ICP.L Regulatory News (ICP)

24 Jul 2007 12:58

Intermediate Capital Group PLC24 July 2007 Tuesday 24th July 2007 INTERMEDIATE CAPITAL GROUP PLC - INTERIM MANAGEMENT STATEMENT Intermediate Capital Group PLC ("ICG"), a leading provider of mezzanine capitalto companies in Europe and Asia, and a manager of third party mezzanine, CDO andInstitutional Client Funds, today publishes its first Interim ManagementStatement. This statement contains information covering the period from 1 April 2007 to 24July 2007. Financial results are stated for the three months to 30 June 2007. During the three months to 30 June 2007, ICG's investment activity was strong,with £165m invested in 12 deals including funding for three acquisitions forexisting portfolio companies (see list below). This compares with 31 investmentsfor the last financial year. Growth of the balance sheet was offset by £209m ofrepayments, including some of our larger loans such as AVR, Mach, and the AA.ICG's loan book decreased by 4% to £1,681m during the quarter. The Board believes that ICG's short term prospects have improved in response torecent turmoil in the credit markets around the world. The weakness in thesemarkets and the "flight to quality" is likely to result in a reduction in therate of loan prepayments and a more favourable competitive environment. In thiscontext ICG is expecting a record month for new investment in July. ICG received £36m in cash relating to capital gains as a result of exiting sixdeals and the restructuring of one investment; £8m of this gain was recognisedin the prior year. ICG closed its on-balance sheet securitisation, Intermediate Finance II PLC, inJuly 2007. This, along with ICG's other debt facilities, gives the companysignificant capacity and greater flexibility for its balance sheet investingactivities. Since ICG reported preliminary results on 5 June 2007, it has opened its firstoffice in North America, in New York City, staffing it with three US-basedinvestment professionals. In this environment, maintaining the quality of the investment process remainsICG's highest priority. ICG's regional network continues to find investmentopportunities which meet its high credit standards. The company thereforeforesees satisfactory growth in core income for the full year. End Enquiries: Tom Attwood, Managing Director, Intermediate Capital Group PLC (020) 7628 9898Philip Keller, Finance Director, Intermediate Capital Group PLC (020) 7628 9898 Leonora Pou/Teresa Bianchi, Brunswick Group Limited (020) 7404 5959 This interim management statement has been prepared solely to provide additionalinformation to shareholders as a body to meet the relevant requirements of theUK Listing Authority's Disclosure and Transparency Rules. The interim managementstatement should not be relied on by any other party or for any other purpose. This interim management statement may contain forward-looking statements. Thesestatements have been made by the directors in good faith based on theinformation available to them up to the time of their approval of this reportand should be treated with caution due to the inherent uncertainties, includingboth economic and business risk factors, underlying such forward-lookinginformation. ICG's Investment Activity3 months to 30 June 2007 Mezzanine + Equity Country Deal Type Equity Sponsor Amount arranged by or participated in currency/m Ethypharm France Buyout Astorg EUR 64.4Manufacturer and developer ofdrugs Via Location France Buyout Heinberg EUR 47.0Truck rental Feu Vert France Buyout CDC EUR 57.0Auto centre operator GSL UK Recapitalisation Cognetas/Englefield GBP 14.0Support services for public andprivate sector organistions Eismann Germany Buyout Management EUR 78.0Frozen food home deliveryservice Parkeon France Buyout Barclays PE EUR 47.0Developer and manufacturer ofparking and transit ticketingsystems Tractel France Buyout Industri Kapital EUR 35.0Manufacture of lifting and accessrelated products Indas Spain Buyout Vista Capital EUR 3.0Manufacturer of incontinenceproducts V Ships UK Buyout Exponent USD 10.0Shipping management services Avia Partners Belgium Acquisition 3i EUR 10.2Airport ground handling Link Group Australia Acquisition PEP AUD 1.0Share registry and fundadminstration Euroloc Spain Acquisition Advent EUR 48.9Equipment and machinery rental ICG held a total of £165m in these investments at 30 June 2007 This information is provided by RNS The company news service from the London Stock Exchange