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CDI - Candover Investments News Story

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Last Trade - 18/04/18

Sector
Financials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £9.60m
Position in Universe th / 1816

Candover Investments: Trading Update

Tue 23rd May, 2017 3:13pm
23 May 2017

Candover Investments plc  

Candover Investments plc (‘Candover’ or the ‘Company’) today issued
the following trading update at its Annual General Meeting. The statement, as
is usual, is unaudited, and relates to the period from 1 January 2017 to the
date of this announcement.

Candover’s investment portfolio was last valued as of 31 December 2016, with
a net asset value per share of 163p.  The next valuation of the Company’s
assets will be conducted as of 30 June 2017.  Over the course of the first
quarter of 2017, the net effect of currency movements on the NAV has been
neutral.

In early January, Candover announced a further partial realisation of its
investment in Parques Reunidos (‘Parques’) by Arle Capital Partners
Limited (‘Arle’).  This realisation followed a first partial realisation
completed at the time of the initial public offering of Parques in April 2016.
Candover disposed of 26% of its interest in Parques for cash proceeds of
approximately €9.9 million (£8.4 million) with the remaining interest in
Parques valued at €32 million (£27.6 million) at the closing price of
Parques on 19 May 2017.  Candover's interest in Parques was valued at £35.3
million in its audited accounts for the year ended 31 December 2016.

Candover also announced in January the realisation of its remaining investment
in Technogym S.p.A (‘Technogym’) by Arle.  The realisation followed the
partial realisation completed at the time of the initial public offering of
Technogym in April 2016. Candover has disposed of the balance of its interest
in Technogym for cash proceeds of approximately €9.5 million (£8.3
million). Candover's interest in Technogym was valued at £8.2 million in its
audited accounts for the year ended 31 December 2016.

Arle has also completed the disposal of Candover’s interest in Hlding Anders
for approximately €1.9 million (£1.6 million) with proceeds anticipated
prior to the end of June.  The valuation of the interest in Hilding Anders
was £1.6 million at 31 December 2016.

After discussion with its debt provider, Candover repaid its outstanding debt
facility early, reducing the anticipated cost of repayment by €918,000
(£778,000).

Following the termination of the Candover 2005 and 2008 Funds at the end of
the March 2017, Arle no longer acts as the Company’s investment manager.
Candover is now self-managing its remaining investments, including the 2.4%
direct interest in Parques that the Company received as a distribution in
specie when the 2005 Fund terminated. Parques’ results for the six months to
31 March 2017 are expected to be announced on 7 June 2017.

Ends.

* Candover means Candover Investments plc and/or one or more of its
subsidiaries

For further information, please contact:

Candover Investments plc

Malcolm Fallen, CEO     +44 20 7489 9848



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