TIDMDIL
RNS Number : 7165E
Damille Investments Limited
15 May 2013
Damille Investments Limited
Interim Management Statement
Interim Management Statement for the period 1 January 2013 to 14
May 2013.
Overview
Damille Investments Limited (LSE:DIL) (the "Company" or "DIL")
is a Guernsey registered, closed-ended investment company which
listed on the Specialist Fund Market of the London Stock Exchange
and the Channel Island Stock Exchange on 30 March 2010 (the
"Admission Date").
The Company is pleased to announce that the unaudited Net Asset
Value ("NAV") per share as at 30 April 2013 was 17.78p. The NAV as
at 30 April 2013 is stated after returns of capital to shareholders
amounting to 107p per share (GBP38,251,430) to 30 April 2013.
The NAV per share as at 30 April 2013 of 17.78p when combined
with the return of capital of 107p per share to 30 April 2013 is an
increase since Admission of 24.78%. This represents an increase of
30.94% from the Initial NAV*. Compared to the NAV per share as at
31 December 2012**, the NAV per share as at 30 April 2013 ** has
decreased by 3.59%.
The directors are pleased with the overall performance.
* NAV at launch after costs.
**including distributions up to that date.
Investment Objectives and Policy
The investment objective of the Company is to invest in a
concentrated portfolio of equity securities of issuers primarily
with an equity market capitalisation of below GBP100 million that
the Company's Executive Directors, Brett Miller and Rhys Davies
(together the "Executive Directors"), consider can be properly
valued using NAV valuation points. In the opinion of the Company,
many of these companies would benefit from implementing certain
measures to optimise their balance sheets and align management and
shareholder interests. Such companies are expected to be, but will
not be limited to, closed-ended investment funds and investment
companies.
The Company has a fixed life of four years from the Admission
Date and it firmly intends to return to shareholders the net
capital proceeds of all material profitable realisations from its
investments promptly following their receipt, subject to compliance
with The Companies (Guernsey) Law, 2008, as amended.
Financial Highlights and Investment Review by Damille Partners
Limited
During the period 1 January 2013 to 14 May 2013, the Company has
not made any investments as it is firmly in realisation mode. The
Company's holdings in Blackstar Group SA and EIH plc were disposed
of in their entirety and the proceeds returned to shareholders. A
number of other smaller holdings were also disposed of or partially
disposed of enabling the Company to announce the return of 39.5p
per share to shareholders during the period. As of 13 May 2013 the
Company held investments in four companies.
The Company now holds notifiable shareholdings in only two
companies, in both of which the Executive Directors have sought and
obtained board representation. Brief summaries of the key
developments at these two companies during the period follow:
Rapid Realisations Fund Limited ("RRF")
The Company acquired 10,000,000 shares in RRF on 26 May 2010 and
immediately thereafter sought to change the investment strategy and
seek board representation. On 25 June 2010 the Executive Directors
were invited to join the board and as of today's date the board of
RRF is comprised of Brett Miller, Rhys Davies and one independent
director. Also on 25 June 2010, the RRF board announced that it had
resolved to adopt the following policies which were subsequently
approved by RRF shareholders via a resolution at the Annual General
Meeting of RRF held on 14 September 2010:
"The investment objective and policy of the Company be amended
to manage the realisation of the Company's investment portfolio and
to maximise the return of invested capital to shareholders during
the period ending on 30 September 2013. During this period the
Company shall not make any new investments."
During the period RRF announced returns of capital amounting to
0.75p per RRF share.
DIL paid 46.02p per share on 26 May 2010 and by 13 May 2013, RRF
had announced capital distributions amounting to 71.75p per share.
As at 13 May 2013 the share price of RRF was 3.25p.
Loudwater Trust Limited ("LWT")
On 24 March 2011, DIL acquired 16,650,000 shares in LWT,
representing 27.64% of the issued share capital of LWT. The price
paid was 30p per share. On 5 July 2012, DIL acquired a further
1,000,000 shares at 55.16p per share. DIL now holds 29.3% of the
issued share capital of LWT.
LWT's investment policy is to return cash proceeds of all
realisations to investors, subject to the retention of sufficient
cash for follow-on investments in existing portfolio companies
where the Investment Adviser believes further funding is
required.
During the period LWT announced returns of capital amounting to
1.5p per LWT share.
The Executive Directors of DIL were appointed to the board of
LWT on 20 May 2011. On 27 April 2012 four other directors of LWT
resigned and the board is now comprised of Brett Miller, Rhys
Davies and one independent director.
LWT's shares were quoted at 27.50p per share at close of
business on 13 May 2013. The cost to DIL of acquiring its holding
in LWT was GBP5,546,600 (before broking and commission). To date,
DIL has received capital returns of GBP9,252,795 from its
holding.
Outlook
As the investment period is now concluded the focus is firmly on
realisations and maximising the cash returns from the remaining
investment portfolio.
Whilst market conditions are uncertain and thus don't provide
the best background for realisations, the directors believe they
will be able to achieve further capital returns and/or secondary
market sales of the remaining investments within the life of the
Company, possibly even sooner.
Investment Allocation
At the period end, the Company's assets were allocated in the
following approximate proportions:
Notifiable shareholdings: 67.11% of NAV:
17,650,000 shares in Loudwater Trust Limited: 63.51%
10,000,000 shares in Rapid Realisations Fund Limited: 3.60%
Non-Notifiable shareholdings: 13.22% of NAV
Cash: 19.67% of NAV
This document is for information purposes only. It is not, and
is not intended to be an invitation, inducement, offer, or
solicitation, to deal in the shares of the company. The price of
shares in the company and the income from them may go down as well
as up and investors may not get back the full amount invested on
disposal of shares in the company. An investment in the company
should be considered only as part of a balanced portfolio of which
it should not form a disproportionate part.
By order of the Board
Damille Investments Limited
Administrative Enquiries: Shareholder Enquiries:
Anson Fund Managers Limited Nimrod Capital LLP
Tel: +44(0)1481 722260 Tel: +44(0)20 3355 6855
15 May 2013
E&OE - In Transmission
END OF ANNOUNCEMENT
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSNKQDDABKDNPD
Damille Inv (LSE:DIL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Damille Inv (LSE:DIL)
Historical Stock Chart
From Jul 2023 to Jul 2024
