ICG Enterprise Trust Disposal Of Micheldever

 
TIDMICGT 
 
 
   ICG Enterprise Trust plc 
 
   Disposal of Micheldever 
 
   5 January 2017 
 
   ICG Enterprise Trust plc ("the Company") announces the sale of its 
investment in Micheldever Group Ltd ("Micheldever"), the second largest 
distributor of tyres to independent retailers in the UK. The investment 
was held both directly and through Graphite Capital Partners VI 
("Graphite VI") and was the Company's largest underlying investment at 
31 October 2016. Taken in isolation, the effect of the disposal is to 
increase the Company's net asset value per share by 13.2p to 826.7p, 
equating to a 1.6% increase compared with the value at 31 October 2016. 
 
   Graphite VI backed the GBP84.5 million management buy-in/buy-out of 
Micheldever in February 2006 and the sale to Sumitomo Rubber Industries 
Ltd for GBP215 million represents a return of 3.7 times cost and an 
uplift of 41% to the gross carrying value at 31 October 2016. The 
transaction is subject to EU Competition Commission approval and net 
cash proceeds to the Company of approximately GBP35.9 million are 
expected to be received in the quarter to 30 April 2017. 
 
   Over the last few years the realisations of investments made since the 
financial crisis have generated relatively stronger performance than 
those from vintages before the financial crisis and, pro forma for the 
sale of Micheldever, post-crisis investments comprise 87% of the 
Company's portfolio at 31 October 2016. 
 
   The Company's results for the financial year ended 31 January 2017 will 
be announced on 18 April 2017. 
 
   Analyst / Investor enquiries: 
 
   Emma Osborne, Portfolio Manager, ICG                         +44 (0) 20 
3201 1302 
 
   Mark Crowther, Investor Relations, ICG                          +44 (0) 
20 3201 7842 
 
   Anthony McKay, Finance, ICG                                        +44 
(0) 20 3201 7762 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: ICG Enterprise Trust Plc via Globenewswire 
 
 
  http://www.icg-enterprise.co.uk/ 
 

(END) Dow Jones Newswires

January 05, 2017 03:00 ET (08:00 GMT)

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