Reconstruction Capital II Ltd New Valuations of Private Equity Positions (0913I)
March 30 2020 - 9:30AM
UK Regulatory
TIDMRC2
RNS Number : 0913I
Reconstruction Capital II Ltd
30 March 2020
30 March 2020
Reconstruction Capital II Limited ("RC2" or the "Company")
New Valuations of Private Equity Positions
As part of the annual audit process, RC2's auditors have
requested from independent third-party valuers new valuations of
the Company's investments in Policolor S.A. and Mamaia Resort
Hotels SRL as at 31 December 2019.
Because the change of Telecredit IFN SA's business model from
lending to individuals to financing small and medium sized
companies is still in progress, RC2's investment in Telecredit IFN
SA ("Telecredit") has not been valued by independent third-party
valuers, but rather reflects RC2's share of Telecredit's net asset
value audited under IFRS as at 31 December 2019.
The table below shows the new and prior valuations of the main
private equity positions:
Prior valuations EUR Revised valuations
EUR
Policolor SA 18,320,000 12,000,000
--------------------- -------------------
Mamaia Resort Hotels 4,228,219 3,371,233
--------------------- -------------------
Telecredit IFN SA 895,764 804,859
--------------------- -------------------
TOTAL 23,443,983 16,176,092
--------------------- -------------------
The above new valuations are based on assumptions applicable
prior to the outbreak of the COVID-19 pandemic, and consequently do
not reflect the negative impact of the pandemic.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information, please contact:
Reconstruction Capital II Limited
Cornelia Oancea/Anca Moraru
Tel: +40 21 3167680
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett
Tel: +44 (0) 20 7383 5100
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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