ICG Enterprise Trust Quarterly Update For The Quarter To 30 April 2017
June 13 2017 - 7:50AM
UK Regulatory
TIDMICGT
13 June 2017
ICG Enterprise Trust Plc
Quarterly Update
For the quarter to 30 April 2017
Highlights
-- Share price Total Return1 of 5.7% for the quarter and 39.9% for the 12
months to 30 April 2017
-- Net asset value per share Total Return1 of 0.6% for the quarter and 19.9%
for the 12 months
-- The Portfolio1 is valued at GBP541.1m at 30 April 2017 with underlying
growth for the quarter of 2.3%
-- Strong realisations of GBP76.1m outstripped GBP17.6m of new investments
in the quarter. In the last 12 months realisations and new investments
are broadly in balance at GBP132.3m and GBP128.5m respectively
-- The Company continued to deliver on a key strategic objective to broaden
its geographic diversification: UK exposure at 37.6% is down from 45.1%
in the 15 months since the change of manager and US exposure of 24.0% is
up from 14.1% over the same period.
-- The performance2 of the Company remains strong over the short, medium and
long term, with the share price outperforming the FTSE All-Share Index
over one, three, five and ten years
-- As previously announced, and in line with ongoing succession plans being
implemented by the Board, Jeremy Tigue is proposed to take over as
Chairman at the AGM later today
Performance to 30 April 2017 1 year 3 year 5 year 10* year
Net asset value per share 19.9% 36.7% 63.6% 112.4%
Share price 39.9% 40.6% 102.3% 112.0%
FTSE All-Share Index 20.1% 21.8% 58.6% 73.0%
* As the Company changed its year end in 2010, the
ten year figures are for the 121 month period to 30
April 2017.
Footnote
1. Included in this Quarterly Update are Alternative Performance Measures
("APMs"). APMs have been used if considered by the Board and the Manager
to be the most relevant basis for shareholders in assessing the overall
performance of the Company, and for comparing the performance of the
Company to its peers and its previously reported results. The Glossary
includes further details of APMs and reconciliations to IFRS measures,
where appropriate. The rationale for the APMs was discussed in detail in
the Manager's Review of the 31 January 2017 Annual Report and Accounts.
The Glossary includes a reconciliation of the Portfolio to the most
relevant IFRS measure.
2. All performance figures are on a total return basis, including the effect
of re-invested dividends.
Performance overview
In the quarter to 30 April 2017 the share price increased by 5.7% to
738.0p and the net asset value increased by 0.6% to 876.0p. The FTSE
All-Share Index was up 4.0% in the same period.
In the last twelve months the Net asset value per share Total Return is
19.9% and Share price Total Return is 39.9% compared with a 20.1% return
from the FTSE All-Share Index.
The 30 April 2017 share price implies a discount to the net asset value
per share of 15.7%, down from 19.8% at 31 January 2017.
The Portfolio(1) is valued at GBP541.1m at 30 April 2017 with underlying
growth for the quarter of 2.3% partially offset by adverse currency
movements of 1.4%.
Activity in the quarter to 30 April 2017
Investment activity
Realisations
The Portfolio generated GBP76.1m of proceeds in the three months to 30
April.
18 full realisations were completed during the quarter at an average
total return of 2.8 times cost and an average uplift of 38% to the prior
carrying value.
The largest realisation during the quarter was the completion of the
previously announced disposal by Graphite Capital of Micheldever, a
distributor and retailer of tyres. This was the largest underlying
investment in the Portfolio as at 31 January 2017 and the realisation
generated proceeds of GBP35.9m representing a 3.7 times cost.
New Investments
New investment activity in the quarter totalled GBP17.6m, comprising
fund drawdowns of GBP9.3m and secondary purchases of GBP8.3m.
During the quarter to 30 April 2017 two new commitments were made to
third party funds, Oak Hill IV ($15.0m) and Hg Capital 8 (GBP5.5m). An
additional primary commitment was also made to an in-house fund, ICG
Strategic Secondaries Fund II, with the $10.0m increase in the quarter
bringing the total commitment to this fund to $35.0m.
