ICG Enterprise Trust Disposal Of Standard Brands
July 25 2017 - 6:00AM
UK Regulatory
TIDMICGT
ICG Enterprise Trust plc
Disposal of Standard Brands
25 July 2017
ICG Enterprise Trust plc ("the Company") announces the sale of its
investment in Standard Brands (UK) Limited ("Standard Brands"), a
manufacturer of domestic fire lighting products including Zip, the
leading brand in the UK and Ireland. Standard Brands was the Company's
fifth largest underlying investment at 30 April 2017.
The sale to SHS Group is subject to Irish Competition Authority
approval. It is expected that the Company will receive cash proceeds of
approximately GBP15.8 million during the quarter to 31 October 2017.
Taken in isolation, the disposal is anticipated to increase the
Company's net asset value per share by 5.9p to 881.9p, equating to a
0.7% increase compared with the value at 30 April 2017.
Having initially supported the management buyout of Standard Brands in
2001, half of the Company's interest was acquired in 2014 by way of a
secondary transaction. At completion, the transaction is expected to
represent a return of 3.8 times the cost of the 2014 investment and an
overall return of 1.5 times the total cost at an uplift of 35% to the
carrying value at 30 April 2017.
Enquiries
Analyst / Investor enquiries:
Emma Osborne, Portfolio Manager, ICG +44 (0) 20
3201 1302
Nicola Edgar, Finance, ICG
+44 (0) 20 3201 7791
END
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
July 25, 2017 06:00 ET (10:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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