REG - CT Private Eq Trust - Partial Sale of San Siro

CT Private Equity TrustAnnouncement

14/11/2022 07:00

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RNS Number : 2028G  CT Private Equity Trust PLC  14 November 2022

 

 

14 November 2022

 

CT PRIVATE EQUITY TRUST PLC

 

LEI: 2138009FW98WZFCGRN66

 

CT Private Equity Trust Plc ("the Company") announces that on 10 November 2022
it sold a portion of its investment in the Italian funeral services business
of San Siro and related entities ("HOFI S.p.A.").

 

The Company initially invested in San Siro in January 2019 in a deal led by
Augens Capital. This investment has generated a return of 8.8x cost and 87%
IRR for the Company as of 10 November 2022.

 

As at 30 June 2022 the Company's investment in San Siro was valued at €13.2
million (£11.4 million). The total value of the transaction for the Company
is €39.5 million (£34.4 million*) representing an uplift of £23.1 million*
or 4.8% of the Company's 30 June 2022 Net Asset Value. This amount includes
approximately €2.8 million of contingent consideration.

 

€10.0 million (approximately 25% of the total proceeds) will be re-invested
into a new investment in HOFI S.p.A. alongside the existing manager, Augens
Capital and the new investor for a further term.

 

It is anticipated that the Company will publish its 3rd Quarter results on 25
November 2022.

 

* using 8 November 2022 exchange rates

 

 

For more information, please contact:

 

 Hamish Mair (Fund Manager)          0131 718 1184

                                     hamish.mair@columbiathreadneedle.com
                                     (mailto:hamish.mair@columbiathreadneedle.com)

 Scott McEllen (Company Secretary)   0131 718 1137

                                     scott.mcellen@columbiathreadneedle.com
                                     (mailto:scott.mcellen@columbiathreadneedle.com)

 

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