TIDMSVI
RNS Number : 8720V
SVG Capital PLC
02 February 2017
Registered Office:
Kean House
6 Kean Street
London WC2B 4AS
Tel +44 (0)20 3457 0000
Fax +44 (0)20 3457 0009
www.svgcapital.com
Press Release
For immediate release 2 February 2017
Preliminary Results for the 45 weeks to 9 December 2016
Highlights:
-- 45% total shareholder return since 31 January 2016
-- 10% net asset per share growth to 719p (GBP1,125m)
- Performance was driven by continued strong performance of the
investment portfolio and the sale of the investment portfolio to
HarbourVest
- Aggregate consideration of GBP807m
- 0.6% premium to the 31 July 2016 valuation of the investment portfolio
-- Return of capital to shareholders and the orderly wind-up of the Company
- GBP1,050m through a series of three tender offers at 715p per share[1]
- GBP350m returned to shareholders on 16 December 2016
- Up to GBP300m tender offer in February 2017
- Up to GBP400m tender offer in March/April 2017
- Following this series of tender offers, the total amount
returned to shareholders since December 2011 will be GBP1.7bn
- The winding-up of the Company will complete the return of value to shareholders
Andrew Sykes, Chairman, commented: "SVG Capital has reported
another period of strong growth, with net assets per share
increasing by 10% and the share price appreciating by 45%.
"Following shareholder approval of the sale of the investment
portfolio and return of value in December 2016, we have worked hard
to deliver on our commitment to return GBP1,050 million to
shareholders at a share price of 715p by the end of April 2017.
This has made good progress, with the first tender offer of GBP350
million completed on 16 December 2016.
"The SVG Capital management team have worked extremely hard
since the financial crisis, at first returning the Company to a
position of strength and thereafter driving a strategy of selective
investment in high quality and sought after opportunities. It is
absolutely in their character that they have completed their roles
by ensuring that value was maximised for all shareholders with the
sale of the investment portfolio at a premium to net asset value.
We wish them all the very best in whatever they go on to do."
For further information, please contact:
SVG Capital plc 020 3457 0000
Alice Kain
Maitland 020 7379 5151
Neil Bennett/Tom Eckersley
Copies of the press release and other corporate information can
be found on the company website at: http://www.svgcapital.com
Forward-looking statements - this announcement contains certain
forward-looking statements with respect to the portfolio of
investments of SVG Capital. These statements and forecasts involve
risk and uncertainty because they relate to events and depend upon
circumstances that may or may not occur in the future. There are a
number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these
forward-looking statements and forecasts. Nothing in this
announcement should be construed as a profit forecast.
Chairman's & CEO's statement
SVG Capital has reported another period of strong growth, with
net assets per share increasing by 10% to 719p per share (GBP1,125
million) and the share price appreciating by 45%.
In the six months to July 2016, the Company's investment
portfolio continued to build on the strong performance of recent
years reporting a total return of 13%. This performance was
underpinned by a continued favourable exit market and strong
revenue and earnings growth across the investment portfolio and
further enhanced by the positive currency benefit of a weak
sterling, following the EU referendum in June 2016. The Company
also continued to make progress towards its strategic goals,
committing to three new funds and completing two new
co-investments.
In September 2016, an entity controlled by HarbourVest Partners
LLC ("HarbourVest"), a Boston headquartered private equity fund of
funds manager, announced an unsolicited full and final cash offer
for the Company at 650p per share. Whilst the offer was at a
premium to the then share price of the Company, it represented a
16.5% discount to the value of the investment portfolio at 31 July
2016 and in the Board's view materially undervalued the Company and
its assets.
The Company had a high quality portfolio with considerable
scarcity value and in a very short period of time a number of other
highly credible and seasoned private equity investors expressed
interest and made offers for some or all of the Company's
investment portfolio. After careful consideration and having
reviewed the Company's strategic options, the Board concluded that
shareholder value would be maximised through the sale of the
investment portfolio and an orderly wind-up of the Company.
Accordingly, the Board entered into negotiations with two
separate consortia of private equity investors, both of which made
offers for some or all of the Company's investment portfolio. These
offers represented superior shareholder value than the HarbourVest
cash offer of 650p for the Company.
On 18 October, HarbourVest lapsed its offer for the Company,
having failed to secure the necessary shareholder support, and
agreed to purchase the Company's investment portfolio at a 0.6%
premium to the July 2016 valuation of the portfolio. Including the
Company's net cash resources, and net of all estimated costs, this
equated to an approximate aggregate value per share of 715p, a 10%
premium to HarbourVest's original offer of 650p per share and one
that valued the Company at GBP1,118 million.
The sale of the investment portfolio and return of value was
approved by shareholders in December 2016 and we expect to have
returned GBP1,050 million to shareholders at a share price of 715p
by the end of April 2017, crystallising a 45% gain for shareholders
since 31 January 2016. The winding up of the Company will complete
the return of value to shareholders with liquidation distributions
expected to be made from Q3 2017.
Through the cycle, the returns generated by top performing
private equity managers have outperformed public markets. The
listed private equity sector provides a wide range of investors,
who are unable to invest directly in the asset class, with access
to the returns private equity can generate. However, for much of
the Company's 20 year history, the sector has traded at a discount
to net asset value, despite strong performance from a number of its
constituents, including SVG Capital.
At the same time, we have seen intense interest in acquiring
private equity portfolios from an increasing number of investment
firms in recent years. In our case, the combination of a high
quality portfolio, a share price trading at a persistent discount,
coupled with the steep depreciation of sterling and our largest
shareholder being prepared to exit its investment, meant that SVG
Capital was a highly attractive target for an acquisitive US based
secondary investor, such as HarbourVest.
Whilst we will be saddened to see SVG Capital wind-up, the
Board's role is always to maximise shareholder value and we are
pleased we were able to achieve this in a highly pressurised
process. Your management team have worked extremely hard since the
financial crisis, at first returning the Company to a position of
strength and thereafter driving a strategy of selective investment
in high quality and sought after opportunities. It is absolutely in
their character that they have completed their roles by ensuring
that value was maximised for all shareholders with the sale of the
investment portfolio at a premium to net asset value. We wish them
all the very best in whatever they go on to do.
