2 Jun 2008 11:45
Close Brothers Development VCT PLC
Sale of investment - movement in net asset value
The Board of Close Brothers Development VCT PLC is pleased to announce the disposal of its investment in Grosvenor Health Limited for a total consideration of £6.25 million, following the sale of the business to Serco Group plc.
Close Brothers Development VCT backed the original management buy-out of the occupational health provider from its former parent, Capio UK, in March 2004, and invested a total of £2.2 million in the Company, both to fund the MBO and finance subsequent acquisitions. The total IRR on Close Brothers Development VCT's investment is around 36%.
As a result of the disposal, the unaudited pro-forma net asset value per share of Close Brothers Development VCT at 31 March 2008 has risen to 105.05 pence per share (this is before accounting for the dividend of 2.50 pence per share which was paid to shareholders on 16 May 2008).
Following the completion of the disposal, Close Brothers Development VCT will re-commence its share buy-back programme forthwith, until the start of its "close" period on 1 July 2007.
2 June 2008
For further information please contact:
Patrick Reeve
020 7422 7830
Albion. Dev Vct (AADV)