NAVs and C Share Conversion

5 Dec 2005 12:16

F&C Private Equity Trust PLC05 December 2005 To: Stock exchange For immediate release 5 December 2005 F&C Private Equity Trust plc NAVs at 31 October 2005 and First Conversion of 'C' Shares • increase in B Share NAV of 9.1% over the quarter • conversion of 18.1 million C Shares to 12.6 million B Shares Net Asset Values at 31 October 2005 F&C Private Equity Trust plc announces its unaudited net asset values (NAV) pershare as at 31 October 2005: The NAV per 'A' (realisation) share at 31 October was 38.33p*. This is afterproviding for a final dividend of 1.2 pence per share in respect of the yearended 31 July 2005, payable 9 December 2005, and represents an increase of 0.4%over the quarter. Net assets for the 'A' pool stood at £25.7 million. The NAV per 'B' (continuation) share at 31 October was 142.06p*. This is afterproviding for a final dividend of 1.4 pence per share in respect of the yearended 31 July 2005, payable 9 December 2005, and represents an increase of 9.1%over the quarter. The 'B' pool had net assets of £55.7 million. The NAV per 'C' (conversion) share at 31 October was 96.99p*. The 'C' pool hadnet assets of £48.3 million. The Chairman David Simpson said: "I am pleased to be able to report that thesubstantial progress for shareholders that was achieved in the last financialyear has been sustained into the first quarter. The increased scale which thecompany now has enables our managers to take advantage of a wide range ofattractive investment opportunities in private equity internationally.Encouragingly the performance has come from a combination of the older funds anddirect investments and some of the newer fund commitments and direct investmentswhere there have been some early successes. The recent listing of one of ourdirect holdings, the co-investment in Pizza Express (Gondola Holdings plc), adeal led by TDR Capital, illustrates the benefits of backing emerging privateequity management groups in the European mid market. Since the end of July wehave made commitments to LGV 5 (£5m, UK mid market buy outs) and CamdenStrategic Partners III ($5m, US hybrid private and small public companies). Anumber of other fund, co-investment and secondary investments are at an advancedstage. The short term outlook remains good with successful fund raisings and theincrease in secondary buy-outs providing a conducive environment for sellingmature holdings in mid market private companies." First Conversion of C Shares The first conversion of 'C' shares into 'B' shares is by reference to 31 October2005. The NAVs per 'B' share and per 'C' share as at that date, calculated forthe purpose of conversion in accordance with the articles of association*, were98.47p and 142.12p respectively. As at 31 October 2005, the net assets of the'C' pool, valued for the purpose of conversion, were £49.0 million, of which 36%was represented by cash assets. Consequently 18.1 million 'C' shares willconvert to 12.6 million 'B' shares at the first conversion date. The conversionratio (being the number of 'B' shares resulting from the 'C' shares to beconverted) is 0.69286375. The number of 'C' shares to be converted into 'B' shares in each holding of 'C'shares as at 8 December 2005 (the record date for the first conversion) will berounded down to the nearest whole 'C' share. Fractional entitlements to 'B'shares arising on conversion will not be allocated, and will be aggregated andsold in the market for the benefit of the 'B' pool. For illustrative purposesonly, a holder of 1,000 'C' shares as at 8 December 2005 will, immediatelyfollowing the first conversion, hold 252 'B' shares and 636 'C' shares. The first conversion will occur with effect from 9 December 2005. Applications have been made to the Financial Services Authority and to LondonStock Exchange plc for the 'B' shares arising on the first conversion to beadmitted to the Official List and to trading on the main market of London StockExchange plc respectively. It is expected that such admissions will becomeeffective on 9 December 2005. In order to facilitate the conversion, the balance of 'C' shares remainingunconverted will transfer to ISIN GB00B0Q36484 and SEDOL B0Q3648 upon admissionof the new 'B' shares on 9 December 2005. * The quarterly NAVs value listed investments at their bid prices. The dailyNAV per 'C' share and the NAVs per 'B' share and per 'C' share for the purposeof conversion value listed investments at their mid-market prices. -ends- For more information please contact: Hamish Mair 0131 465 1184hamish.mair@fandc.com Martin Cassels 0131 465 1095martin.cassels@fandc.com Alistair Moreton, Arbuthnot Securities Ltd 0207 012 2000 Gordon Neilly/Sue Inglis, Intelli Corporate Finance 0207 653 6300 This information is provided by RNS The company news service from the London Stock Exchange