Three secondary purchases were made during the quarter: Oak Hill III
(GBP4.8m), Oak Hill II (GBP0.6m) and ICG Recovery 2008B (GBP1.2m drawn
out of a total commitment of GBP10.4m)
The Oak Hill primary and secondary transactions, as well as the ICG
Strategic Secondaries fund continue to increase the Company's exposure
to private equity investments in the US. This is in line with the
Company's objective of increasing US exposure to 30-40%.
Cash and liquid assets(1)
Cash and liquid assets increased by GBP50.3m to GBP88.9m mainly as a
result of the high level of realisations of the Portfolio in the three
months to 30 April 2017. Non-investment cash flows and currency
movements decreased cash by GBP3.0m. The Company also bought back
740,000 shares for GBP5.2m.
Movement in liquid assets 3 months to
GBPm 30 April 2017
Additions (17.6)
Cash proceeds generated by the portfolio (including
income) 76.1
Net cash generated by the investment portfolio 58.5
Non-investment cash flows (2.7)
Effect of changes in foreign exchange rates (0.3)
Cash inflow before shareholder distributions 55.5
Share buy-backs settled in the period (5.2)
Net cash movement 50.3
Opening cash and liquid assets 38.6
Closing cash and liquid assets 88.9
Footnote
1. All balance sheet data is presented on a look-through basis to the
investment portfolio held by the Company, which is consistent with the
commentary in previous annual and interim reports.
Balance sheet
The summary balance sheet and commitment position at 30 April 2017 is
set out below.
31 January
30 April 2017 2017
% of net % of total
GBPm assets GBPm assets
Total portfolio 541.1 88.7% 594.4 97.0%
Cash and liquid
assets 88.9 14.6% 38.6 6.3%
Other net current
(liabilities)/assets (20.3) (3.3%) (20.3) (3.3)%
Net assets 609.7 100.0% 612.7 100.0%
30 April 2017 31 January 2017
GBPm GBPm
Cash and liquid assets 88.9 38.6
Undrawn bank facility 101.9 103.0
Total liquidity 190.8 141.6
Outstanding commitments 320.6 300.3
Less: Total liquidity (190.8) (141.6)
Over-commitment 129.8 158.7
Overcommitment as % of net assets 21.3% 25.9%
Enquiries
Analyst / Investor enquiries:
Emma Osborne, Portfolio Manager, ICG +44 (0) 20 3201 1302
Mark Crowther, Investor Relations, ICG +44 (0) 20 3201 7842
Nicola Edgar, Finance, ICG +44 (0) 20 3201 7791
Disclaimer
This Quarterly Update may contain forward looking statements. These
statements have been made by the Directors in good faith based on the
information available to them up to the time of their approval of this
report and should be treated with caution due to the inherent
uncertainties, including both economic and business risk factors,
underlying such forward looking information.
These written materials are not an offer of securities for sale in the
United States. Securities may not be offered or sold in the United
States absent registration under the US Securities Act of 1933, as
amended, or an exemption therefrom. The issuer has not and does not
intend to register any securities under the US Securities Act of 1933,
as amended, and does not intend to offer any securities to the public in
the United States. No money, securities or other consideration from any
person inside the United States is being solicited and, if sent in
response to the information contained in these written materials, will
not be accepted.
This Quarterly Update contains information which, prior to this
announcement was insider information.
Supplementary information
The 30 largest underlying investments
The table below presents the 30 companies in which ICG Enterprise had
the largest investments by value at 30 April 2017. These investments may
be held directly or through funds, or in some cases in both ways. The
valuations are gross and are shown as a percentage of the total
investment Portfolio.
