ICG Enterprise Trust Regulatory News (ICGT)

24 Oct 2005 10:14

Graphite Enterprise Trust PLC24 October 2005 ANNOUNCEMENT TO STOCK EXCHANGE GRAPHITE ENTERPRISE TRUST PLC 24 October 2005 CASH MANAGEMENT UPDATE On 21 October 2005, Graphite Enterprise Trust PLC ("Graphite Enterprise" or the"Trust") purchased a call option ("Option") over the FTSE 100 Index ("Index")with a three year maturity. The cost of the Option was £14.0 million, which hasbeen paid in cash, and the nominal principal is £120.0 million. The Option forms a key part of Graphite Enterprise's cash management strategyand its effect is to give the Trust exposure to a £120.0 million investment inthe Index at an opening level of 5,142. If the Index increases, the Option willgive the Trust exposure to this increase. If the Index falls, the Option willfall in value. However, the maximum fall is limited to the original £14.0million cost. In determining the net asset value of the Trust, the Option willbe included at its market value. Another element of the cash management strategy is our continuing interest inbuying back shares if they are available in reasonable volumes at an attractivediscount. In the year to date £12.0 million has been used to buy back a totalof 4.1 million shares, equivalent to 4.5% of the share capital at 1 January2005. Our programme of increasing commitments to third party funds continues. Inrecent months we have committed €15.0 million (£10.3 million) to CVC EuropeanEquity Partners IV and €30.0 million (£20.5 million) to Candover 2005 Fund. Newcommitments in the year now total £81.5 million. For further information please contact: William Eccles 020 7825 5300 Rod Richards 020 7825 5300 This information is provided by RNS The company news service from the London Stock Exchange