Share Name Share Symbol Market Type Share ISIN Share Description
Graphite Ent LSE:GPE London Ordinary Share GB0003292009 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 549.50p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 13.9 11.5 33.5 16.4 396.54

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Date Time Title Posts
11/3/201617:17Graphite Enterprise Trust - a share of private equity165
11/4/200612:44GPE - The pub discussions thread!4
17/2/200512:15Recent GPE Trades2

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Graphite Ent Daily Update: Graphite Ent is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker GPE. The last closing price for Graphite Ent was 549.50p.
Graphite Ent has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 72,164,367 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Graphite Ent is £396,543,196.67.
topvest: Yes, this is a mightily impressive disposal. This must have been sold for nearly double its year end valuation. It was 2% of the portfolio or c£8.7m and sold for £15m a few weeks later. Wow! Hope the other investments are valued that prudently. This company has taken a lot of moaning from shareholders, but it's NAV performance is extremely good. Share price performance has not always been great, but it's porfolio has always delivered. They deserve more credit where it is due, in my opinion.
killing_time: Its about 20% at 688p NAV and a share price of 555p.
killing_time: Agreed, The sale adds 6.1p to the NAV which is now up to 688.4p. The deposals are starting to come through which is adding good traction to the share price. It will be interesting if they sell Park Holidays as it was about the same % size to the portfolio as Alexander Mann.
biggest bill: I have finally bought back into Graphite after three years out of private equity trusts. The discount to asset value is simply too high. I expect the discount to narrow from 40% to 20% over the next couple of years as the discount starts to return to its long term average of 15%. Even if there is no rise in net asset value at all, my anticipated fall in the discount equates to a share price rise of 33%.
nil pd: 18BT, I've kept GPE on my monitor in spite of selling out in full before the crash in 2008 as I always had some respect for the management (as well as the concept of access to private equity in this vehicle). Yes, that call option was a good punt, wasn't it, even though I considered it rash for an IT to get into such an instrument?! The share price is now speaking about 400p again and I wonder if I've missed out on the recovery. What's your opinion about closing the 25% discount to NAV? To be clear, I'm not a holder right now.
a1samu: NAV is 449p at 31 December 2008, which is down from the date of the last sale, when NAV was reported of 494p. The latest NAV is reported on the 16 March 2009, which is two and a half months out of date. This is outragous. The market does not believe the directors of this company. They should be able to report NAV by the day, if they so wanted. To report NAV two and a half months out of date is just sheer stupid. In any case NAV should have fallen further by the end of March and is likely to be below 400p, even at their reckoning. There is no reason why this share should not collapse, just like Candover did, which is now about 10% of its value only a short time ago and is unable to sell itself even at the latest discounted share price, because of their commitments to invest monies they do not have, in busted companies. The fall in this share price is far from over.
donalc: This current price does not make sense. Unless the market believes the managers here are so incompetent that they will lose the cash they have (that alone more than share price) and all investments made are worth nothing.
a1samu: NAV of 494p is an out of date number. It was out of date already when it was published and the directors know that. It is bordering on the fraudulent, when with modern computer equipment and facilities, NAV can be reported and is reported on a daily basis. Since the market for trade sales and IPO's is dead, one should really value all the unquoted holdings at zero, unless there is compelling reasons stated, why the holding has any value at all. No one knows what horrors are contained within the fund investments, because the directors have not yet told shareholders about them. Be sure that there are massive horrors contained within the funds in this no IPO or trade sales environment. The market recognises this and accordingly slashes the share price. The only people not prepared to recognise it is the directors, who mislead their own shareholders in a selfish and massive, bordering on the fraudulent way It is in their interest to keep values up, I suppose, because their remmuneration depends on that. In the meantime, sherholders are left with no income and massive capital losses.
goldthorpe: Nil Pd, what does the chart say? Article on R4 Today programme business news this am about Private Equity financing. Interviewee (can't recall who - I was half asleep) reckoned that smaller sized PE deals should be fairly easy to finance. Not so the larger one. GPE share price doesn't seem to have been affected by credit crunch.