Value as
Year of a % of
Company Manager investment Country Portfolio
1 City & County Healthcare Group
Graphite
Provider of home care services Capital 2013 UK 3.1%
2 Froneri+^
Manufacturer and distributor of ice cream products PAI Partners 2013 UK 2.3%
3 Education Personnel+
Provider of temporary staff for the education sector ICG 2014 UK 2.3%
4 nGAGE
Graphite
Provider of recruitment services Capital 2014 UK 2.3%
5 Standard Brands+
Graphite
Manufacturer of fire lighting products Capital 2001 UK 2.2%
6 PetSmart+
Retailer of pet products and services BC Partners 2015 USA 2.1%
7 Frontier Medical+
Kester
Manufacturer of medical devices Capital 2013 UK 1.9%
8 Gerflor
Manufacturer of vinyl flooring ICG 2011 France 1.8%
9 Skillsoft+
Provider of off the shelf e-learning content Charterhouse 2014 USA 1.8%
10 David Lloyd Leisure+
Operator of premium health clubs TDR Capital 2013 UK 1.8%
11 System One+
Thomas H Lee
Provider of specialty workforce solutions Partners 2016 USA 1.6%
12 Visma+
Provider of business services Cinven 2014 Norway 1.5%
13 TMF^
Provider of management and accounting outsourcing Doughty
services Hanson 2008 Netherlands 1.5%
14 The Laine Pub Company+
Graphite
Operator of pubs and bars Capital 2014 UK 1.5%
15 Roompot+
Operator and developer of holiday parks PAI Partners 2016 Netherlands 1.4%
16 Beck & Pollitzer
Provider of industrial machinery installation and Graphite
relocation Capital 2016 UK 1.4%
17 CPA Global+
Provider of patent and legal services Cinven 2012 UK 1.3%
18 Algeco Scotsman
Supplier and operator of modular buildings TDR Capital 2007 USA 1.3%
19 Cambium
Provider of educational solutions and services ICG 2016 USA 1.3%
20 New World Trading Company
Graphite
Operator of distinctive pub restaurants Capital 2016 UK 1.2%
21 Formel D
Provider of out-sourced services to the automotive Deustche
industry Beteiligungs 2013 Germany 1.2%
22 U-POL^
Manufacturer and distributor of automotive refinishing Graphite
products Capital 2010 UK 1.1%
23 Swiss Education+
Invision
Provider of hospitality training Capital 2015 Switzerland 1.0%
24 ProXES
Deustche
Manufacturer of food processing machinery Beteiligungs 2013 Germany 1.0%
25 Ceridian+
Thomas H Lee
Provider of payment processing services Partners 2007 USA 1.0%
26 Cognito+
Supplier of communications equipment, software & Graphite
services Capital 2002 UK 1.0%
27 Aero Technics Group
Graphite
Provider of civil aircraft maintenance Capital 2015 UK 0.7%
28 Parques Reunidos
Operator of attraction parks Arle Capital 2007 Spain 0.7%
29 ICR Group^
Provider of repair and maintenance services to the Graphite
energy industry Capital 2014 UK 0.7%
30 Infobase Publishing
Provider of educational solutions ICG 2016 USA 0.7%
Total of the 30 largest underlying investments 44.7%
+ All or part of this investment is held directly
as a co-investment or other direct investment.
^ All or part of this investment was acquired as part
of a secondary purchase.
The 30 largest fund investments
The 30 largest funds by value at 30 April 2017 are:
Outstanding
Year of commitment
Fund commitment Country/ region Value GBPm GBPm
1 Graphite Capital Partners VIII *
Mid-market buy-outs 2013 UK 51.2 39.8
BC European Capital
2 IX **
Large buy-outs 2011 Europe 21.7 1.9
3 CVC European Equity Partners V **
Large buy-outs 2008 Europe/USA 16.1 1.2
Deutsche
Beteiligungs Fund
4 V
Mid-market buy-outs 2006 Germany 14.6 0.2
5 Fifth Cinven Fund
Large buy-outs 2012 Europe 14.6 1.2
6 Thomas H Lee Parallel Fund VI
Large buy-outs 2007 USA 14.5 1.1
7 Graphite Capital Partners VII * / **
Mid-market buy-outs 2007 UK 13.6 4.7
8 ICG Velocity Partners Co-Investor **
Mid-market buyouts 2016 USA 10.7 2.2
9 CVC European Equity Partners VI
Large buy-outs 2013 Global 10.3 7.5
10 TDR Capital II
Mid-market and
