26th Feb 2009 18:13
Further to an announcement issued by Ferretti S.p.A. earlier today, Candover Investments plc understands that Ferretti is in the process of finalizing a proposal to restructure its capital base. Ferretti anticipates that the proposal will be submitted to the company's credit support providers for their approval shortly. On the terms proposed, Candover has decided not to participate in the restructuring of Ferretti and believes its existing stake in the business now has no value.
Candover Investments plc indirectly holds 11% of Candover's 50.2% stake in Ferretti. As at 30 June 2008, Candover's investment in Ferretti was valued at £ 48.6m plus £5.5m of accrued loan note interest (247p per share) representing approximately 12.1% of Candover's net assets at that date.
Candover Investments plc will announce its results for the year ended 31st December 2008 on 2nd March 2009.
Enquiries:Tulchan CommunicationsSusanna Voyle or Peter Hewer T +44 (0) 20 7353 4200
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