Share Name Share Symbol Market Type Share ISIN Share Description
Equity Partnership Inv Co LSE:EQPC London Ordinary Share GB0030735483 CAP SHS 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 25.50p 0.00p 0.00p - - - 0 06:39:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 0.0 -11.4 -36.3 - 10.28

Equity Partnership Share Discussion Threads

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Hi Ram I am having a good look at the VCT, although in the present small company climate, it will probably be a 5 year haul. Quite a sharp drop in the NAV to 117p at the end of November. I may go a bit bearish on EQPC and wait for a resumption of the large discount to NAV!. regards Linhur
hi linhur, not sure what's going on but believe that jo welman still there. will report back before too long. just spotted this: EPIC Private Equity is to launch its first venture capital trust on 7 November, its first foray into the retail funds market. EPIC VCT is looking to invest up to £2m as venture capital in small and growing businesses in the UK, and will focus on three types of strategy. It will look at buyout situations, venture capital investments, and turnaround and restructure situations...
Can someone explain the latest RNS Is it just a change of name? It looks like a reversal of Jan 15 announcement Is Jo Welman still there? Any help appreciated. regards linhur
Thanks Ram for your thoughts. Still holding EQPC but will watch share price closely. Also holding the usual suspects, ecwc,ecwo,utl and uem for the utility cover.Have added to property cos as I feel unlikely to fall too far now and REIT cos should be giving increasing divis in future. regards linhur
Hi Linhur, Like yourself I'm feeling rather bearish at the mo and believe that there is a likely to be a worse downturn to come at some stage over the next few months. I did sell out of a few of my more liquid, mkt geared trusts in june and at that time also halved my stake in eqpc. however, unlike everything else, it's gone up since and i suspect that there must be something going on behind the scenes. that said, in this mkt i'd still be inclined to reduce, especially if there's a buyer around. cash is king at these times of little upside but big downside. i was never a fan of the amn management and always refused to hold. last downturn they didn't equit themselves very well. agree re sdv, not worth the risk and manager not of an absolute mindset. will be able to pick up again cheaper if mkt drops. imho. ones i've held onto are et. due to it's absolute mandate, asian emphasis, and monthly fact sheet so you can follow what they are up to. mth, due to the lead manager being of a conservative nature and holding over 3% himself, with a big cash holding, a bit of yield, and an interesting new fund management business. riii, due to the manager, its yield, and its illiquidity. a couple of jap trusts, mjt and mwj, both with good managers and japan being a sort of contrarian hedge type exposure. mlco, which is worth picking up on a bad day on a decent yield for the commod exposure. lax, which offers exposure to the laxey arbs. and just a few ecit, as i was interested in what mr saville might be up to with it. regards rambutan
Hi Ram Still holding EQPI (pension SIPP) and EQPC which I have been increasing over the last year. As I am greatly bearish, this one has come round for review.The key might be in the change of ownership of the management. I always thought the managers would have commanded a decent premium if it changed hands but that did not happen.Also the BRit Ins holding has disappeared and presumably with turmoil in the credit markets which must overflow into stock markets when the interest rates increase, it might make sense to reduce or exit at this time. I have a similar problem with AMN. Disposing of SDV as it is not the right market for smaller companies. As you can see I am rushing to increase liquidity at present, so that the funds are there to take aim in the spring when markets overshoot (FTSE at 5200 and Dow at 8500??) Would welcome your views kind regards linhur
july update on this page...