large buy-outs 2006 Europe 10.0 0.8
Doughty Hanson & Co
11 V **
Mid-market and
large buy-outs 2006 Europe 10.0 6.4
Graphite Capital
12 Partners VI **
Mid-market buy-outs 2003 UK 10.0 2.1
13 ICG Europe VI **
Mezzanine and
equity in
mid-market
buyouts 2015 Europe 9.8 11.5
Bowmark Capital
14 Partners IV
Mid-market buy-outs 2007 UK 9.3 -
15 TDR Capital III
Mid-market and
large buy-outs 2013 Europe 9.3 2.9
16 Permira V
Large buy-outs 2013 Europe 8.9 1.1
17 IK VII
Mid-market buy-outs 2013 Europe 8.7 0.5
18 Deutsche Beteiligungs Fund VI
Mid-market buy-outs 2012 Germany 8.6 1.0
19 ICG Europe V **
Mezzanine and
equity in
mid-market
buyouts 2012 Europe 8.5 1.2
20 Hollyport Secondary Opportunities V
Tail-end secondary
portfolios 2015 Global 8.3 2.3
Thomas H Lee Equity
21 Fund VII
Large buy-outs 2015 USA 8.1 9.5
ICG European Fund
22 2006 B
Mezzanine 2014 Europe 6.9 2.0
Activa Capital Fund
23 II
Mid-market buy-outs 2007 France 6.8 1.5
24 PAI Europe VI
Mid-market and
large buy-outs 2013 Europe 6.8 10.2
Nordic Capital
25 Partners VIII
Mid-market and
large buy-outs 2013 Nordic 6.7 3.0
26 ICG Strategic Secondaries Fund II
Secondary fund
restructurings 2016 North America 6.7 21.3
Egeria Private
27 Equity Fund IV
Mid-market buy-outs 2012 Europe 5.8 3.1
28 PAI Europe V **
Mid-market and
large buy-outs 2007 Europe 5.5 1.0
One Equity Partners
29 VI
Mid-market buy-outs 2016 USA/Western Europe 5.3 6.8
Activa Capital Fund
30 III
Mid-market buy-outs 2013 France 5.2 6.8
Total of the largest 30 fund
investments 332.5 154.8
Percentage of total investment
Portfolio 61.4%
* Includes the associated Top Up
funds.
** All or part of an interest acquired through a secondary
fund purchase.
Portfolio analysis
Closing Portfolio by value at 30 April 2017
Third party Graphite Capital ICG Total % of investment
GBPm GBPm GBPm GBPm Portfolio
Primary
investments in
funds 250.4 69.1 22.3 341.8 63.2%
Secondary
investments in
funds 42.1 5.6 24.4 72.1 13.3%
Direct and
co-investments 85.2 30.4 11.6 127.2 23.5%
Total Portfolio 377.7 105.1 58.3 541.1 100.0%
% of Portfolio 69.8% 19.4% 10.8% 100.0%
Undrawn
commitments 217.6 46.7 56.3 320.6
Total exposure 595.3 151.8 114.6 861.7
% exposure 69.1% 17.6% 13.3% 100.0%
Portfolio by investment type % of value of underlying investments
Large buyouts 36.6%
Mid-market buyouts 54.0%
Small buyouts 9.4%
Total 100.0%
% of value of
Portfolio by geographic distribution based on location underlying
of company headquarters investments
UK 37.6%
North America 24.0%
Germany 11.1%
France 7.8%
Benelux 6.3%
Scandinavia 5.9%
Spain 1.8%
Italy 1.7%
Other Europe 2.4%
Rest of world 1.4%
Total 100.0%
Total Continental Europe 37.0%
Portfolio by calendar year of % of value of underlying
investment investments
2017 1.7%
2016 21.3%
2015 13.8%
2014 20.9%
2013 17.3%
2012 5.4%
2011 4.1%
2010 3.6%
2009 1.4%
2008 3.0%
2007 3.9%
2006 and before 3.6%
Total 100.0%
Portfolio by sector % of value of underlying investments
Business services 19.8%
Healthcare and education 18.5%
Consumer goods and services 17.3%
Industrials 15.0%
Leisure 12.8%
Financials 5.9%
Technology and telecommunications 4.4%
Media 2.8%
Automotive supplies 2.3%
Chemicals 1.2%
Total 100.0%
Investment activity
Largest new underlying investments
Cost*
Investment Description Manager Country GBPm
Ten
Entertainment
Group PLC Operator of indoor bowling centres Harwood UK 1.1
TDR
Intervias Operator of petrol station forecourts Capital UK 0.9
Imagine Provider of in-store marketing solutions Oak Hill USA 0.8
Berlin Supplier of rigid packaging products and value-added
Packaging services Oak Hill USA 0.8
Professional Thomas H
Physical Lee
Therapy Provider of outpatient physical therapy services Partners USA 0.7
Thomas H
Provider of cold chain packaging solutions to airlines, Lee
CSafe freight forwarders Partners USA 0.7