Andrew Sykes Lynn Fordham
Chairman Chief Executive
2 February 2017
Financial review
In the 45 week period ended 9 December 2016 the Company's NAV
rose by 10% to 719p per share.
Sale of investment portfolio
During the period, the Board recommended the sale of
substantially all of the Company's investment portfolio to a fund
controlled by HarbourVest and a series of tender offers (and
associated repurchases) to return cash to shareholders, both of
which were approved by shareholders.
Including the Company's net cash resources, and net of all
estimated costs, the agreed sale of the investment portfolio
equated to an approximate aggregate value per share of 715p. The
small increase in net asset value per share to 719p at the period
end is predominantly a result of lower than estimated costs
associated with winding up the Company.
Tender Offers
The Company will return value to shareholders via a series of
three tender offers (and associated repurchases) at 715p per share.
The first tender offer of GBP350 million completed on 16 December
2016. The Company had originally expected to launch the second and
third tender offers for an amount of up to GBP350 million each.
However, as a result of the distributable reserves position of the
Company, the second tender offer is for an amount of up to GBP300
million and therefore the third tender offer is expected to be for
an amount of up to GBP400 million (totalling GBP700 million as
originally expected).The second tender offer will take place in
February 2017 and the third tender offer is expected in March/April
2017. A reduction of capital is required in order to create
sufficient distributable reserves to enable the Company to carry
out the third tender offer and is subject to approval from
shareholders and the court. Thereafter, the Company intends to
proceed with an orderly liquidation process.
Cash balances and borrowings
The Company had cash balances of GBP334 million at 9 December
2016. The Company also cancelled its undrawn revolving credit
facility (RCF) of EUR300 million following the announced sale of
its portfolio investments.
Uncalled commitments
Uncalled commitments increased to GBP339 million at 9 December
2016 from GBP332 million at 31 January 2016, mainly reflecting new
commitments to AEA Investors, L Catterton and Cinven VI, partially
offset by the reduction in commitments arising from the
unconditional agreement to dispose of a number of fund interests to
HarbourVest, as well as calls paid during the period.
The Company has a strong balance sheet and, subsequent to the
balance sheet date, the Company has transferred all of the
remaining fund commitments.
9 December 2016 31 Jan 2016
Investment portfolio GBP293m GBP763m
---------------- ------------
Cash GBP334m GBP330m
---------------- ------------
Other assets GBP523m GBP1m
---------------- ------------
Total assets GBP1,150m GBP1,094m
---------------- ------------
Convertible bonds - (GBP39m)
---------------- ------------
Other liabilities (GBP25m) (GBP3m)
---------------- ------------
Net assets GBP1,125m GBP1,052m
---------------- ------------
Net assets per share 719p 654p
---------------- ------------
Gross debt as a % of gross assets - 4%
---------------- ------------
Net (cash)/debt as a % of net assets (30%) (28%)
---------------- ------------
Loan to value ratio (maximum of 30%) - -
---------------- ------------
Asset transfers
With the exception of one small unquoted company, the entire
investment portfolio has been sold and in due course the realised
proceeds, net of costs, will be returned to shareholders. The Board
expects the sale of the remaining unquoted company to take place
before the Company enters into liquidation in the second quarter of
2017.
Winding-up
It is expected that the Company will hold a general meeting to
approve the winding up resolution on or after 31 May 2017.
Distributions are expected to be made as part of the winding up of
the Company from Q3 2017.
Principal risks and uncertainties
The Companies Act and FRC require companies to disclose the
principal risks and uncertainties the Company faces.
'Principal risks and uncertainties' are defined by the Board as
risks with the highest overall potential to affect the achievement
of the Company's business objectives. These objectives include:
ensuring the ability to meet liabilities as they fall due and meet
liabilities in full; and achieving target returns.
Following the Company's change of strategy and now that the sale
of the Company's investment portfolio is virtually complete, the
principal risks and uncertainties the Company faces relate to the
winding-down of the Company's business.
Cash and near-cash holdings
As the Company sells its investment assets in exchange for cash,
there is a risk that a counter-party holding cash or near cash
holdings fails or charges the Company for taking deposits. Cash and
near cash holdings are predominantly held with a number of
different institutions in a variety of AAA-rated money market funds
denominated in sterling. Such funds can be redeemed on the same
day.
Loss of Investment Trust Status
As the Company sells its investment assets in exchange for cash,
there is a risk that the Company will lose its investment trust
status. This would result in the Company being liable for
corporation tax on gains generated by the sale of assets. The
Company believes that it will maintain its investment trust status
for the current period to 9 December 2016. Gains generated by the
sale of assets in the first closing are therefore not expected to
be subject to corporation tax. The Company has substantial losses
to help mitigate any gains generated by subsequent sales of assets
in the event that it is deemed that the Company subsequently loses
its investment trust status. There is a risk that losses may no
longer be available to the Company to offset gains under change of
ownership rules. No such change of ownership has occurred as at 30
January, but there can be no guarantee that a change of ownership
event will not occur in the future.
Liquidation of the Company
The Company intends to seek shareholder approval of the
appointment of a liquidator at a shareholder meeting on or around
31 May 2017. While management has undertaken an exercise to
identify all liabilities of the Company, there can be no guarantee
that unforeseen liabilities or operating costs will not arise which
may impact the amount available for distribution to
shareholders.
Reduction in size of the Company
The tender offer that took place in December and the proposed
two tender offers due to take place in 2017 will reduce the size of
the Company. This may affect the liquidity of the shares.
