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hopefully the aussies will have a 30% rise on sunday. should set us up nicely for the week
30 October 2013 ELEPHANT CAPITAL PLC ("Elephant Capital") Partial Disposal of Investment Elephant Capital (AIM: ECAP) announces that, pursuant to an offer by Participaciones Internacionales Autometal Dos, S.L. (the "Acquirer") and persons acting in concert with the Acquirer to acquire 26% of the diluted equity capital of Mahindra Forgings Limited ("Mahindra Forgings") (the "Offer"), its subsidiaries (together with Elephant Capital, the "Group") have sold, in aggregate, 1.74 million shares in Mahindra Forgings to the Acquirer for a cash consideration of INR 141.30 million (equivalent to approximately GBP 1.42 million). The Offer price was INR 81 per Mahindra Forgings share, which represented a premium of 21.2% to the closing mid-market price per Mahindra Forgings share of INR 66.85 on 15 June 2013 (the day preceding the date of the first announcement regarding the proposed Offer).. The Group acquired its holding in Mahindra Forgings in 2007 and 2009 for an aggregate cost of GBP 4.81 million. The fair value of that holding was GBP 1.43 million as at 28 February 2013 (the date of Elephant capital's most recently notified consolidated balance sheet). The shares sold represented 65.1% of the Group's holding in Mahindra Forgings. The Group's residual holding is 0.93 million shares, representing a shareholding of approximately 1% in Mahindra Forgings. The closing mid-market price per Mahindra Forgings share on 29 October 2013 was INR 43.35 The partial disposal, which is in line with Elephant Capital's overall disposal strategy, realised a loss of GBP 1.71,million (no dividends have been paid in respect of the investment over the holding period). The proceeds from the partial disposal will be held in GBP and, subject to the Group's working capital requirements, the proceeds will be returned to shareholders in due course. For further information please contact: Vikram Lall, Chairman Gaurav Burman
Commenting, Chairman Pramath Raj Sinha, said: "Elephant Capital faced a number of challenges in the period, requiring some difficult decisions from the Board. We believe that Elephant Capital is better positioned as a result, and that the portfolio contains sound investments, capable of delivering value for Elephant shareholders over time. Now that the funds are fully invested, the Board will focus on returning capital to investors, and has today sent a circular to shareholders outlining plans for a GBP 5.0 million tender offer."
Elephant Capital plc (ECAP), the India focused Private Equity company announces its interim results for the six months ended 28 February 2011. Key Points: · Net Asset Value per share 63p (31 August 2010:79p) · No new investments in the period · Post period end, investment of GBP 2.5 million in Air Works, a leading independent provider of aviation maintenance, repair and overhaul services in India, and aircraft paint and refinishing in the UK · ACK: follow on investment of GBP 0.9 million announced post period end; investment at a premium to initial investment which has been revalued upwards accordingly · EIH: full participation in EIH rights issue for a consideration of GBP 1.7 million · ClinTec: GBP 2.5 million write down · GCV: revised valuation of GBP 1.9 million unchanged in these financial statements · Proposal to return up to GBP 5 million to shareholders by way of a tender offer