OH Aircraft Provider of leasing platform for aircrafts Oak Hill USA 0.7
Thomas H
Lee
Art Van Retailer of furniture Partners USA 0.7
Operator of online marketplace and price comparison
Allegro website Permira Poland 0.7
FirstLight
Fiber Provider of fibre-optic bandwith infrastructure services Oak Hill USA 0.7
Total of 10 largest new underlying investments 7.8
* Cost of investment is calculated as the Company's
share of the fund's cost of investment
Largest underlying realisations
Year of Realisation
Investment Manager investment type Proceeds GBPm
Graphite
Micheldever Capital 2006 Trade 35.9
Quironsalud CVC 2011 Trade 4.9
Xella PAI Partners 2008 Secondary 3.5
Cerba PAI Partners 2010 Secondary 3.5
Findis Activa 2011 Secondary 3.3
Autodata Bowmark 2014 Trade 2.9
Host Europe
Group Cinven 2013 Trade 2.5
Alix Partners CVC 2012 Secondary 1.5
Gaz Europeen Activa 2013 Trade 1.4
Formula One
Group CVC 2006 Trade 1.4
Total of 10 largest underlying
realisations 60.8
Commitments analysis
The following tables analyse commitments at 30 April 2017. Original
commitments are translated at 30 April 2017 exchange rates.
Original Outstanding Average
commitment commitment drawdown
GBPm GBPm percentage % of total outstanding commitments
Investment
period not
commenced 5.5 5.5 0.0% 1.7%
Funds in
investment
period 444.1 258.3 41.8% 80.6%
Funds post
investment
period 658.9 56.8 91.4% 17.7%
1,108.5 320.6 71.1% 100.0%
Remaining investment period of commitments % of commitments
Investment period not commenced 1.7%
> 5 years 8.8%
4-5 years 16.0%
3-4 years 13.0%
2-3 years 19.4%
1-2 years 20.9%
<1 year 2.5%
Investment period complete 17.7%
Total 100.0%
Movement in outstanding commitments in the quarter GBPm
As at 31 January 2017 300.3
New commitments 35.0
Drawdowns (9.3)
Currency and other movements (5.4)
As at 30 April 2017 320.6
New commitments in the quarter to 30 April 2017
Fund Strategy Geography GBPm
Primary commitments
Oak Hill IV Mid-market buyouts USA 12.0
ICG Strategic Secondaries II Secondary fund restructurings USA 7.9
Hg Capital 8 Mid-market buyouts Europe 5.5
Total primary commitments 25.4
Commitments relating to secondary purchases 9.6
Total new commitments 35.0
Currency Exposure
30 April 30 April 31 January 31 January
2017 2017 2017 2017
GBPm % GBPm %
Portfolio*
- Sterling 230.3 42.7% 269.1 45.3%
- Euro 140.5 26.0% 156.5 26.3%
- US dollar 116.7 21.6% 115.4 19.4%
- Other European 41.5 7.7% 41.5 7.0%
- Other 12.1 2.0% 11.8 2.0%
Total 541.1 100.0% 594.3 100.0%
*Currency exposure is calculated by reference to the
location of the underlying Portfolio companies' headquarters.
Outstanding commitment currency exposure
30 April 30 April 31 January 31 January
2017 2017 2017 2017
GBPm % GBPm %
Outstanding commitments
- Sterling 82.3 25.7% 77.5 25.8%
- Euro 161.8 50.5% 166.2 55.4%
- US dollar 74.5 23.2% 54.5 18.1%
- Other European 2.0 0.6% 2.1 0.7%
Total 320.6 100.0% 300.3 100.0%
Glossary
Alternative Performance Measures ("APMs") are a term defined by the
European Securities and Markets Authority as "financial measures of
historical or future performance, financial position, or cash flows,
other than a financial measure defined or specified in the applicable
financial reporting framework".
APMs are used in this report if considered by the Board and the Manager
to be the most relevant basis for shareholders in assessing the overall
performance of the Company and for comparing the performance of the
Company to its peers, taking into account industry practice. Definitions
and reconciliations to IFRS measures are provided in the main body of
the report or in this Glossary, where appropriate.
Co-investment incentive scheme accrual represents the estimated value of
interests in the co-investment incentive scheme operated by the Company.
