19 Nov 2012 11:38
Tau Capital PLC
19th November 2012
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 shortly and posted on the Company's website at http://www.taucapitalplc.com/investors/investors.html
Two 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")
Stopharm is forecasting 18% year-on-year growth to $258.7 million in revenues, and 11% growth to $12.9 million in EBITDA, for fiscal year 2012.
Historical reliance upon state tenders for state contracts has contributed to the Company's 20%+ top line growth over the holding period, but this channel is unreliable. A reorganization at SK Pharmatsia, the state purchasing agent, this year is expected to result in a 53% drop in federal tender (and 18% in total company) revenues for the next year.
The resulting FY2014 forecasts are for $219.5 million in revenues and $4.4 million in EBITDA, net of an aggressive program Management had implemented to focus on regional and private business lines.
All financials are based on the Manager's expectations, are provisional and are derived from management accounts and subject to review and restatement.
Forward-looking statements are not guarantees of future performance. Stopharm's actual investment performance, (results of operations and financial condition) may differ materially from the impression created by the forward-looking statements contained in this announcement. Subject to their legal and regulatory obligations, Tau Capital PLC and its Investment Advisor expressly disclaim any obligations to update or revise any forward-looking statement contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
LUCENT PETROLEUM LLP ("Lucent")
Tau's investment was written down by 25% after a deep horizon at Lebyazhe failed to produce at commercial rates; both Prorva and Lebyazhe wells are currently inactive.
Seismic data processing is nearing completion, and interpretation will commence in parallel with 'farm in' negotiations with major oil companies. Management decreased operating expenses in Q4 by over 20% (to $180,000 monthly) in order to preserve cash balances (currently $13 million) and flexibility.
--ENDS--
Further information, please contact:
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