Cyber security threats
The potential loss of operation of core systems or sensitive
data would lead to damage and disruption to our business. This risk
was assessed as stable in the year. The following steps have been
taken to mitigate this risk: an IT consultant has been retained to
assist with the monitoring of the Group's information security
monitoring system (ISMS) which identifies material risks and
threats to them; a Group employee has been assigned the
responsibility of Information Security Officer to ensure the ISMS
is maintained and implemented; a non-executive Director, Simon Bax,
has been appointed as the Board's representative to monitor the
ISMS; ongoing staff training to identify potential threats and
prevent unauthorised access is provided; a culture of awareness is
promoted through ongoing communication of issues and methods of
dealing with potential threats.
Statement of Directors' responsibilities
Each of the Directors, whose names and functions are set out in
this report, confirms that, to the best of their knowledge:
-- the condensed accounts, which have been prepared in
accordance with IFRS as adopted by the EU, give a true and fair
view of the assets, liabilities, financial position and net return
of the Company; and
-- the Report of the Directors includes a fair review of the
development and performance of the business and the position of the
Company, together with a description of the principal risks and
uncertainties that it faces.
The Directors of SVG Capital plc and their functions are listed
below:
Andrew Sykes, Chairman
Lynn Fordham, Chief Executive
Simon Bax, Non--executive Director
Stephen Duckett, Non--executive Director
Helen Mahy, Non--executive Director
David Robins, Non--executive Director
Consolidated statement of comprehensive income
For the period ended For the year ended
9 December 2016 31 January 2016
(unaudited) (audited)
------------------------------------------- ---------------------------- -------------
Revenue Capital Revenue Capital
return return Total return return Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Gains on
investments at
fair value
through profit
and loss - 112,677 112,677 - 72,928 72,928
Movement in
fair value of
subsidiaries - (345) (345) - (1,572) (1,572)
Fair value loss
of derivative
contracts - (8,671) (8,671)
Net foreign
currency gains - 36,321 36,321 - 12,525 12,525
- 139,982 139,982 - 83,881 83,881
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Operating
income
Investment
income 4,559 - 4,559 33,487 - 33,487
Other operating
income 395 - 395 3 - 3
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Total operating
income 3 4,954 - 4,954 33,490 - 33,490
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Operating
expenses
Administrative
expenses 4 (20,686) (19,468) (40,154) (10,539) - (10,539)
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Total operating
expenses (20,686) (19,468) (40,154) (10,539) - (10,539)
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Operating
profit (15,732) (19,468) (35,200) 22,951 - 22,951
Finance costs 6 (3,574) - (3,574) (14,971) - (14,971)
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
(Loss)/profit
before tax (19,306) 120,514 101,208 7,980 83,881 91,861
Tax - (135) (135) - (852) (852)
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
(Loss)/profit
for the period (19,306) 120,379 101,073 7,980 83,029 91,009
Earnings per
share
From continuing
activities
Basic 7 64.5p 51.6p
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Diluted 7 64.4p 51.5p
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
There is no other comprehensive income and therefore the profit
for the period is the total comprehensive income for the
period.
The total column of this statement represents the Group's income
statement, prepared in accordance with IFRS. The supplementary
revenue return and capital return columns are both prepared under
guidance published by the Association of Investment Companies. All
items in the above statement derive from continuing operations.
Company statement of comprehensive income
For the period ended For the year ended
9 December 2016 31 January 2016
(unaudited) (audited)
------------------------------------------- ---------------------------- -------------
Revenue Capital Revenue Capital
return return Total return return Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Gains on
investments at
fair value
through profit
and loss - 112,677 112,677 - 72,928 72,928
Movement in
fair value of
subsidiaries - (3,790) (3,790) - (1,572) (1,572)
Fair value loss
of derivative
contracts - (8,671) (8,671)
Net foreign
currency gains - 36,321 36,321 - 12,525 12,525
- 136,537 136,537 - 83,881 83,881
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Operating
income
Investment
income 4,559 - 4,559 33,487 - 33,487
Other operating
income 30 - 30 3 - 3
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Total operating
income 3 4,589 - 4,589 33,490 - 33,490
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Operating
expenses
Administrative
expenses 4 (17,069) (19,468) (36,537) (10,419) - (10,419)
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Total operating
expenses (17,069) (19,468) (36,537) (10,419) - (10,419)
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Operating
profit (12,480) (19,468) (31,948) 23,071 - 23,071
Finance costs 6 (3,574) - (3,574) (14,971) - (14,971)
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
(Loss)/profit
before tax (16,054) 117,069 101,015 8,100 83,881 91,981
Tax - (135) (135) - (852) (852)
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
(Loss)/profit
for the period (16,054) 116,934 100,880 8,100 83,029 91,129
Earnings per
share
From continuing
activities
Basic 7 64.4p 51.6p
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
Diluted 7 64.3p 51.5p
---------------- ------ ------------- ------------- ------------- ------------- ------------- -------------
There is no other comprehensive income and therefore the profit
for the period is the total comprehensive income for the
period.
The total column of this statement represents the Company's
income statement, prepared in accordance with IFRS. The
supplementary revenue return and capital return columns are both
prepared under guidance published by the Association of Investment
Companies. All items in the above statement derive from continuing
operations.