At both 30 April 2017 and 31 January 2017, the accrual was estimated as
the theoretical value of the interests if the Portfolio had been sold at
its carrying value at those dates.
Drawdowns are amounts invested by the Company into funds when called by
underlying managers in respect of an existing commitment.
EBITDA stands for earnings before interest, tax, depreciation and
amortisation, which is a widely used valuation measure in the private
equity industry.
Enterprise value is the aggregate value of a company's entire issued
share capital and net debt.
FTSE All-Share Index Total return is the change in the level of the FTSE
All-Share Index, assuming that dividends are re-invested on the day that
they are paid.
Full realisations are exit events (e.g. trade sale, sale by public
offering, or sale to a financial buyer) following which the residual
exposure to an underlying company is zero or immaterial.
Funds in investment period are those funds which are able to make new
investments under the terms of their fund agreements, usually up to five
years after the initial commitment.
Net asset value per share Total Return is the change in the Company's
net asset value per share, assuming that dividends are re-invested at
the end of the quarter in which the dividend was paid.
Net debt is calculated as the total short term and long term debt in a
business, less cash and cash equivalents.
Overcommitment
In order to achieve full or near full investment, it is usual for
private equity fund investors to make commitments exceeding the amount
of cash immediately available for investment. This is described as
"overcommitment". When determining the appropriate level of
overcommitment, careful consideration needs to be given to the rate at
which commitments might be drawn down, and the rate at which
realisations will generate cash from the existing portfolio to fund new
investment.
Portfolio
Throughout, reference is made to the "Portfolio", which represents the
aggregate of the investment Portfolios of the Company and of its
subsidiary limited partnerships. This is consistent with the commentary
in previous annual and interim reports. The Board and the Manager
consider that this is the most relevant basis for shareholders to assess
the overall performance of the Company and comparison with its peers.
The closest equivalent amount reported on the balance sheet is
"investments at fair value". A reconciliation of these two measures is
presented below:
Balances
Investments receivable
at fair Cash held by from Co-investment
value as subsidiary subsidiary incentive
per balance limited limited scheme
GBPm sheet partnerships partnerships accrual Portfolio
30 April
2017 522.5 (2.3) 1.5 19.4 541.1
31 January
2017 572.2 - 1.4 20.7 594.3
Post-crisis investments are defined as those completed in 2009 or later.
Pre-crisis investments are defined as those completed in 2008 or before,
based on the date the original deal was completed, which may differ from
when the Company invested if acquired through a secondary.
Realisation proceeds are amounts received by the Company in respect of
the Portfolio, which may be in the form of capital proceeds or income
such as interest or dividends.
Share price Total Return is the change in the Company's share price,
assuming that dividends are re-invested on the day that they are paid.
Total Return is a performance measure that assumes the notional
re-investment of dividends. This is a measure commonly used by the
listed private equity sector and listed companies in general.
The tables below set out the share price and the net asset value per
share growth figures for periods of one, three, five and ten years to
the balance sheet date, on both an unadjusted basis (i.e. without
dividends re-invested) and on a Total Return basis.
Unadjusted performance in years to 30 April
2017 1 year 3 year 5 year 10 year*
Net asset value per share 17.6% 27.3% 49.9% 88.1%
Share price 36.3% 29.0% 81.3% 78.3%
FTSE All-Share Index 15.8% 9.5% 32.8% 20.7%
Total Return performance in years to 30
April 2017 1 year 3 year 5 year 10 year*
Net asset value per share 19.9% 36.7% 63.6% 112.4%
Share price 39.9% 40.6% 102.3% 112.0%
FTSE All-Share Index 20.1% 21.8% 58.6% 73.0%
* As the Company changed its year end in 2010, the ten year figures are
for the 121 month period to 30 April 2017.
Underlying valuation movement is the change in the valuation of the
Company's Portfolio, before the effect of currency movements.
Undrawn commitments are commitments that have not yet been drawn down
(see definition of drawdowns).
Uplift on exit represents the increase in gross value relative to the
underlying manager's most recent valuation prior to the announcement of
the disposal. Excludes a small number of investments that were public
throughout the life of the investment. May differ from uplift in the
reporting period in certain instances.
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
June 13, 2017 07:50 ET (11:50 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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