4 Nov 2014 16:53
Sherborne Investors (Guernsey) B Limited
4 November 2014
Sherborne Investors (Guernsey) B Limited
Interim Management Statement
This interim management statement has been produced in accordance with, and solely to comply with, the UK Listing Authority's Disclosure and Transparency Rule 4.3. It should not be relied upon by any person for any other purpose.
Sherborne Investors (Guernsey) B Limited (the "Company") is today updating the market on its financial position as at 30 September 2014 (the latest practicable date prior to the date of this statement to which management accounts for the Company have been drawn up) and other material events and transactions that have taken place since that date up to the date of this statement.
Selected Consolidated Financial Information at 30 September 2014 (unaudited)
Cash and cash equivalents £10,681,114
Fair value of investments(1) £187,818,353
Net Asset Value attributable to the Company £197,955,308
Shares outstanding 207,000,000
Net Asset Value per share 95.63p
Subsequent Events
On 6 October 2014, three proposals pertaining to board composition of Electra Private Equity plc ("Electra") made by Sherborne Investors Management (Guernsey) LLC (the "Investment Manager") were not passed at a general meeting of shareholders of Electra. The Company estimates that it incurred costs directly associated with the general meeting of approximately £275,000, of which approximately £125,000 was accrued subsequent to 30 September 2014.
The closing price of Electra's shares on 3 November 2014 was 2,544.00p. The resulting fair market value of the Company's investment in Electra at this date was approximately £180.3 million and accordingly unaudited net asset value was approximately £190.8 million, or 92.2p per share.
Notes
(1) Represents 7,087,485 ordinary shares of Electra at a price of 2,650.00p per share.
-Ends-
Enquiries:
FTI Consulting +44 (0)20 3727 1000
Jonathon Brill
Numis Securities Limited (Broker) +44 (0)20 7260 1275
David Benda
Sherborne Investors (Guernsey) B Limited +44 (0)14 8171 3843
Talmai Morgan (Chairman)
Gillian Newton (Administrator)