Consolidated statement of changes in equity
Share
Share Own Share Revenue Capital option Other(1)
capital shares premium reserve reserve reserve reserves Total
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
For the period
ended
9 December
2016
Balance at 31
January
2016 231,790 (900) 131,230 (147,130) 809,420 19,356 8,002 1,051,768
(Loss)/profit
for the
period - - - (19,306) 120,379 - - 101,073
Fair value
charge of
performance
share awards - - - - - 2,444 - 2,444
Buy-back of
convertible
loan notes - - - 4,798 - - (4,798) -
Purchase of
treasury
shares - (1,335) - - (29,247) - - (30,582)
Own shares
disposed
by EBT to
settle
performance
share awards - 2,133 - - (2,133) - - -
Cancellation
of shares (60,000) - - - - - 60,000 -
Transfer of
previously
cancelled
shares - - - - (78,618) - 78,618 -
Balance at 9
December
2016 171,790 (102) 131,230 (161,638) 819,801 21,800 141,822 1,124,703
-------------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Share
Share Own Share Revenue Capital option Other(1)
capital shares premium reserve reserve reserve reserves Total
(audited) (audited) (audited) (audited) (audited) (audited) (audited) (audited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
For the year ended
31 January 2016
Balance at 31 January
2015 253,724 (1,479) 131,230 (162,664) 871,827 18,911 15,556 1,127,105
Profit for the year - - - 7,980 83,029 - - 91,009
Fair value charge of
performance share
awards - - - - - 445 - 445
Buy-back of
convertible
loan notes - - - 7,554 - - (7,554) -
Purchase of treasury
shares - - - - (166,791) - - (166,791)
Own shares disposed
by EBT to settle
performance share
awards - 579 - - (579) - - -
Cancellation of shares (21,934) - - - 21,934 - - -
Balance at 31 January
2016 231,790 (900) 131,230 (147,130) 809,420 19,356 8,002 1,051,768
---------------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
(1) Included within other reserves are the capital redemption and convertible loan note reserves
Company statement of changes in equity
Share
Share Own Share Revenue Capital option Other(1)
capital shares premium reserve reserve reserve reserves Total
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
For the period
ended
9 December
2016
Balance at 31
January
2016 231,790 (900) 131,230 (147,010) 809,420 19,356 8,002 1,051,888
(Loss)/profit
for the
period - - - (16,054) 116,934 - - 100,880
Fair value
charge of
performance
share awards - - - - - 2,444 - 2,444
Buy-back of
convertible
loan notes - - - 4,798 - - (4,798) -
Purchase of
treasury
shares - (1,335) - - (29,247) - - (30,582)
Own shares
disposed
by EBT to
settle
performance
share awards - 2,133 - - (2,133) - - -
Cancellation
of shares (60,000) - - - - - 60,000 -
Transfer of
previously
cancelled
shares - - - - (78,618) - 78,618 -
Balance at 9
December
2016 171,790 (102) 131,230 (158,266) 816,356 21,800 141,822 1,124,630
-------------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Share
Share Own Share Revenue Capital option Other(1)
capital shares premium reserve reserve reserve reserves Total
(audited) (audited) (audited) (audited) (audited) (audited) (audited) (audited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
For the year ended
31 January 2016
Balance at 31 January
2015 253,724 (1,479) 131,230 (162,664) 871,827 18,911 15,556 1,127,105
Profit for the year - - - 8,100 83,029 - - 91,129
Fair value charge of
performance share
awards - - - - - 445 - 445
Buy-back of
convertible
loan notes - - - 7,554 - - (7,554) -
Purchase of treasury
shares - - - - (166,791) - - (166,791)
Own shares disposed
by EBT to settle
performance share
awards - 579 - - (579) - - -
Cancellation of shares (21,934) - - - 21,934 - - -
Balance at 31 January
2016 231,790 (900) 131,230 (147,010) 809,420 19,356 8,002 1,051,888
---------------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
(1) Included within other reserves are the capital redemption and convertible loan note reserves
Consolidated balance sheet
As at As at
9 December 31 January
2016 2016
(unaudited) (audited)
Notes GBP'000 GBP'000
---------------------------------------------- ------ -------------- -------------
Non-current assets
Investments designated as fair value through
profit and loss 8 - 763,455
Investment in subsidiaries 9 - 79
- 763,534
---------------------------------------------- ------ -------------- -------------
Current assets
Investments designated as fair value through
profit and loss 8 292,840 -
Other receivables 523,204 362
Cash and cash equivalents 333,778 330,367
---------------------------------------------- ------ -------------- -------------
1,149,822 330,729
---------------------------------------------- ------ -------------- -------------
Total assets 1,149,822 1,094,263
---------------------------------------------- ------ -------------- -------------
Current liabilities
Convertible loan notes 10 - (38,732)
Other payables (14,623) (3,763)
Provision for liquidation costs (10,496) -
(25,119) (42,495)
---------------------------------------------- ------ -------------- -------------
Net assets 1,124,703 1,051,768
---------------------------------------------- ------ -------------- -------------
Equity
Called up share capital 11 171,790 231,790
Own shares (102) (900)
Share premium account 131,230 131,230
Capital redemption reserve 141,822 3,204
Share option reserve 21,800 19,356
Convertible loan notes - equity - 4,798
Capital reserve 819,801 809,420
Revenue reserve (161,638) (147,130)
---------------------------------------------- ------ -------------- -------------
Shareholders' funds 1,124,703 1,051,768
---------------------------------------------- ------ -------------- -------------
Net asset value per ordinary share
- undiluted 13 720.6p 657.4p
- diluted 13 719.3p 653.5p
---------------------------------------------- ------ -------------- -------------
Company balance sheet
As at As at
9 December 31 January
2016 2016
(unaudited) (audited)
Notes GBP'000 GBP'000
---------------------------------------------- ------ -------------- -------------
Non-current assets
Investments designated as fair value through
profit and loss 8 - 763,455
Investment in subsidiaries 9 - 1,329
- 764,784
---------------------------------------------- ------ -------------- -------------
Current assets
Investments designated as fair value through
profit and loss 8 292,840 -
Other receivables 528,081 259
Cash and cash equivalents 325,353 329,452
---------------------------------------------- ------ -------------- -------------
1,146,274 329,711
---------------------------------------------- ------ -------------- -------------
Total assets 1,146,274 1,094,495
---------------------------------------------- ------ -------------- -------------
Current liabilities
Convertible loan notes 10 - (38,732)
Other payables (15,324) (3,875)
Provision for liquidation costs (6,320) -
(21,644) (42,607)
---------------------------------------------- ------ -------------- -------------
Net assets 1,124,630 1,051,888
---------------------------------------------- ------ -------------- -------------
