able to grow investment levels significantly over the eleven monthsas well as make excellent realisations in buoyant markets. Our announcementconcerning a further return of capital reflects the continued delivery of strongrealised returns whilst still allowing for planned growth in the future." 3i Group plc ("3i"), a world leader in private equity and venture capital, willbe briefing analysts and investors ahead of its close period for the year to 31March 2007. The main topics that will be discussed with analysts and investors are set outbelow. 1 Investment and realisations 3i invested a total of £1,598 million in the eleven months ended 28 February2007, compared with £1,184 million in the equivalent period last year. Thisincludes £250 million (2006: £186 million) invested on behalf of co-investmentfunds managed by 3i. Realisation proceeds received by 3i (excluding co-investment funds) totalled£1,948 million in the eleven months ended 28 February, which compares withrealisation proceeds of £1,815 million in the equivalent period last year. The realisation proceeds to the end of February do not include £267 millionsubsequently received from the recent National Car Parks transaction. 2 Returns Realisations for the eleven month period have generated aggregate uplifts over31 March 2006 carrying values ahead of the uplift percentage generated duringlast year, reflecting the continued good markets for the sale of assets. Consequently, realised profits (net of write-offs) on the disposal ofinvestments for the eleven month period to 28 February are ahead of prior yearlevels. An important element in the determination of 3i's results for the year to 31March 2007 will be the detailed valuation exercise carried out on its investmentportfolio as at that date. 3 Return of capital The Board is currently intending to make a further return of cash toshareholders of £800 million. The current intention of the Board is to repeatthe method adopted last year of a bonus issue of preference shares andsubsequent purchase offers. The Board expects to follow a similar timetablewith proposals considered by shareholders at an EGM at the time of our AGM,currently scheduled for 11 July 2007. The Board will make a furtherannouncement in this regard at the time of the preliminary announcement of theCompany's annual results on 10 May 2007. Since the announcement of its interim results on 9 November 2006, 3i Group plchas purchased for cancellation 7,430,000 of its ordinary shares for £73,540,060(excluding stamp duty and brokers' commissions), representing an average priceof 989.77 pence per share. 4 3i Infrastructure Limited On 8 March 2007 3i Infrastructure Limited announced that it had raised £700million through an initial public offering on the London Stock Exchange. Aspart of this process, 3i Group plc subscribed for 325 million £1 ordinary sharesin the company. 3i Infrastructure Limited has an independent board ofnon-executive directors, chaired by Peter Sedgwick. 3i Investments plc, asubsidiary of 3i Group plc, acts as investment adviser to the company throughits infrastructure investment team. 3i expects to announce its results for the year ending 31 March 2007 on 10 May2007. Ends For information please contact: Simon Ball Finance Director, 3i Group plc 020 7975 3356Patrick Dunne Group Communications Director, 3i Group plc 020 7975 3283Philip Gawith The Maitland Consultancy 020 7379 5151 This statement gives some indication of 3i's expected return (and of keycomponents of that return) for the twelve months to 31 March 2007. Theseindications reflect the Board's current view. They are subject to a number ofrisks and uncertainties and could change. The final results for the twelvemonths to 31 March 2007, due to be reported on 10 May 2007, may differaccordingly. Factors which could cause or contribute to such differencesinclude, but are not limited to, general economic and market conditions andspecific factors affecting the financial prospects or performance of individualinvestments within 3i's portfolio. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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