interims were out fri... The six month's ended 31 January 2007 has been an excellent period for the Company. The Capital Share NAV has made further progress, rising 14.92% since the end of July 2006 with useful contributions from all three main areas of investment - UK Equity, Specialist Funds and Private Equity. This compares favourably with the Company's LIBOR + 3% per annum benchmark return over the period of 3.98% and a 6.9% rise in the All Share Index (ex income). We were particularly encouraged to see a profitable realisation of Independent Living, our care home investment for people with learning disabilities which was sold to Hermes Private Equity in December for a 2.6x multiple on the equity investment and an IRR of 76%. The Company's UK Equity portfolio continues to generate returns in excess of the All Share Index with an uplift over the six months of 22.1% against an Index return of 8.3% (including income). This in turn was due to some well-timed tactical trading opportunities and continuing good performance from some of our core positions such as Diploma and DTZ. The performance of the Specialist Funds was greatly enhanced by the very significant move in the share price of Climate Exchange PLC in January. During the period we also realised the Company's investment in our Fund Manager, EPIC Investment Partners Limited ("EIP"). EIP has been purchased by AIM listed Syndicate Asset Management PLC ("SAM") and the consideration took the form of a combination of cash, shares in SAM, deferred consideration and a 6% yielding loan note. As previously indicated, while the price paid was in line with the Directors' valuation at which the shares were held in the portfolio, the sale has removed an element of uncertainty in terms of the value of a significant shareholding. The proceeds will be recommitted in line with the Company's current asset allocation strategy. Income shareholders received their full entitlement of 5.63675 pence over the half year. A significant exposure within the Private Equity portfolio to high yield mezzanine investments has helped the Company to continue growing the income reserve. Undistributed income over and above that payable to Income Shareholders accrues for the benefit of Capital Shareholders and provides comfort both to Income Shareholders that their future dividend entitlements are increasingly well covered and to Capital shareholders that the allocation of assets will can continue to provide the optimum total return without distorting the Fund's structure to generate additional income. Moving on to asset allocation, the Company continues to hold a relatively high proportion of cash and CD's. However, this disguises the high level of activity during the half year and realisations from the Private Equity portfolio which have yet to be recommitted. As a result the percentage of the Company's assets committed to Private Equity has fallen over the half year from approximately 23% to just over 16%. We would expect this percentage to increase over the coming months as opportunities present themselves. the last official nav and slightly more up to date than the interims... The Board of Directors of The Equity Partnership Investment Company plc wish to announce that the fully diluted unaudited February 2007 NAV per Capital share is 133.08 pence.
well, when you do intend to pay us a visit email me. agree on sdv (manager is chelverton, not montanaro?). also, always worth watching RIII price to see if premium is dipping. similar deep value remit but self managed, no management fee, good inc stream from unit trust business, and truly outstanding long term record - would have made you rich if had held since launch. no website so need to give the sec a call for the report and accounts. the cayenne manager is a real shrewdie. my software tip is IGP. i've held for a long time but believe that the mkt is rather missing out on the dominant position it has built in large smartcard projects. rev is slow to be recognised, but imho, will be. however, quite likely that oracle might snap it up within 12mths...
Hi Ram I have been looking at Cayenne as Chris Jones is also on the board at Ecofin. Might have a dabble in CAY. Thanks for the heads up on BRR. I will have a look. I expect you saw Skyships write up on TGR (Tiger Resources). I still like RLU as again I do not see that going beyond the Zero maturity date. Picked up a few SDV as I like their value portfolio (Montanaro manager) and see that as a replacement for Recovery Trust. Sorry I do get down to the Big City as much as previously as I am in the Welsh borders. Kind regards Linhur
hi linhur, yes, svm global is effectively now run by donald robertson and having chatted to him i think he's worth following. it was interesting to see that most of the warrants were exercised in the end. these guys did so, no doubt having picked them up recently... can't really see this surviving next year. take a look at brr for a high risk/reward nickel punt. i met the newish ce and was impressed - i think he will deliver, and if he does then the price is wrong.
Hi Ram Thanks for the snippet on SVM. I seem to have a number of their choices in my portfolio at the moment. They used to be the kiss of death. EQPC seem worth holding to the final showdown in 2008. I see REO is mentioned prominently but the I expect you followed that in another place. Kind regards Linhur
comment worth a read... February 2007 Equity Partnership Investment Company (1.7% of SGF's portfolio)
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Abuse team
nav/share price gap growing... 16 January 2007 THE EQUITY PARTNERSHIP INVESTMENT COMPANY PLC ("the Company") Re: NAV The Board of Directors of The Equity Partnership Investment Company plc wish to announce that the unaudited and undiluted December NAV for the Company is 136.32 pence. On the assumption that all the outstanding warrants are exercised, the fully diluted price per capital share would be 130.27 pence The valuation of the Company's holding in the Equity Partnership Limited as at 31 December 2006 was #4,500,000.