Equity
Called up share capital 11 171,790 231,790
Own shares (102) (900)
Share premium account 131,230 131,230
Capital redemption reserve 141,822 3,204
Share option reserve 21,800 19,356
Convertible loan notes - equity - 4,798
Capital reserve 816,356 809,420
Revenue reserve (158,266) (147,010)
---------------------------------------------- ------ -------------- -------------
Shareholders' funds 1,124,630 1,051,888
---------------------------------------------- ------ -------------- -------------
Net asset value per ordinary share
- undiluted 13 720.5p 657.5p
- diluted 13 719.2p 653.6p
---------------------------------------------- ------ -------------- -------------
Consolidated cash flow statement
For the
period For the
ended year ended
9 December 31 January
2016 2016
(unaudited) (audited)
GBP'000 GBP'000
------------------------------------------------- ------------- ------------
Operating activities
Interest income 3,245 1,117
Dividends from subsidiaries - 902
Dividends from associates - 11,973
Income distributions 1,489 19,783
Expenses (22,081) (11,786)
Finance costs (12,790) (7,535)
Tax paid (135) (852)
Net cash (used in)/ generated from operating
activities (30,272) 13,602
-------------------------------------------------- ------------- ------------
Investing activities
Capital distributions from private equity
investments 215,627 466,708
Calls paid to private equity investments (155,500) (93,576)
Consideration received on disposal of associate - 29,959
Capital distributions from subsidiaries upon
liquidation 95 449
Investment in subsidiaries (361) (841)
Net cash generated from investing activities 59,861 402,699
-------------------------------------------------- ------------- ------------
Financing
Purchase of own shares into treasury or for
cancellation (23,434) (166,228)
Tender offer costs - (406)
Buy-back of convertible loan-notes (39,100) (66,772)
Settlement of foreign exchange trades (381) 110
Net cash used in financing activities (62,915) (233,296)
-------------------------------------------------- ------------- ------------
Net (decrease)/increase in cash and cash
equivalents (33,326) 183,005
Cash and cash equivalents at beginning of
period 330,367 134,912
Effect of foreign exchange rates on cash
and cash equivalents 36,737 12,450
-------------------------------------------------- ------------- ------------
Cash and cash equivalents at end of period 333,778 330,367
-------------------------------------------------- ------------- ------------
Company cash flow statement
For the
period For the
ended year ended
9 December 31 January
2016 2016
(unaudited) (audited)
GBP'000 GBP'000
------------------------------------------------- ------------- ------------
Operating activities
Interest income 3,244 1,117
Dividends from subsidiaries - 902
Dividends from associates - 11,973
Income distributions 1,489 19,783
Expenses (18,507) (11,370)
Finance costs (12,790) (7,535)
Tax paid (135) (852)
Net cash (used in)/generated from operating
activities (26,699) 14,018
-------------------------------------------------- ------------- ------------
Investing activities
Capital distributions from core portfolio 215,627 466,708
Calls paid to non-core portfolio (155,500) (93,576)
Consideration received on disposal of associate - 29,959
Capital distributions from subsidiaries upon
liquidation 95 449
Investment in subsidiaries (1,611) (2,091)
Loans to subsidiaries (9,833) (81)
Net cash generated from investing activities 48,778 401,368
-------------------------------------------------- ------------- ------------
Financing
Purchase of own shares into treasury or for
cancellation (23,434) (166,228)
Tender offer costs - (406)
Buy-back of convertible loan-notes (39,100) (66,772)
Settlement of foreign exchange trades (381) 110
Net cash used in financing activities (62,915) (233,296)
-------------------------------------------------- ------------- ------------
Net (decrease)/increase in cash and cash
equivalents (40,836) 182,090
Cash and cash equivalents at beginning of
period 329,452 134,912
Effect of foreign exchange rates on cash
and cash equivalents 36,737 12,450
-------------------------------------------------- ------------- ------------
Cash and cash equivalents at end of period 325,353 329,452
-------------------------------------------------- ------------- ------------
Notes
1 General information
The preliminary results for the period ended 9 December 2016 are
unaudited, and represent the annual financial report announcement,
which is regulated information. The financial information included
in this statement does not constitute the Company's statutory
accounts within the meaning of Section 435 of the Companies Act
2006. The information given as comparative figures for the year
ended 31 January 2016 does not constitute the Company's statutory
accounts for that financial period. Statutory accounts for the year
ended 31 January 2016, prepared in accordance with IFRS as adopted
by the European Union, have been reported on by the Company's
auditors and delivered to the Registrar of Companies. The report of
the auditors was unqualified, did not include a reference to any
matters to which the auditors drew attention by way of emphasis of
matter and did not contain a statement under Section 498 (2) or (3)
of the Companies Act 2006.
This statement was approved by the Board of Directors on 2
February 2017. The audit report on the full financial statements
has not yet been signed.
2 Accounting policies
Basis of preparation
In the current period the Company agreed to transfer all but one
of its investments to HarbourVest, and following this transfer it
is the intention of the Board to distribute proceeds, once
liabilities have been settled, to investors and put the Group into
liquidation. Therefore these accounts have been prepared on a
liquidation basis rather than on a going concern basis. Assets have
been stated at their recoverable amounts and liabilities have been
stated at their settlement values. All non-current items have been
reclassified as current items, and all expected liquidation
expenses have been accrued at the period end.
In addition, and in order to safeguard the investment trust
status of SVG Capital plc, the period end was changed from 31
January to 9 December, a date which coincides with the
unconditional agreement to transfer the first tranche of investment
assets to HarbourVest and the crystallisation of associated
realised gains. As a result of this reporting date change,
performance for the current period is measured over a period of
less than 12 months, compared to the 12 month period for the prior
year results, and therefore amounts provided in these financial
statements are not entirely comparable.
The Group and Company financial statements are presented in
sterling and all values are rounded to the nearest thousand pounds
(GBP'000) except when otherwise indicated.
The directors do not propose a dividend for the period ended 9
December 2016 (31 January 2016: GBPnil).
