27th Jun 2011 17:42
27 June 2011
EIH plc (the "Company" or "EIH")
Sale of Interest in the Evolvence India Life Sciences Fund
EIH plc is pleased to announce that it has today sold its interest in the Evolvence India Life Sciences Fund (the "Fund") to an entity managed by Swiss Re Private Equity Partners for US$5m. EIH's original commitment to the Fund was US$6m of which US$ 2.133m remained uncalled. The obligation to meet future calls has been assumed by the buyer and as a result EIH's outstanding possible capital calls have been reduced to approximately US$6.1m, relating solely to its interest in the Evolvence India Fund.
The consideration represents a 16.2 per cent. discount to the fair value of EIH's interest in the Fund of USD 5,965,143 as at 31 December 2010 and a 29 per cent premium to cost. The movement in fair value of EIH's interest in the Fund for the twelve months ended 31 December 2010 (which contributed to EIH's accounting profit of USD 11.3 million in the period) was US$2,098,143.
As a result of the sale the board intends to make a further capital distribution to shareholders and a further announcement in this regard will be made shortly.
For further information, please contact:
EIH plc
Rhys Davies
Tel: +41 (0)79 620 0215
Singer Capital Markets (Nominated Adviser)
James Maxwell / Nick Donovan
+44 (0)20 3205 7500
Related Shares:
EIH.L