23 Dec 2008 07:00
Evolvence India Holdings Announces its
Net Asset Value as on 30 September 2008
Douglas, Isle of Man: 23 December 2008 - Evolvence India Holdings plc ("EIH" or "the Company"), (AIM: EIH.L.), an investment company that focuses on private equity in India, today announced its un-audited net asset value of US$ 0.819 per share as at 30 September 2008.
The Company invests in India through the Evolvence India Fund ("EIF"), the Evolvence India Life Sciences Fund ("EILSF"), the fund managers' network of relationships and other investment opportunities.
Highlights:
The Company's net assets are US$ 53.22 million as at 30 September 2008
NAV per share is US$ 0.819 as at 30 September 2008
Key Portfolio Updates:
EIF currently has a portfolio of ten private equity funds and eight co-investments and is currently 80% drawn down.
EILSF has a portfolio of two investments and is currently 32% drawn down.
As at 30 September 2008, EIH had committed US$ 65.1 million, of which US$ 52.0 million had been deployed. EIH has received cash distributions from EIF PCC amounting to US$ 4.3 million to date. EIH has distributed dividends amounting to US$ 2.0 million.
EIH has received the final remittance of US$ 5.6 million from Aqar Holdings on 9 September 2008. This short term loan has been closed with the final remittance. Including all remittances received from Aqar Holdings, EIH has received a sum of US$ 8.5 million, comprising of principal of US$ 7.8 million and interest of US$ 0.7 million.
William Knight, Chairman, Evolvence India Holdings commented, "EIH has delivered a relatively resilient performance in the context of very challenging market conditions. The reduction in NAV per share from US$ 0.903 as at 30 June 2008 to US$ 0.819 is a function of the fall in market values due to the current economic downturn affecting all economies. We anticipate that in the short term valuations are likely to continue to be volatile while the general sentiment remains negative. However, the fundamental attractions of investing in India remain unchanged and the Board is confident that EIH's investment strategy will in time generate excellent returns for shareholders."
Enquiries:
EIH 020 7221 3900
William Knight
Cardew Group 020 7930 0777
Tim Robertson
James Milton