3 Operating income
For the For the For the
period period year For the
ended ended ended year ended
9 December 9 December 31 January 31 January
2016 2016 2016 2016
Group Company Group Company
(unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------------- ------------- ------------- ------------- -------------
Income from investments:
Dividends from subsidiaries - - 902 902
Dividends from associates - - 11,973 11,973
Income from money market instruments 928 928 327 327
Interest from fund investments 2,141 2,141 502 502
Other income from funds and co-investments 1,490 1,490 19,783 19,783
Other operating income:
Other interest receivable and other
income 395 30 3 3
4,954 4,589 33,490 33,490
-------------------------------------------- ------------- ------------- ------------- -------------
Represented by:
Interest 3,099 3,099 832 832
Dividends from subsidiaries and associates - - 12,875 12,875
Other income from funds and co-investments 1,855 1,490 19,783 19,783
4,954 4,589 33,490 33,490
-------------------------------------------- ------------- ------------- ------------- -------------
4 Administrative expenses
For the For the For the
period period year For the
ended ended ended year ended
9 December 9 December 31 January 31 January
2016 2016 2016 2016
Group Company Group Company
(unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------------- ------------- ------------- ------------- -------------
Fees payable to Aberdeen SVG 12 12 3,551 3,551
Fees payable to SVGC Managers Limited - 4,933 - 1,813
Staff costs 6,113 - 2,890 1,482
Directors' remuneration 274 274 300 300
Performance shares and options fair
value charge 2,444 1,499 445 445
General expenses 6,104 8,713 3,198 2,688
Costs related to transfer of assets
to HarbourVest
- Advisor fees 8,000 8,000 - -
- Legal fees 4,100 4,100 - -
- Other transaction costs 7,368 7,368 - -
Estimated liquidation costs
- Liquidation professional fees 180 180 - -
- Other operating costs to wind up 5,283 1,182 - -
Auditors' remuneration
- Statutory audit fees: Company 85 85 98 98
- Statutory audit fees: subsidiaries - - 15 -
- Tax advisory services 40 40 20 20
- Assurance services: interim report
review 36 36 22 22
- Advisory services: NAV basis and
comfort letter 115 115 - -
40,154 36,537 10,539 10,419
--------------------------------------- ------------- ------------- ------------- -------------
5 Staff costs
For the
period For the For the For the
ended year ended year ended year ended
9 December 31 January 31 January 31 January
2016 2016 2016 2016
Group Company Group Company*
(unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- ------------- ------------- ------------- -------------
Wages, salaries and bonuses 4,974 - 2,405 1,302
Social security costs 811 - 328 180
Pension costs 195 - 128 -
Redundancy costs 52 - - -
Other staff costs 81 - 29 -
6,113 - 2,890 1,482
----------------------------- ------------- ------------- ------------- -------------
* The staff costs incurred by the Company in the year ended 31
January 2016 relate to accrued staff bonuses for the period to 30
September 2015, payable by the company as part of the agreement to
sell the associated investments in Aberdeen SVG.
Pension costs for the year relate to contributions to money
purchase schemes for employees of SVGCM. Of the GBP195,000 (31
January 2016: GBP128,000) expense for the period, GBP195,000 is in
respect of staff (31 January 2016: GBP115,000) and GBPnil is in
respect of Directors (31 January 2016: GBP13,000).
The average number of staff employed by the Group and Company
was:
For the For the For the For the
year ended year ended year ended year ended
9 December 31 January 31 January 31 January
2016 2016 2016 2016
Group Company Group Company
(unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
----------- ------------- ------------- ------------- -------------
Employees 22 - 20 -
22 - 20 -
----------- ------------- ------------- ------------- -------------
6 Finance costs
For the For the
period period For the For the
ended ended year ended year ended
9 December 9 December 31 January 31 January
2016 2016 2016 2016
Group Company Group Company
(unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------- ------------- ------------- ------------- -------------
Convertible loan note interest 1,111 1,111 4,294 4,294
Amortisation of issue and listing
costs plus premium to redemption
on convertible loan notes 368 368 1,687 1,687
Acceleration of premium on buy-back
of convertible loan notes - - 1,304 1,304
Loss on buy-back of convertible loan
notes - - 5,222 5,222
Loan facility finance and amendment
costs 1,931 1,931 2,412 2,412
Other finance costs 164 164 52 52
3,574 3,574 14,971 14,971
-------------------------------------- ------------- ------------- ------------- -------------
7 Earnings per share
The calculation of the basic and diluted earnings per share, in
accordance with IAS 33, is based on the following data:
For the For the
period period For the For the
ended ended year ended year ended
9 December 9 December 31 January 31 January
2016 2016 2016 2016
Group Company Group Company
(unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------- ------------- -------------- -------------- --------------
Earnings for the purposes of basic
earnings per share being
net profit attributable to equity
holders 101,073 100,880 91,009 91,129
Number Number Number Number
Number of shares
Weighted average number of ordinary
shares for the purposes
of basic earnings per share 156,677,050 156,677,050 176,342,230 176,342,230
Share options and performance shares 247,738 247,738 481,938 481,938
Weighted average number of ordinary
shares for the purposes
of diluted earnings per share 156,924,788 156,924,788 176,824,168 176,824,168
-------------------------------------- ------------- -------------- -------------- --------------
Earnings per share
Basic 64.5p 64.4p 51.6p 51.7p
-------------------------------------- ------------- -------------- -------------- --------------
Diluted 64.4p 64.3p 51.5p 51.5p
-------------------------------------- ------------- -------------- -------------- --------------
The convertible loan notes were exercisable at a strike price of
640p and were, for purposes of calculating the diluted earnings per
share, not dilutive for the period 31 January 2016. The convertible
loan notes were redeemed in full on their maturity date in June
2016, thus not relevant for the current period calculation.
