20 Mar 2017 07:00
Kubera Cross-Border Fund Limited
Disposal of Investment
Kubera Cross-Border Fund Limited (the "Company") announces that its subsidiary, Kubera Cross-Border Fund (Mauritius) Limited, has entered into a binding sale and purchase agreement ("SPA") to dispose of its entire equity interest in Planetcast Media Services Ltd ("PMSL") (the "Transaction").
Entities managed by a leading global private equity firm have agreed to purchase the Company's interest in PMSL for a consideration net of transaction costs estimated at INR 1,475 million, equivalent to approximately USD 22.5 million at current exchange rates. The estimated sale consideration is equivalent to 41.9 per cent. of the Company's net asset value presented in the unaudited interim financial statements as at 30 June 2016. At 30 June 2016, the carrying value of the investment in the Company's financial statements was USD 27.3 million.
Completion of the Transaction is subject to obtaining regulatory approvals from various Government authorities in India, which is not expected to occur for several months. Completion of the Transaction is subject to a long stop date of 15 September 2017 (the "Long Stop Date").
In accordance with the Company's investment policy, following completion of the Transaction, the Board intends to announce the distribution to shareholders of all cash not required to meet operating costs.
The information contained in this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of that Regulation.
For further information on the Company, please visit www.kuberacrossborderfund.com.
For more information contact:
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett/ Jamie Barklem/ Carolyn Sansom
Tel.: +44 (0) 20 7383 5100
Email: philip.j.secrett@uk.gt.com
Numis Securities Limited (Broker)
David Benda, Managing Director
Tel.: +44 (0) 20 7260 1275
Email: d.benda@numis.com
FIM Capital Limited (Administrator, Registrar & Secretary)
Philip Scales, Director
Tel.: +44 (0) 1624 681250
Email: pscales@fim.co.im