REG - Reconstruction CapII - New Valuations of Private Equity Positions

Reconstruction Capital IIAnnouncement

03/04/2019 15:20

RNS Number : 0344V
Reconstruction Capital II Ltd
03 April 2019
 


3 April 2019
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 2018.  However, because Telecredit IFN SA is changing its business model due to new restrictions on lending to individuals introduced by the National Bank of Romania effective 1 January 2019, the Company's investment in Telecredit IFN SA has not been valued by independent third-party valuers, but rather reflects RC2's share of its net asset value audited under IFRS as at 31 December 2018.  A table showing the new and prior valuations of the main private equity positions is shown below:







Prior valuations €


Revised valuations €




Policolor SA


20,500,053


18,320,000




Mamaia Resort Hotels SRL


4,404,658


4,228,219




Telecredit IFN SA


889,398


849,514    




Total


25,794,109


23,397,733    



 
Net Asset Value
The Company announces that at close of business on 31 December 2018 its unaudited net asset value ("NAV") per share was € 0.2238. The new NAV reflects the changes to the valuations of the private equity positions outlined above.
Quarterly report
A quarterly report which details the activities of the Company for the quarter ended 31 December 2018 will be issued soon by the Adviser of the Company.
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
 
 
MSCSSIFLDFUSEFL