Equity Part.Inc Share Discussion Threads

[papy02] 18/7/2011 18:12

Indeed. Just out:



... the EPIC Board estimates that, on the date of liquidation, the final entitlements of the Income Shares will be covered fully by cash at 31 July 2011 so that each Income Shareholder will receive 100 pence per Income Share.

Payment to Income Shareholders Week commencing 15 August 2011

[stemis] 15/7/2011 08:32

Yep, looks like its all in the bag now.

[papy02] 14/7/2011 19:13

the dividend confirmed, and paid before 31 July:

a fourth dividend of 3.2688 pence per income share for the year ended 31 July 2011 will be payable to all eligible income shareholders at record date 22 July 2011.

The ex dividend date is 20 July 2011 and the dividend will be paid on 29 July 2011.

[papy02] 12/7/2011 15:31

Thanks Stemis, and also for flagging EQPI last year :-)

Yes I'd seen those positive comments. I'm just wondering when the cash will hit our bank accounts, given the EGM to finalise the payout has yet to be announced.

[stemis] 12/7/2011 10:28

According to the notice of EGM



At the 2008 AGM of the Company, a resolution that the Company should not continue as an investment company beyond 31 July 2011 was approved by the Capital Shareholders......

Following that approval, the Board stated that its priority was to ensure that the senior ranking Zero Dividend Preference Shares and Income Shares had their final entitlements, which are due on 31 July 2011.....

Based on the value of the Company's net assets as at 24 June 2011, the Board estimates that the final entitlements of the Income Shares and the Zero Preference Dividend Shares will be covered by cash at 31 July 2011.....

According to the net asset value announcements; NAV of capital shares at 23 June was 37.83p and on 6 July 36.89p so no real change to the last statement.

Looks good for full cash on 31 July IMO

[papy02] 12/7/2011 10:04

Hopefully we will hear soon re the EGM re Income share entitlements - I'd been assuming we woud get both the 100p capital repayment and last 3.2688 dividend within a week of July 31, but they seem to be running close to the wire.

Views anyone?

From the July 1 RNS


The Company and EPIC Securities intend to publish separate circulars shortly convening further extraordinary general meetings, to propose resolutions to appoint liquidators and to provide details of proposals for those companies' liquidations, including the proposed entitlements of the Capital Shares, Income Shares and Zero Dividend Preference Shares.

The Board is unable at this time to estimate the entitlements of the Capital Shares, Income Shares and Zero Dividend Preference Shares in those intended liquidations.

The Company and EPIC Securities will be placed into liquidation, and trading in shares of each will cease, on the passing of any winding-up resolutions.

[cwa1] 16/8/2010 08:56

Morning SteMiS

Thanks for your post over on TMF, interesting stuff.

I've just tried a quick price poll on Selftrade on the price. Somewhat surprisingly they are prepared to sell a HUGE 1000 online at full offer price BUT are prepared to buy back 100,000 at 93p! So stock must be fairly tight out there to say the least!

[wilmdav] 16/8/2010 08:19

Thanks again, SteMiS

[rambutan2] 10/9/2006 01:54

i've started a new thread under the proper epic code ie eqpc...

[rambutan2] 10/9/2006 01:37

from brits recent interims - confirm that eip stake up for sale and talks ongoing...


PERFORMANCE: INVESTMENTS

REVIEW

The Group's total investment return for the half year was #37.0m (30 June 2005:
#61.2m).

Total invested assets were approximately constant at #2,382.5m (31 December 2005 #2,373.7m). Positive cash flow from new business was balanced by claims
payments in respect of the hurricanes of 2004 and 2005, the final 2005 dividend
payment and the partial redemption of the Unsecured Loan Stock.

As previously, some 90% of our investment portfolio remains in a mixture of cash and short duration, high quality fixed income securities. Both Sterling and US dollar interest rates rose some 70 basis points in the half year. If it
continues, this trend augurs well for future levels of investment return, but it has a short term effect of a mark-to-market unrealised loss on the current bond portfolio. In the half year we recorded unrealised losses on the bond portfolio of #12.8m.

83% of the Group's investments are managed by subsidiaries of Equity Investment
Partners ("EIP"), in which the Group owns a 41% stake. Discussions continue
with a number of parties with a view to the potential sale of this stake. While investment returns remain central to the Group's profitability, we have decided that the Group does not need to own its investment manager and is not deriving value in its share price from doing so; and that EIP's own future growth may be faster under new ownership.