8 Investments
Group and
Company 9 December 2016 31 January 2016
----------------------------------------------- --------------------------------------------------
Fair value Funds Direct Total Funds Direct Total
through profit portfolio portfolio investments portfolio portfolio investments
or loss assets GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- --------------- -------------- -------------- --------------- --------------- --------------
Valuation
brought
forward 763,455 - 763,455 1,052,766 - 1,052,766
Calls and
purchases 138,248 17,252 155,500 93,640 - 93,640
Distributions
and sales* (738,792) - (738,792) (466,708) - (466,708)
Gains on
investments 112,677 - 112,677 83,757 - 83,757
Valuation
carried
forward 275,588 17,252 292,840 763,455 - 763,455
--------------- --------------- -------------- -------------- --------------- --------------- --------------
* The distributions detailed above relate to capital
distributions only. Income distributions are taken directly to the
income statement.
With the exception of a directly held unquoted investment valued
at GBP17.2 million, all of the Group's portfolio investments held
at 9 December 2016 were sold and transferred to HarbourVest
subsequent to the balance sheet date.
The net gain on investments shown above of GBP112,677,000
included realised gains of GBP54,259,000 relating to assets
disposed on in the period, while net gains of investments for the
year ending 31 January 2016 of GBP83,757,000 includes realised
gains of distributions of GBP146,433,000.
The gain of GBP72,928,000 shown in the Group and Company income
statements for the prior period ending 31 January 2016 includes a
fair value loss on associate during the period of GBP10,829,000.
The investment in associate was disposed in the year ending 31
January 2016.
Unconsolidated structured entities
The Group invests in several investment funds which meet the
definition of unconsolidated structured entities in accordance with
IFRS 12. The investment funds are closed ended private equity
limited partnerships or investment companies which invest in
underlying companies for the purposes of capital appreciation.
These entities are generally financed through committed capital
from limited partners or shareholders, with cash being drawn down
for financing investment activity.
As the investment portfolio has been sold to HarbourVest post
period-end, any loss exposure has been mitigated. However for
disclosure purposes, based on the latest available information
relating to these funds, the total size of the unconsolidated
structured entities at 9 December 2016 is GBP3,056.8 million (31
January 2016 : GBP5,785.9 million).
As at 9 December 2016, the Group's maximum exposure to loss
attributable to these entities comprises the current carrying value
of the assets, along with the uncalled committed capital relating
to those investments, as summarised below:
Group and Company Carrying Value at 9 December 2016
------------------------------------------------------
Uncalled Maximum
Assets Liabilities commitments loss exposure
Balance sheet line item of asset GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- -------- ------------ ------------- ---------------
Investments designated as fair
value through profit and loss 115,668 - 249,402 365,070
---------------------------------- -------- ------------ ------------- ---------------
Group and Company Carrying Value at 31 January 2016
------------------------------------------------------
Uncalled Maximum
Assets Liabilities commitments loss exposure
Balance sheet line item of asset GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- -------- ------------ ------------- ---------------
Investments designated as fair
value through profit and loss 280,491 - 219,141 499,632
---------------------------------- -------- ------------ ------------- ---------------
9 Investment in subsidiaries
For the For the
period For the year For the
ended year ended ended year ended
9 December 9 December 31 January 31 January
2016 2016 2016 2016
Group Company Group Company
(unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------- ------------- ------------- ------------- -------------
Value at the beginning of the period 79 1,329 1,259 1,259
Investment in subsidiaries 361 2,556 841 2,091
Capital distributions upon liquidation
of subsidiaries (95) (95) (449) (449)
Fair value (net) losses on subsidiaries (345) (3,790) (1,572) (1,572)
Carrying value at the beginning of
the period - - 79 1,329
----------------------------------------- ------------- ------------- ------------- -------------
The Company is classified as an investment entity and IFRS 10
generally requires that such entities should measure subsidiaries
at fair value through profit and loss. However as SVGC Managers
Limited provides investment management services to the Company and
is not an investment entity itself, it has been consolidated into
the SVG Capital plc Group in these financial statements.
During the period, SVG North America Inc. and SVG Advisors Inc.
were liquidated.
The remaining subsidiaries in the Group as at 9 December 2016
have been written down to GBPnil, which is considered to be the
fair value, ahead of the anticipated liquidation of the Company and
all its subsidiaries.
10 Borrowings
9 December 9 December 31 January 31 January
2016 2016 2016 2016
Group Company Group Company
(unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
------------------------ -------------- -------------- ------------- -------------
Convertible loan notes - - 38,732 38,732
- - 38,732 38,732
-------------- --------------------------------------- ------------- -------------
Loan facility
On 18 October 2016, the Group had cancelled its EUR300.0 million
loan facility with Lloyds Bank plc, The Royal Bank of Scotland plc
and State Street Bank and Trust Company. The facility remained
undrawn throughout both this and prior period.
Convertible loan notes
The convertible loan notes were repaid in full on the maturity
date of 5 June 2016. At the previous reporting date, the carrying
value of the notes were as follows:
31 January 31 January
2016 2016
Group Company
(unaudited) (unaudited)
GBP'000 GBP'000
---------------------------------------- ------------- -------------
8.25% subordinated convertible loan
notes 2016 - nominal 39,100 39,100
Unamortised premium, issue and listing
costs (368) (368)
38,732 38,732
---------------------------------------- ------------- -------------
The loan notes were issued on 5 June 2008 and were redeemable at
par on 5 June 2016. At issue the conversion option was valued at
GBP14,726,000 and this amount was credited to an equity
reserve.
11 Share capital
9 December 31 January
2016 2016
(unaudited) (audited)
Group and Company GBP'000 GBP'000
--------------------------------------------------- -------------- -----------
Allotted, called up and fully paid:
Opening balance of 231,789,499 shares (31 January
2016: 253,723,168 shares) 231,790 253,724
Cancellation of shares (60,000) (21,934)
Closing balance of 171,789,499 shares (31 January
2016: 231,789,499 shares) 171,790 231,790
--------------------------------------------------- -------------- -----------
During the period, the Company purchased 4.3 million shares
through on-market buy-backs. The cost of shares purchased were
debited to the Capital Reserve, in addition to professional costs
associated to the tender offers scheduled to take place subsequent
to the reporting date.
