For best results when printing this announcement, please click on link below:
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20170725:nGNE2Z7JWC
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
£15.8 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