ICG Enterprise Trust Regulatory News (ICGT)

14 May 2008 11:15

GRAPHITE ENTERPRISE TRUST PLC

INTERIM MANAGEMENT STATEMENT

QUARTER ENDED 31 MARCH 2008

Graphite Enterprise Trust PLC ('Graphite Enterprise' or 'the Company') presents its interim management statement for the quarter ended 31 March 2008. This constitutes the Company's first interim management statement for the financial year ending 31 December 2008, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Investment objective

The objective of Graphite Enterprise is to provide shareholders with long term capital growth through investment in unquoted companies, mostly through specialist funds but also directly.

Unaudited net asset value per share 

The unaudited net asset value per share as at 31 March 2008 was 531.3p. This represents an increase of 2.3% over the level at 31 December 2007 and compares with a fall of 10.9% in the FTSE All-Share Index in the same period.

Share price and discount

The share price fell by 7.2% from 31 December 2007 to 440p. The discount to the net asset value per share increased to 17.2% from 8.7% at the year end.

Dividend

A final dividend for the year ended 31 December 2007 of 8.0p per share was proposed and accrued during the period and will be paid on 22 May 2008 to holders of ordinary shares on the register at the close of business on 11 April 2008.

Balance sheet

The summary balance sheet as at 31 March 2008 is set out below:

The Company was 72.3% invested as a percentage of total net assets at 31 March 2008 (63.3% at 31 December 2007).

Commitments

A total of £19.2 million was committed to new funds during the quarter, of which £10.0 million was committed to CSP Secondary Opportunities Fund 11, a secondary fund, and £9.2 million was committed to Vision Capital Partners V11, a European direct portfolio buy-out fund. Outstanding commitments rose by 3.1% from £303.0 million to £312.5 million during the period. Overcommitment, the level by which commitments exceed cash and near cash, increased to £202.5 million, or 51.1% expressed as a percentage of net assets.

Investments and realisations

In the three months to 31 March 2008, the Company made new investments of £26.5 million. Drawdowns from funds accounted for £25.5 million with direct investments accounting for the balance of £1.0 million.

The portfolio generated proceeds of £11.4 million during the period, of which £7.0 million was from the sale of direct investments and £4.4 million related to distributions from funds. The largest direct investment sold during the period was Summit Medical generating proceeds of £4.5 million.

In addition, the remainder of the FTSE Option was sold in January for £7.7 million.

Share buy backs

In the three months to 31 March 2008 the Company bought back 2,374,000 shares at an average discount of 10.2% and for a total cost of £11.0m. The number of shares in issue at 31 March 2008 was 72,913,000.

Recent events

Since 31 March 2008, the Company has made two new commitments totalling £36.7 million, one of €36.0 million (£28.8 million) to a pan-European large buy-out fund, CVC European Equity Partners V, and one of €10.0 million (£7.9 million) to a mid-market buy-out fund, Advent Central and Eastern European IV LP. 

The Directors are not aware of any other events or transactions which have taken place between 31 March 2008 and the date of publication of this statement which have had a material effect on the financial position of the company.

This information has not been audited or reviewed by the Company's auditors.

Enquires:

Stephen Cavell

Tim Spence

0207 825 5300