EIH.L Regulatory News (EIH)

EIH plc

("EIH" or the "Company")

Company Update

On 29 September 2011, the Company announced that 92.15% of Evolvence India Fund's (EIF) committed capital had been drawn down and EIH's outstanding commitment to EIF was US$3.5m.

As of today the Company can report that, following a cash call of US$3.2m, 100% of EIF's committed capital has been drawn down and EIH has no outstanding commitment to EIF.

Furthermore, the Company's net cash balances currently amount to approximately US$1.3m.

As at today the Company has US$31.8m invested in EIF (capital called of US$45.1m, less refund of capital contributions of US$13.3m), equivalent to 49.3 cents per share. As at today the fair value (unaudited) of the Company's investment in EIF was US$34.3m, equivalent to 53.2 cents per share, representing a 1.08 X multiple over cost. This calculation is based on EIF's 30 September 2011 unaudited financials and includes the US$3.2m draw down referred to above.

Since their appointment on 17 May 2010, the new Board of Directors, has returned US$11.7m in cash to shareholders (18 cents per share), while capital commitments have been reduced from US$12.6m to zero. In addition, operating costs have been substantially reduced.

The Company has today published a fact sheet on its website which contains certain information pertaining EIF's portfolio as at 30 September 2011. 

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