nil pd: Well, here's the news - NAV now 320.6p RNS Number:8149J Graphite Enterprise Trust PLC 16 March 2005 For immediate release 16 March 2005 GRAPHITE ENTERPRISE TRUST PLC UNAUDITED PRELIMINARY STATEMENT OF RESULTS FOR THE YEAR TO 31 DECEMBER 2004 SUMMARY * Net assets per share rose by 12.5% * Total return to shareholders was #38.2 million or 14.8% * The share price rose by 27.3% * Realisations from the investment portfolio totalled #109.3 million * Closing shareholders' funds were #287.6 million FINANCIAL RESULTS 2004 2003 Change Net assets per share 320.6p 284.9p +12.5% attributable to ordinary shareholders Share price 283.0p 222.3p +27.3% FTSE All-Share Index 2,410.75 2,207.38 +9.2% Final dividend per share 4.3p 4.3p - Special dividend per share 2.8p - n/a John Sclater, Chairman, made the following statement on the results: Performance The net asset value per share of Graphite Enterprise increased by 12.5% in 2004, mainly as a result of a number of profitable disposals. The share price performed particularly strongly, rising by 27.3% in the year. These increases compare with a rise of 9.2% in our benchmark, the FTSE All-Share Index. At the year end shareholders' funds were #287.6 million. Reflecting the strong share price performance, the discount of the share price to the underlying net asset value narrowed sharply in the year from 22.0% to 11.7%. This was the lowest the discount had been since May 2001. The objective of Graphite Enterprise is to provide shareholders with long term capital growth measured against our benchmark, the FTSE All-Share Index. Equity markets have been turbulent since the late 1990s, with most indices still significantly below the peaks they reached in 1999 and 2000. In the five years to 31 December 2004, the FTSE All-Share Index fell by 25.6% while the net asset value per share of Graphite Enterprise rose by 0.8% and its share price fell by 12.4%. The longer term performance of Graphite Enterprise has been strong, with increases of 285.7% in the net asset value per share and 301.4% in the share price in the ten years to 31 December 2004. These movements compare with an increase of 58.5% in the FTSE All-Share Index over the same period. Portfolio movements In last year's annual report we commented on rising confidence and prices in the private equity market and we anticipated that the rate of disposals from the Graphite Enterprise portfolio would be higher in 2004. In the event the market remained strong and conditions for disposals were excellent. Total proceeds from the investment portfolio were #109.3 million, realising a surplus over opening valuations of #36.1 million or 49.4%. As we took the view that prices were unusually high, it was unsurprising that total new investments of #29.4 million were considerably less than the exceptionally high level of disposals. This resulted in an increase in the level of liquidity in the year. At the same time, as anticipated in last year's report, few new fund commitments were made in a market where, in our view, there were few high quality funds available. Balance sheet At 31 December 2004 #234.8 million was invested in or committed to the investment portfolio, representing 80.3% of total net assets. Adjusting for further commitments of #35.9 million since the year end, this rises to 92.6%. A year earlier, the amount invested in or committed to the portfolio represented 112.2% of total net assets. The change in 2004 was the result of the high level of disposals. The investment portfolio was valued at #151.4 million at the end of the year, representing 51.8% of total net assets. Cash and near-cash were #140.8 million (48.2%) offset by #83.3 million of commitments (28.5%). Uncommitted cash and near-cash was therefore #57.5 million, an amount which has fallen to #21.6 million, or 7.4% of total net assets, following the commitments since the year end. Given the nature of our commitments, uncommitted cash and near-cash is the best measure of liquidity. The great majority of our commitments are to funds and are contractual, long term and binding. It is therefore essential to have sufficient liquidity available to meet cash calls from funds, whether in cash or in borrowing facilities. Although Graphite Enterprise is currently liquid following the successful recent disposals, looking forward we expect commitments to exceed liquidity once again, and it is also possible that borrowing facilities will be required. Share buy backs The discount of the share price to net asset value fluctuated widely during the year, hitting a peak of 24.8% and narrowing in the last few months to end at 11.7%. We have continued to follow the policy of enhancing shareholder returns by buying back shares when they are available in reasonable volumes at a high discount, while maintaining sufficient liquidity for new investments. For a large part of 2004, however, it was not possible, for regulatory reasons, to buy back shares when negotiations were under way to make disposals that would be likely to affect the share price if they completed. Following the announcement of these disposals, share buy-backs resumed. A total of 1.075 million shares was bought back during the year at a cost of #2.9 million. Prices paid varied between 262.0p and 270.0p, with an average price of 266.9p, and an average discount to net asset value of 15.0%. The buy backs enhanced net asset value per share by 0.6p. Statement of total return and dividend The total return for the year was #38.2 million, or 42.1p per share, representing 14.8% of opening shareholders' funds. The capital return was #30.4 million or 33.6p per share, and the net revenue attributable to shareholders was #7.7 million or 8.5p per share. Net revenue increased by #3.3 million, principally as a result of higher dividend and interest income from portfolio investments. The income included an unusually large dividend of #2.1 million received from Maplin Electronics prior to its sale. The increase in net revenue was partly offset by a higher tax charge and slightly higher expenses. The exceptional level of net revenue in 2004, and in particular the receipt of the dividend income from Maplin, allowed Graphite Enterprise to pay a special dividend of 2.8p per share in December. The Board is recommending an