CT Private Equity Trust PLC Partial Sale of San Siro (2028G)
November 14 2022 - 2:00AM
UK Regulatory
TIDMCTPE
RNS Number : 2028G
CT Private Equity Trust PLC
14 November 2022
14 November 2022
CT PRIVATE EQUITY TRUST PLC
LEI: 2138009FW98WZFCGRN66
CT Private Equity Trust Plc ("the Company") announces that on 10
November 2022 it sold a portion of its investment in the Italian
funeral services business of San Siro and related entities ("HOFI
S.p.A.").
The Company initially invested in San Siro in January 2019 in a
deal led by Augens Capital. This investment has generated a return
of 8.8x cost and 87% IRR for the Company as of 10 November
2022.
As at 30 June 2022 the Company's investment in San Siro was
valued at EUR13.2 million (GBP11.4 million). The total value of the
transaction for the Company is EUR39.5 million (GBP34.4 million*)
representing an uplift of GBP23.1 million* or 4.8% of the Company's
30 June 2022 Net Asset Value. This amount includes approximately
EUR2.8 million of contingent consideration.
EUR10.0 million (approximately 25% of the total proceeds) will
be re-invested into a new investment in HOFI S.p.A. alongside the
existing manager, Augens Capital and the new investor for a further
term.
It is anticipated that the Company will publish its 3rd Quarter
results on 25 November 2022.
* using 8 November 2022 exchange rates
For more information, please contact:
Hamish Mair (Fund Manager) 0131 718 1184
hamish.mair@columbiathreadneedle.com
Scott McEllen (Company Secretary) 0131 718 1137
scott.mcellen@columbiathreadneedle.com
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