24 Jun 2011 07:00
Tau Capital PLC
24th June 2011
TAU CAPITAL PLC
("Tau" or "the Company")
Investor Presentations
The Company will be making a number of presentations to investors this week and the presentation that they will be using will be available this morning and posted on the Company's website at www.taucapitalplc.com.
Four statements made in the presentation in relation to the Company's private equity investments are potentially price sensitive and the Company has set these out below.
STOPHARM LLP ("Stopharm")
January - April 2011 revenues* increased by 14.6% compared to the similar period of 2010, reaching $76.2M. Stopharm is outperforming its revenue budget* by 17.2%. EBITDA Margin* for the four months ended April 2011 reached 10.9% vs. 9.1% budgeted for the year.
ALEM COMMUNICATIONS HOLDING ("Alem")
As at 30 April 2011 the total number of subscribers was 244,126 RGU (all business lines) compared to 218,678 as at 31 December 2010, thus achieving 12% growth during this period. In addition, the monthly revenue number* for April 2011 was $1.98m, up 19% from $1.67m in December 2010. EBITDA margin* for the month of April 2011 was estimated to be 15.6%. ARPU grew by 8.3% from December 2010 to April 2011.
LUCENT PETROLEUM LLP ("Lucent")
As of 31st May 2011 Lucent remains on budget and on deadline in its drilling program of the main two reservoirs in the assigned block. Lucent also remains fully funded from the commitments of Tau and the commitment of the majority shareholder Visor Investment Services.
TENIZ SERVICE LLP ("Teniz")
As of 31 May 2011 the principal amount plus accrued interest of mezzanine loan provided to Teniz amounts to $29.1M. Revenue* for the Q1 2011 rose 107%, EBITDA* increased 59% compared to Q1 2010.
*All financials are provisional and are derived from management accounts and subject to review and restatement.
Additionally, the largest listed equities positions as of 31st May 2011 were as follows, expressed as percentage of total NAV:
KazMunaiGas 8.4%
Zhaikmunai 7.9%
Uranium One 7.5%
Kazakhmys 6.1%
Ivanhoe Mines 6.1%
Dragon Oil 6.0%
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Further information, please contact:
Compass Asset Management
Brian O'Callaghan
Tel: +7 727 356 0356
Richard Horlick
Tel : +44 (0) 7770 496207
IOMA Fund and Investment Management Ltd
Philip Scales
Tel: +44 (0) 1624 681381
Numis Securities Ltd
Nominated Adviser: Nick Westlake / Hugh Jonathan
Corporate Broking: Alex Ham
Tel: +44 (0) 20 7260 1000