Candover Completes Disposal Of Parques Reunidos Before Liquidation

LONDON (Alliance News) - Candover Investments PLC on Friday said that it sold its remaining holding in theme park company Parques Reunidos for GBP14.0 million in cash.

As at the end of March, the private equity firm said that around 43% of its unaudited net assets comprised cash or near cash investments and 53% was made up of the holding of listed shares in Parques Reunidos. Candover said it intends to sell the whole holding in Parques before it enters into liquidation.

On Thursday, the company passed the resolution required for it to enter members voluntary liquidation and applied to cancel its shares from the London Stock Exchange at the end of May.

Trading in the company's shares is suspended. They were last quoted at 115.50 pence.

The company said in early April that its portfolio was in run-off since late 2010. As a result, Candover has disposed of the majority of its investments, enabling the repayment of all of its debts.

The company believes that the most appropriate method of returning value to shareholders is through a members' voluntary liquidation.