As can be seen from the following tables having outperformed the benchmarks for
our asset classes in 2005, we have performed largely in line with the benchmarks in the first half of 2006, given our asset mix and the duration of our bond portfolio.

Asset Allocation 30.06.06 30.06.05 31.12.05
#m #m #m

Equities 199.6 205.1 219.0
Bonds 1,741.0 1,482.1 1,626.6
Cash and deposits 440.3 339.9 526.6
Derivatives and assets held for sale 1.6 0.0 1.5
-------- -------- --------
Total 2,382.5 2,027.1 2,373.7
-------- -------- --------


Bonds, cash and deposits currency mix 30.06.06 30.06.05 31.12.05
% % %

Sterling 59.5 71.8 62.9
US Dollar 29.5 22.1 28.2
Euro 7.2 4.4 6.1
Other 3.8 1.7 2.8
-------- -------- --------
Total 100.0 100.0 100.0
-------- -------- --------


Sterling fixed income performance 6m ended 6m ended 12m ended
(Absolute return for period) 30.06.06 30.06.05 31.12.05
% % %

Group's Sterling fixed income performance 1.33 3.31 5.36
1 month sterling LIBID 2.24 2.37 4.72
1 year gilts 1.83 2.17 4.57
5 year gilts 0.65 3.34 4.98



US dollar fixed income performance 6m ended 6m ended 12m ended
30.06.06 30.06.05 31.12.05
% % %

Group's US dollar fixed income performance 1.18 1.02 1.87
1 month dollar LIBID 2.31 1.31 3.18
0-1 year US Treasury Note Index 1.60 1.06 2.84
1-3 year US Treasury Bond Index 1.04 0.97 1.67



Equity returns 6m ended 6m ended 12m ended
30.06.06 30.06.05 31.12.05
% % %

The Group's equities 5.65 9.92 27.10
FT All Share Index 5.77 8.14 20.91
FTSE 100 5.42 8.46 19.63



Bond portfolio duration 30.06.06 30.06.05 31.12.05
Yrs Yrs Yrs

Sterling 1.93 1.85 1.57
US Dollar 1.73 1.97 1.40
Euro 1.67 1.65 1.40
CAD 1.35 1.40 1.48



Bond portfolio credit ratings 30.06.06 30.06.05 31.12.05
% % %

Government 42.0 58.0 49.0
AAA 16.0 15.0 14.0
AA 28.0 18.0 26.0
A 14.0 9.0 11.0

Total 100.0 100.0 100.0


Notes:

9 Investments in associated undertakings
30 June 30 June 31 December
2006 2005 2005
#'000 #'000 #'000
--------------------------------------------- ------- ------- --------
EPIC Investment Partners Limited - 1,301 -
Ebix Inc 10,258 - -
--------------------------------------------- ------- ------- --------
10,258 1,301 -
--------------------------------------------- ------- ------- --------

[rambutan2] 18/8/2006 00:31

a reminder of shares in issue...

Capital Shares: 34,561,666
Income Shares: 20,736,333 (redeem at 100p on 31/07/11)
Warrants: 6,912,333 (ex into one capital share at 100p on 30/11/06)
Zeros: 20,000,000 (windup 31/07/11, redemp price of 139.3p.


and out of interest, i did a search to see where strand partners were popping up on rns, remembering that epic hold a ?% stake in them...

they look to have been reasonably busy.

[rambutan2] 18/8/2006 00:16

and look who else also slipped onto the register...

17th August 2006

The Equity Partnership Investment Company plc

Shareholder Notifications

The Company has been notified by Societe Generale Option Europe that they have a current interest in 2,100,000 Capital Shares (approx 6%) in the Company.


looking back over recent days trades, it looks like everyone who has come on board has had to pay 92p for the pleasure. while those that got out got at least 91.5p. so, no one lost face!

[rambutan2] 16/8/2006 22:25

hi linhur,

i assume that brit and artemis are two of the "stale bulls" and that svm, who i know have had a holding for a long time, were happy to take a nice chunk for their new open-ended fund (a near mirror copy of the global investement trust) which they've been marketing heavily recently.

yesterday they popped up on the share register of mnl, for the same reason i suspect.

enjoy the ecofin meeting tomorrow.

regards
rambutan

[linhur] 16/8/2006 17:49

I see Brit Ins and Artemis have exited and Scottish Value have taken 15%.Sounds like a rearragement ahead of an announcement.

regards
Linhur

[linhur] 09/8/2006 10:03

Hi ram

Thanks for the insight on Eqpc.As you say it is helpful to know Nick Greenwood is on board.

