Press release For immediate release on 7th October 2009
Candover Investments plc - Interim management statement
The information contained herein is not for publication or distribution to
persons in the United States of America. Any securities referred to herein
have not been and will not be registered under the U.S. Securities Act of 1933,
as amended (the "Securities Act"), and may not be offered or sold without
registration thereunder or pursuant to an available exemption therefrom. Any
public offering of securities to be made in the United States would have to be
made by means of a prospectus that would be obtainable from the issuer or its
agents and would contain detailed information about the issuer of the
securities and its management, as well as financial statements. Neither this
document nor the information contained herein constitutes an offer to sell or
the solicitation of an offer to buy any securities. These materials do not
constitute an offer of securities for sale in the United States. No money,
securities or other consideration is being solicited, and, if sent in response
to the information contained herein, will not be accepted.
Candover Investments plc ("Candover") today issues its Interim Management
Statement in accordance with FSA Disclosure and Transparency Rule 4.3. This
statement which is unaudited, relates to the three month period from 1st July,
2009 to 30th September, 2009.
Portfolio valuation and performance
Candover's investment portfolio was last valued as at 30th June 2009. The net
asset value per share at that date was 902p. Since that date there have been no
new investments and no realisations.
The next valuation will be conducted as of 31st December 2009, and consistent
with its valuation policy the Company will continue to apply earnings based
valuations to portfolio businesses and will appropriately value the carried
interest of the Company in the respective funds.
Against a backdrop of what continues to be a challenging economic climate, our
portfolio companies continue to show resilience overall. Of the largest ten
companies which accounted for 87 per cent of our investment value at 30th June
2009, seven continue to deliver earnings on a rolling 12 months basis above or
broadly in line with the prior year.
Candover 2008 Fund discussions
The standstill agreement relating to the suspension of the Candover 2008 Fund (
"2008 Fund") is to be extended to 4th December 2009 in order to allow
discussions to continue with the Limited Partners with regard to the future of
that Fund.
Ownership of Candover Partners
Alternative ownership structures are being considered, but changes to the
current structure will remain dependent on the progress and outcome of
discussions concerning the future of the 2008 Fund.
For further information, please contact:
Candover Investments plc +44 20 7489 9848
Philip Price ,
Company Secretary and General Counsel
Tulchan +44 20 7353 4200
Susanna Voyle / Peter Hewer