1 Jul 2008 07:00
Evolvence India Holdings Announces its Net Asset Value as on 31 March 2008
Company's net assets are US$ 67.8 million and NAV per share is US$ 1.043
Douglas, Isle of Man: 1 July 2008 - Evolvence India Holdings plc ("EIH" or "the Company"), (AIM: EIH.L.), a fund of funds holding company that focuses on India, today announced its unaudited net asset value of US$ 1.043 per share as at 31 March 2008.
The Company invests in India through the Evolvence India Fund ("EIF"), the Evolvence India Life Sciences Fund ("EILSF") and the fund managers' network of relationships.
Highlights:
The Company's net assets are US$ 67.8 million as at 31 March 2008
NAV per share is US$ 1.043 as at 31 March 2008
The current NAV per share represents an appreciation of 4.3% from the offering price, although a decline of 10.0% from the NAV per share of US$ 1.158 as at 31 December 2007
Paid a dividend of US$ 0.03 per share for the year ended 31 December 2007
Key Portfolio Updates:
Shriram EPC Limited, one of EIF's underlying funds' portfolio companies, was listed on Bombay Stock Exchange and the National Stock Exchange during February 2008
As at 31 March 2008, the deals in advanced stages for EIF included a co-investment with one of its underlying funds as well as a fund investment in a premier Indian infrastructure focused private equity fund
To date, EIH has committed US$ 70.0 million, of which US$ 50.2 million has been deployed. We have received US$ 3.5 million of distributions and paid dividends of US$ 2.0 million
Khaled Al Muhairy, Chairman, Evolvence India Holdings, commented:
"Looking back on our first year of operations, we have accomplished all the objectives we initially laid out. Our portfolio, which includes over 90 companies across the Indian economy, has performed above expectations and is delivering significant returns to our investors. We have fully committed the Company's capital and invested into 10 funds and 8 co-investments. The robustness of the underlying portfolio is evidenced by the NAV of the Company, which is above its offering price, in spite of the Indian capital markets corrections.
As an early private equity investor into India, we have a maturing portfolio which is starting to see significant realisations. We received distributions of US$ 3.5 million last year which allowed us to declare a dividend of US$ 0.03 per share. Given the outlook, we intend to increase our dividend rate in the coming year. This is a clear endorsement of our multi-manager approach, achieving a broad diversification of the Company's portfolio. We are confident that the Company's funds are invested with experienced and successful managers and remain committed to pursuing a policy of superior returns with low downside volatility."
Note: The statement above regarding an increase in the dividend is not, and should not be taken as, a forecast of profits. Payment of any increased dividend is subject to prevailing market conditions and the financial condition and prospects of the Company at that time.
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About Evolvence India Holding (EIH):
EIH is promoted by Evolvence Capital Ltd ("Evolvence Capital"), a Dubai based, B.V.I. incorporated, alternative investment firm established in 2000 with a primary investment focus on Gulf Co-operation Council countries and India. Evolvence Capital currently has assets under management of approximately US$ one billion. EIH is an Isle of Man incorporated, private equity fund of funds holding company focused on India.
Contacts:
Evolvence India Holdings plc
Khaled Al Muhairy, Chairman + (9714) 315 81000
Evolvence Capital
Shilpa Mathai, Communications Director + (9714) 315 81000
shilpa@evolvence.com
Fairfax I.S. plc (Broker)
Ewan Leggat + (44) 207 460 4385
Seymour Pierce (Nominated Advisor)
Jonathan Wright, Director, Corporate Finance + (44) 207 107 8000