The warrants expiry may be concentrating minds but there is unlikely to be much information available before November.

The private equity vehicles may be suffering from competition as I am aware of a couple of deals that have not been completed involving epic.

I am in town for the ecofin meeting on 17 August and will email you nearer the time.

kind regards
Linhur

[rambutan2] 08/8/2006 23:20

hi linhur,

been meaning to drop you a line. a few months ago i "heard" that there are a number of stale cap holders on the register. the 90p mark seems to be an acceptable cross price for instit sellers/buyers. (although the zs took out a few pence). i take heart from seeing that nick greenwood has added a few in recent months and they now feature in the top 10 of his baby (iim).

when i give them a call i'll report back. do drop me a line if you're popping into the capital for a meeting (i'm not choosy) and fancy some moral support and a coffee.

regards
rambutan

[linhur] 08/8/2006 20:53

Ram

Been keeping an eye on this one for 12 months and have a small holding.Pretty illiquid share.

Large crosses today which seem to indicate that Brit Insurance have exited.I would like to know why they have done so as the managers and directors had very close ties.

Perhaps Brit and Epic are going to go separate ways which might not be good for EPIC as they managed a lot of funds.

I still think the capital shares are under valued but I am a bit wary with so many elephants galloping around ( institutions mhave 70% of the shares.

kind regards
Linhur

[rambutan2] 04/8/2006 02:15

1.5m x trade at mid (92p) price yesterday.

nav has held up pretty well over last couple of months.

it has to be said that this is a bit of a slow burner. and they are running out of time if they want the wrts exercised, as only 4mths to expiry.

[rambutan2] 24/4/2006 17:05

egm passed stuff last week, and first day for the new z today...

interim report was also posted out.

[Abuse team] 04/4/2006 23:44

Post removed by ADVFN

[rambutan2] 04/4/2006 23:42

re issue of zs to replace bank debt, plus pay increase for management...

[rambutan2] 15/3/2006 11:39

morning ursus,
yes, they did do well for bre. re eqpc, well that now explains their continued refusal to value up the epl stake in the nav. they've obviously known for a long time this was going/likely to occur. however, that does mean that it's difficult to see any downside really, as how much lower can you value a successfull fund manager than at 0.8% of fum, especially in the current climate where valuations of fund managers are pretty full. and it does mean that we will get clarity and a clear strategy for epl. ho humm, things never go quite as expected but change brings opportunity as they say...

INVESTMENTS

The Group's investment return was ahead of expectations for 2005. Total
invested assets grew from #1.9bn to #2.4bn, principally based on strong cash
flows from continued growth of premium income and the planned increase in assets held to match claims reserves, especially on the medium and longer tail classes of business. Funds were also increased by the new bond issue.

The average return on invested assets was 5.4% (2004 4.6%) based on a consistent approach to asset allocation (over 90% cash and fixed income, very high credit quality, short bond duration) and a strong relationship with our investment managers, especially our affiliate, Equity Investment Partners Limited ("EIP") and its subsidiaries, which manage 84.6% of our total invested assets. Our policy of setting total return mandates for our investment managers has been successful. The sterling bond portfolio has performed particularly well, as the managers have judged market movements well and have been successful in switching duration within the guidelines of 0-3 years to maximise value from interest rate fluctuations. The Group's equity investments have again outperformed the relevant indices.

We have this year continued our trend of realising assets which are unlisted or
relatively illiquid given the size of our holding compared with market volumes
regularly traded. A number of these assets represented residual holdings from
1999 and before, when Brit was an investment trust taking material stakes in
insurers and insurance-related businesses, compared with our current core
strategy of underwriting for our own account. In 2005 we disposal of our
remaining shares in Chaucer Holdings PLC.

