Candover Proposes Liquidation To Return Value To Shareholders

LONDON (Alliance News) - Candover Investments PLC said on Tuesday that it will hold a annual general meeting on April 19 to commence the members' voluntary liquidation.

The private equity firm said that its portfolio was in run-off since late 2010. Candover has now 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. The group's net asset value per share stood at 124.00 pence per share as at last Wednesday.

Shares in Candover were closed down 1.7% at 112.08 pence per share on Tuesday.

The group said that the value returned to shareholders can fluctuate and the company cannot assume how long this process might take.

As at Wednesday last week, around 43% of the company's 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.

The group said that its winding up will complete the return of value to shareholders. Candover also highlighted that it made an application to the UKLA and London Stock Exchange for suspension of listing of shares from April 19.

The company said it intends to cancel trading on both markets after annual general meeting.