Eredene Capital PLC Sale of 23% stake in Sattva CFS (5392N)
29 7월 2014 - 3:00PM
UK Regulatory
TIDMERE
RNS Number : 5392N
Eredene Capital PLC
29 July 2014
29 July 2014
Eredene Capital PLC ("Eredene")
(a closed ended investment company in infrastructure projects in
India, registered in England and Wales with company number
5330839)
Partial divestment of stake in Sattva CFS & Logistics Pvt
Limited
-- Eredene Capital PLC ("Eredene") today announces the receipt
of GBP1.9m in cash for the sale of a 23% stake in Sattva CFS &
Logistics Pvt Limited (the "Company"), a leading player in
container logistics in Chennai, South East India
-- This represents a 4.6x return on the initial investment and an IRR of 24.5%
-- This follows on from the receipt of GBP1.1m from an earlier
sale of a 10% stake in the Company announced in January 2012
-- Both sales have been to the Sattva Business Group which now owns 74% of the Company
-- The sale reduces Eredene's stake in the Company to 16%
As a part of the on-going strategy to realise assets and return
capital to shareholders, Eredene Capital PLC, the AIM quoted
investor in Indian infrastructure, today announces the receipt of
GBP1.9m for the sale of its 23% stake in the Company, through its
subsidiary Ennore Mauritius Limited, to Sattva Hi-tech and Conware
Private Limited, part of the Sattva Business Group.
Sattva CFS, located in Vichoor and servicing the busy port of
Chennai, was Eredene's first investment in the sector in 2007. The
business has been developed from a greenfield site to become
dividend paying within two years. Its latest results for the year
to 31 March 2014 showed pre-tax profits of GBP1.2m.
The GBP1.9m sale proceeds will be retained until further
significant asset realisations have been achieved when another
return of capital to the shareholders will be considered.
The carrying value of Eredene's 23% stake in the Company was
GBP2.24m being the proportionate fair value of Eredene's investment
in Sattva CFS & Logistics as at 30 September 2013 as disclosed
in the Interim Results announced in December 2013. The directors
value the remaining 16% stake at a fair value of GBP1.25m. The fair
value of the entire investment portfolio as at 31 March 2014 will
be provided upon the release of Eredene's Annual Results which is
expected by mid-August 2014.
Enquiries:
Ocean Dial Asset Management Limited (Investment Manager &
Administrator)
David Cornell
Robin Sellers
Tel: +44 20 7802 8900
Grant Thornton UK LLP(NOMAD)
Philip Secrett
Jen Clarke
Tel: +44 20 7383 5100
Numis Securities Limited(Broker)
David Benda
Hugh Jonathan
Tel: +44 20 7260 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISRPMATMBITBPI
Eredene Capital (LSE:ERE)
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부터 5월(5) 2024 으로 6월(6) 2024
Eredene Capital (LSE:ERE)
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부터 6월(6) 2023 으로 6월(6) 2024