unchanged final dividend of 4.3p per share. International financial reporting standards (IFRS) As a listed group which prepares consolidated accounts, Graphite Enterprise will apply IFRS from 1 January 2005, and the first published results under IFRS will be those for the six months ending 30 June 2005 with restatement of prior year comparatives. While the precise application of IFRS to investment trusts is still under debate, it seems unlikely at this stage that it will result in any major change to the net asset value of Graphite Enterprise. Outlook The UK private equity market has been unusually strong for some time, with private company valuations at the end of 2004 higher than for many years. The supply of debt remains plentiful, and this encourages equity providers to offer high prices when bidding for companies. Conditions therefore remain good for disposals, while it is often questionable whether the prices demanded for new investments represent good value. We believe that the UK private equity market is at a cyclical peak from which it is likely to fall over the next 12 to 18 months, especially if the economy slows or interest rates rise further. Conditions in continental European markets have generally been similar, if not so extreme as in the UK. Against this background, we shall remain enthusiastic sellers of mature companies and cautious buyers until conditions change. This may result in a further short term increase in liquidity, leaving us well positioned to take advantage of any downturn in the market. In the meantime there has been a significant change in the fund market where we expect the supply of high quality funds to increase in 2005. We have already made two commitments since the year end and we are actively considering a number of others. The raising of these funds is well timed in relation to our view of the market, as they will be investing over the next three or four years when conditions for new investments are likely to be more attractive than they are at present. For further information, please contact: Rod Richards / William Eccles Tel: 020 7825 5300 Graphite Capital GRAPHITE ENTERPRISE TRUST PLC Preliminary Statement (unaudited) for the year ended 31 December 2004 SUMMARY OF CONSOLIDATED BALANCE SHEET At 31 December 2004 2003 #'000s #'000s Investments listed in Great Britain 17,231 24,446 Investments listed outside Great Britain 210 168 Unlisted investments at directors' valuation 133,998 168,467 Net current assets 140,791 69,734 Total assets less current liabilities 292,230 262,815 Minority interests (4,609) (4,110) Net assets attributable to ordinary shareholders 287,621 258,705 CONSOLIDATED STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT) For the year ended 31 December 2004 2003 Revenue Capital Total Revenue Capital Total #'000s #'000s #'000s #'000s #'000s #'000s Gains and losses on investments - 38,256 38,256 - 26,319 26,319 Income (see Note 1) 11,681 - 11,681 7,537 - 7,537 Investment management charges (1,209) (3,626) (4,835) (1,076) (3,229) (4,305) Other expenses (874) 181 (693) (770) (152) (922) Net return before finance costs and tax 9,598 34,811 44,409 5,691 22,938 28,629 Interest payable and similar (1) - (1) (15) - (15) charges Return on ordinary activities 5,676 22,938 28,614 before tax 9,597 34,811 44,408 Tax on ordinary activities (1,864) 1,864 - (1,242) 1,245 3 Return on ordinary activities after tax 7,733 36,675 44,408 4,434 24,183 28,617 Minority interests - (6,232) (6,232) - (1,406) (1,406) Return attributable to equity shareholders 7,733 30,443 38,176 4,434 22,777 27,211 Dividends in respect of ordinary shares (equity) Proposed final dividend (3,858) - (3,858) (3,904) - (3,904) Special dividend (2,512) - (2,512) - - - Transfer to reserves 1,363 30,443 31,806 530 22,777 23,307 Return per ordinary share 8.54p 33.61p 42.15p 4.88p 25.08p 29.96p SUMMARY OF CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2004 2003 #'000s #'000s Net cash inflow from operating activities 2,720 943 Net cash outflow from servicing of finance (1) (15) Net cash inflow from tax - 544 Net cash inflow/(outflow) from investing activities 79,890 (865) Equity dividends paid (6,417) (3,904) Net cash (outflow)/inflow from movement in liquid resources (52,792) 18,500 Net cash outflow from financing (8,610) (1,321) Increase in cash 14,790 13,882 Reconciliation of net cash flow to movement in net liquid funds 2004 2003 #'000s #'000s #'000s #'000s Net liquid funds at 1 January 73,528 76,635 Increase in cash as above 14,790 13,882 Purchase/(sale) of institutional sterling funds 52,792 (18,500) Change in net liquid funds resulting from cash flows 67,582 (4,618) Exchange difference 269 (39) Capitalised income 2,435 1,550 Movement of net liquid funds 70,286 (3,107) Net liquid funds at 31 December 143,814 73,528 Note 1 Analysis of Income 2004 2003 #'000s #'000s Dividends 3,556 1,682 Interest from investments 3,852 3,152 Income from current asset investments 2,435 1,550 Other income 1,838 1,153 11,681 7,537 The Directors propose a final dividend of 4.3p (2003 - 4.3p) per share payable on 25 May 2005 to shareholders registered on 22 April 2005. The Annual General Meeting will be held at 11.30 a.m. on 18 May 2005 at The Richmond Room, The Washington Mayfair Hotel, 5/7 Curzon Street, London W1. The registered office of the Company is 4th Floor, Berkeley Square House, Berkeley Square, London W1J 6BQ. The above financial information comprises non-statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the year ended 31 December 2003 has been extracted from published accounts for the year ended 31 December 2003 which have been delivered to the Registrar of Companies and on which the report of the auditors was unqualified. For the year ended 31 December 2004 copies of the audited Report and Accounts will be posted to shareholders on or about 15 April 2005 and copies may be obtained during normal business hours from the Company's registered office thereafter. By order of the Board Graphite Capital Management Limited Secretary 16 March 2005 This information is provided by RNS The company news service from the London Stock Exchange END FR PKAKNKBKDCND
Graphite Ent share price data is direct from the London Stock Exchange
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