ICG Enterprise Trust Disposal Of Micheldever
January 05 2017 - 3:00AM
UK Regulatory
TIDMICGT
ICG Enterprise Trust plc
Disposal of Micheldever
5 January 2017
ICG Enterprise Trust plc ("the Company") announces the sale of its
investment in Micheldever Group Ltd ("Micheldever"), the second largest
distributor of tyres to independent retailers in the UK. The investment
was held both directly and through Graphite Capital Partners VI
("Graphite VI") and was the Company's largest underlying investment at
31 October 2016. Taken in isolation, the effect of the disposal is to
increase the Company's net asset value per share by 13.2p to 826.7p,
equating to a 1.6% increase compared with the value at 31 October 2016.
Graphite VI backed the GBP84.5 million management buy-in/buy-out of
Micheldever in February 2006 and the sale to Sumitomo Rubber Industries
Ltd for GBP215 million represents a return of 3.7 times cost and an
uplift of 41% to the gross carrying value at 31 October 2016. The
transaction is subject to EU Competition Commission approval and net
cash proceeds to the Company of approximately GBP35.9 million are
expected to be received in the quarter to 30 April 2017.
Over the last few years the realisations of investments made since the
financial crisis have generated relatively stronger performance than
those from vintages before the financial crisis and, pro forma for the
sale of Micheldever, post-crisis investments comprise 87% of the
Company's portfolio at 31 October 2016.
The Company's results for the financial year ended 31 January 2017 will
be announced on 18 April 2017.
Analyst / Investor enquiries:
Emma Osborne, Portfolio Manager, ICG +44 (0) 20
3201 1302
Mark Crowther, Investor Relations, ICG +44 (0)
20 3201 7842
Anthony McKay, Finance, ICG +44
(0) 20 3201 7762
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: ICG Enterprise Trust Plc via Globenewswire
http://www.icg-enterprise.co.uk/
(END) Dow Jones Newswires
January 05, 2017 03:00 ET (08:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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