SPPC.L Regulatory News (SPPC)

10 Apr 2008 11:15

St Peter Port Capital Limited10 April 2008 For immediate release 10 April 2008 St Peter Port Capital Limited First Realisations, Further Investments and 31 December 2007 Net Asset Value St Peter Port Capital Limited ("the Company") is pleased to announce its firstrealisations of pre-IPO investments and further investments it has made since itpublished its interim results in December 2007. The Company is also publishingits net asset value per share as at 31 December 2007. First Realisations The Company began making pre-IPO investments following Admission to AIM in April2007; a number of its portfolio companies have since achieved significantmilestones which have led both to increased value and made their shares moreliquid. As a result, the Company has been able to commence disposals, fromwhich it has to date realised over £2 million. This has generated a realisedprofit from these sales of approximately £900,000. Further Investments Since the announcement of its interim results on 20 December 2007, the Companyhas made five further pre-IPO investments totalling approximately £5.2 million.The Company has now invested approximately £52.5 million in pre-IPO deals sinceits launch. The additional investments are: • a US$3 million subscription for common units in Gourmet Express Acquisition Fund, LLC ("Gourmet Express"); • a US$2 million subscription for common shares in STV Networks, Inc. ("STV"); • a US$2 million subscription for ordinary shares in RAM Resources Limited ("RAM"); • a further US$2.5 million subscription for convertible loan notes in Panceltica Limited ("Panceltica"); and • a £450,000 subscription for ordinary shares in Midas Capital PLC ("Midas"). Gourmet Express is a leading consumer products company specialising in theproduction, distribution and marketing of a wide variety of frozen foodproducts, in particular the frozen skillet meal category. STV Networks is a vertically integrated ethnic media & entertainment company inPhiladelphia. RAM is a Jersey based mineral and asset development company which controls a100% owned iron ore mining property in the Kurgan region of Russia. Panceltica, in which the Company also invested US$5 million in November 2007, isa specialist construction company based in Qatar which uses a proprietary steelstructure framework system to enable rapid construction of steel-framed towerbuildings. Midas was formed by the reverse takeover of iimia MitonOptimal plc by MidasCapital Partners Limited, to form an AIM quoted company encompassing fundmanagement, wealth management and corporate services. The Company understands that each of Gourmet Express, STV and RAM is planning tofloat within the next 12 months. Panceltica and Midas joined AIM in March 2008. Net Asset Value Total assets of the Company as at 31 December 2007 were £75.4m, giving a netasset value of 100.5p per share, an increase of 3.0 per cent from the net assetvalue as at 30 September 2007. Current Financial Resources In addition to its holdings of securities arising from pre-IPO investments, theCompany now has approximately £20.8m of cash and other liquid assets, includingthe proceeds from the realisations discussed above, available to make furtherpre-IPO investments. For further information: St Peter Port Capital Limited Peter Griffin - 01481 751000 St Peter Port Investment Management Limited Tim Childs - 020 7877 5064 / Graham Shore - 020 7408 4090 Citigate Dewe Rogerson Fiona Mulcahy / Sarah Gestetner - 020 7638 9571 Deloitte & Touche LLP - Nominated Adviser Jonathan Hinton / James Lewis - 020 7936 3000 Shore Capital Stockbrokers Limited - Broker Dru Danford - 020 7408 4090 This information is provided by RNS The company news service from the London Stock Exchange