We also decided during 2005 that it is not in shareholders' interests that the
Group remains a long-term shareholder of EIP, despite its very good investment
performance track record. Accepted best practice has become for insurers,
especially non-life, to dispose of their in-house asset managers and to contract for these services from third parties, while retaining in-house capability in asset allocation and supervision of outsourcing. The Board believes Brit is likely to receive more value from a sale of our stake in EIP than either its book value or the implicit value which is currently ascribed to the stake in the Group's share price and accordingly has appointed financial advisers with a view to seeking a buyer at a suitable price. Under the new IFRS rules and in the light of the process which is now underway, EIP is now held in the balance sheet at its book value of #1.1m as an asset held for sale rather than as an associate. EIP's results have ceased to be equity-accounted from 15 November 2005. The process is currently at an early stage; a number of parties have expressed interest.

Asset Allocation

31 December 2005 31 December 2004
#'m #'m

Equities 219.0 173.3
Bonds 1,626.6 1,141.0
Cash and deposits 528.1 544.2
Total 2,373.7 1,858.5

Bonds, Cash and Deposits Currency Mix

31 December 2005 31 December 2004
% %

Sterling 62.9 64.6
US Dollar 28.2 26.4
Euro 6.1 7.1
Other 2.8 1.9
100.0 100.0

Sterling Fixed Income Performance

31 December 2005 31 December 2004
% %

The Group's sterling investments 5.36 4.56
1 month sterling LIBID 4.72 4.40
0-1 year Gilt Index 4.57 4.23
1-3 year Gilt Index 4.98 4.64


US Dollar Fixed Income Performance

31 December 2005 31 December 2004
% %

The Group's dollar investments 1.87 1.19
1 month dollar LIBID 3.18 1.30
1 year US Treasury Note Index 2.84 0.82
1-3 year US Treasury Bond Index 1.67 0.91


Equity Returns

31 December 2005 31 December 2004
% %

The Group's equities 27.10 18.99
FT All Share Index 20.91 9.21
FTSE 100 19.63 7.54


Bond Portfolio Duration

31 December 2005 31 December 2004
Yrs Yrs

Sterling 1.57 0.94
US Dollar 1.40 1.51
Euro 1.40 0.20
Can dollar 1.48 1.47


Bond Portfolio Credit Ratings

31 December 2005 31 December 2004
% %

Government 49 50
AAA 14 22
AA 26 20
A 11 8
Total 100 100

[ursus] 15/3/2006 09:20

more changes on the horizon - Brit is going to sell its equity stake in epl. i can't work out for the moment what this may mean for the cap and income shares, let alone what the impact of the intended zeros might be. needs study...

but they did well for brit....

[rambutan2] 09/3/2006 10:31

interesting, and zeros would be a better option as long as can keep rate low. will give them a call...

09 March 2006

Re: proposed issue of zero dividend preference shares and restructuring of
management arrangements

The Board of Directors of The Equity Partnership Investment Company PLC
('Company') announces that it is considering proposals whereby the Company's
existing bank borrowings would be replaced by an issue of up to £20 million of
zero dividend preference shares and the management arrangements for the
Company's portfolio would be restructured so as to reflect the Company's
exposure to private equity investments and provide incentives for the private
equity management team more in line with market practice.

Any such proposals will be subject to approval by capital shareholders.

A shareholder circular is expected to be published within the next four weeks
and at that time a further announcement will be made.

[rambutan2] 14/2/2006 23:29

courtesy of mr "on the ball" ursus...

Brit Insurance Holdings PLC ('Brit'), the UK-based international general insurer and reinsurer, today releases the following upgrade to market forecasts.

Profits

Driven by good performance both in its non-catastrophe exposed underwriting
portfolios AND IN ITS INVESTMENT PORTFOLIO, Brit expects that its pre-tax profit for 2005 will be in the region of £60 million, significantly ahead of market consensus expectations.



and while i'm at it, the most recent nav. note the nb - 0.81% of fum seems a tad on the cheap side...

26 January 2006

Equity Partnership Investment Company PLC (EPIC)
December 2005
Monthly NAV Announcement
Equity Partnership Investment Company PLC
"The net asset value (unaudited) for the above fund's Capital Shares at close of
business on 31 December 2005 was 113.4206p"

NB The Directors are in the process of reviewing the basis of valuation of the
Company's holding in the Fund Manager, Equity Partnership Limited (EPL). Until
the process is concluded, the valuation of EPL will remain at 1% of Funds under
Management as at the end of 31 December 2004 unless managed funds fall, in which case the valuation will decrease proportionately. As a result the valuation of
the Company's EPL shareholding as at 31 December 2005 was 0.81% of Funds under management plus retained earnings/cash.