In the current period, no shares (31 January 2016: 0.8 million
shares) were transferred from treasury to satisfy the exercise of
LTIP awards. At 9 December 2016, the Company held 15,697,529 shares
in Treasury (31 January 2016: 71,392,872) and shares held by the
SVIIT Employee Benefit Trust and the SVIIT USA Employee Benefit
Trust totalled 23,320 (31 January 2016: 417,647).
12 Related party transactions
Lynn Fordham is a member of the Advisory Committees of certain
funds in the investment portfolio in which the Group invests. She
does not receive fees for these services.
No other Director has any material interest in any other
contract that is significant to the Group's business.
The Directors of the Group and their beneficial family interests
in the Company's share capital during the period to 9 December 2016
are shown in the Remuneration report.
Related party transactions during the period, if any, were made
on terms equivalent to those that prevail in arm's-length
transactions.
13 Net asset value per ordinary share ("Shareholders'
funds")
9 December 9 December 31 January 31 January
2016 2016 2016 2016
Group Company Group Company
(unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
--------- ------------- ------------- ------------- -------------
Basic 720.6p 720.5p 657.4p 657.5p
Diluted 719.3p 719.2p 653.5p 653.6p
--------- ------------- ------------- ------------- -------------
Calculations of the net asset values per share are based on
Group net assets attributable to equity shareholders of the parent
of GBP1,124,703,000, Company net assets of GBP1,129,628,000 (31
January 2016: GBP1,051,768,000 and GBP1,051,888,000) and on
156,086,650 (31 January 2016: 159,978,980) ordinary shares in issue
at the year end.
The Group and Company diluted net asset value per share assumes
that share options, performance shares and deferred shares with a
strike price lower than the undiluted net asset value per share are
exercised at the balance sheet date. This would result in the issue
of 279,509 ordinary shares (31 January 2016: 781,383) for
consideration of GBPnil (31 January 2016: GBP nil).
The convertible loan notes 2016 were exercisable at a strike
price of 640p, less than the undiluted net asset value per share,
and were therefore dilutive at 31 January 2016. Assuming the
conversion was exercised at the previous balance sheet date, this
would have resulted in the issue of 6,109,375 ordinary shares and
an increase in Group and Company net assets of GBP38,732,000 which
was the carrying value of the convertible loan notes as at 31
January 2016. The convertible loan notes were redeemed in full in
June 2016 and are therefore not dilutive as at 9 December 2016.
Therefore, the calculation of the diluted net asset value per
share is based on Group net assets attributable to equity
shareholders of GBP1,124,703,000, Company net assets of
GBP1,129,628,000 (31 January 2016: GBP1,090,500,000 and
GBP1,090,620,000), and on 156,366,159 (31 January 2016:
166,869,738) ordinary shares in issue at the period end.
Reconciliation of NAV per share - basic
Shares in Basic NAV
Group GBP'000 issue per share
------------------------------------------ ---------- ------------ -----------
Opening shareholders' funds 1,051,768 159,978,980 657.4
Disposal of own shares - 659,327 n/a
Purchase of shares (30,582) (4,551,657) 671.9
------------------------------------------ ---------- ------------ -----------
Opening balances adjusted for
share changes 1,021,186 156,086,650 654.2
Gain attributable to equity shareholders 101,073 156,086,650 64.8
Other reserve movements during
the year 2,444 156,086,650 1.6
------------------------------------------ ---------- ------------ -----------
Closing shareholders' funds 1,124,703 156,086,650 720.6
------------------------------------------ ---------- ------------ -----------
Reconciliation of NAV per share - diluted
Shares in Diluted NAV
Group GBP'000 issue per share
------------------------------------------ ---------- ------------ ------------
Opening shareholders' funds -
dilutive basis 1,090,500 166,869,738 653.5
Adjustment re lapses and grants
of performance shares - (501,874) n/a
Adjustment re conversion of loan
notes 2016 (38,732) (6,109,375) 634.0
Disposal of own shares - 659,327 n/a
Purchase of shares (30,582) (4,551,657) 671.9
Opening balances adjusted for
share changes 1,021,186 156,366,159 653.1
Gain attributable to equity shareholders 101,073 156,366,159 64.6
Other reserve movements during
the year 2,444 156,366,159 1.6
------------------------------------------ ---------- ------------ ------------
Closing shareholders' funds -
dilutive basis 1,124,703 156,366,159 719.3
------------------------------------------ ---------- ------------ ------------
14 Ten largest investments (by value)
Group and Company
9 December 31 January
2016 2016
(unaudited) (audited)
Fund Manager/Adviser GBP'000 GBP'000
---------------------------------- -------------------------- ------------- -----------
CCMP Capital Investors III CCMP 78,038 52,737
Clayton, Dubilier & Rice Fund IX Clayton, Dubilier & Rice 64,502 31,995
FFL Capital Partners IV FFL 40,121 18,753
Hillman (Co-investment) CCMP 26,280 17,579
P25 APEA 17,884 27,863
WSI (Direct investment) AEP LP Inc 17,252 -
SV Life Sciences Fund IV Schroders 13,574 18,328
Eyemart (Co-investment) FFL 12,838 8,425
AEA Investors Fund VI AEA 5,770 -
Permira Europe II Permira 5,404 3,399
281,663 179,079
------------------------------------------------------------- ------------- -----------
15 Post balance sheet events
Since the period-end there has been a GBP350 million tender
issue and the completion of the asset transfer to HarbourVest at
carrying value. A further tender issue of GBP300 million is planned
for Q1 2017 out of distributable reserves, following which we will
seek Court approval for a reduction of capital to enable a further
tender issue in Q2 2017 of around GBP400 million. We expect to
appoint a liquidator on or around 31 May 2017 to complete the
wind-up process and return remaining capital to shareholders. There
have been no other post balance sheet events that require
disclosure.
END OF CONDENSED FINANCIAL STATEMENTS
[1] Together with associated repurchases
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LLFIIFSIFIID
(END) Dow Jones Newswires
February 02, 2017 05:07 ET (10:07 GMT)
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