hardly deal of the century stuff... 12 January 2007 Re: Disposal of holding in Epic Investment Partners The Company announces that it has agreed terms for the sale of its holding in Epic Investment Partners (Limited) ('EIP') to Syndicate Asset Management PLC ('SAM'). SAM has also acquired the other shares in EIP from other vendors simultaneously. The terms provide for the Company to receive aggregate consideration of up to £5.035 million. This comprises initial consideration of £4.097 million, of which £1.095 million will be received in cash on completion, £0.499 million will be in the form of new ordinary shares in SAM (ranking pari passu in all respects with existing issued SAM ordinary shares but subject to certain orderly marketing arrangements including restrictions on their disposal by the Company prior to the first anniversary of the announcement of SAM's accounts for the year ending 31 March 2007) and £2.503 million will be in the form of 5 year 6% unsecured loan notes, the redemption value of which would be reduced prior to the redemption date if the investment management agreement is terminated or modified in a way which is materially adverse to the EIP group. In addition, deferred consideration of up to £0.938 million is payable in 2010 based on the profitability of EIP in the three years post completion. The investment had a historic cost to the Company of £2,990 and a carrying value as at 31 December 2006 of £4.5 million. It is expected that the existing management arrangements for the Company's investment portfolio will not be affected by the disposal. The proceeds will be invested in accordance with the Company's investment policy. The Company expects its annual report to be posted to shareholders on 17 January 2007. Brit Insurance Holdings PLC Disposal of stake in Epic Investment Partners Limited Brit Insurance Holdings PLC ('Brit Insurance'), the UK-domiciled international general insurance and reinsurance group, announces that it has agreed final terms for the sale of its stake in Epic Investment Partners Limited ('EIP') to Syndicate Asset Management plc ('SAM'). SAM will also acquire the other shares in EIP from the other shareholders simultaneously. Completion is expected on 19 January 2007. Under the terms agreed with SAM, Brit Insurance will derive initial consideration of £4.4m, of which £1.3m is cash and the remaining £3.1m is 4-year SAM loan notes, the redemption value of which would be reduced if revenues derived by EIP from Brit Insurance over that period were to fall below current levels. In addition, there is deferred contingent consideration of up to £1.1m based on the profitability of EIP in the three years post completion. The stake had a carrying value in Brit Insurance's consolidated balance sheet of £1.1m. KPMG Corporate Finance advised Brit Insurance on the disposal. Brit Insurance CEO Dane Douetil said: 'At the time of our final results in March 2006 we announced our willingness to dispose of our stake in EIP. We think that EIP's prospects are better under separate ownership. Our working relationship with EIP remains strong and we look forward to continuing to work with them in the future.' Syndicate Asset Management plc acquires EPIC thereby achieving funds under management of over £5 bn and Placing of new ordinary shares Syndicate Asset Management plc ('SAM' or the 'Company') the leading UK AIM traded specialist fund management consolidator, is pleased to announce that it has agreed final terms to acquire EPIC Investment Partners Limited ('EIP') and the minority interests in its principal subsidiaries (together the 'EIP Group') from its current shareholders (the 'Proposed Transaction'). Completion is expected to occur on or around 19 January 2007. EIP is the holding company for a group of specialist fund management companies, with particular emphasis on the areas of fixed interest institutional fund management, fixed interest and equity fund management services for specialist closed end funds, property and private equity investments. This acquisition, the seventh in less than 16 months, marks a significant step for SAM in its long term strategy of providing a full spectrum of fund management services by adding institutional expertise to its existing successful wealth management capability. It also brings total funds under management to approximately £5.5bn. Announcing the Proposed Transaction and Placing, John Morton, Group Chief Executive, commented: 'EIP represents a major step forward in achieving SAM's objective of broadening the investment business within the group. Having approximately £5.5bn under management means that we are now a significant force in the fund management market place. Our business model of providing a supportive environment for entrepreneurial and innovative fund management operations to flourish is working extremely well. We are seeing the effects of this model in the companies we acquired last year, who, despite lower stock market trading volumes, are performing very well and benefiting from the increasing focus on fee rather than commission driven business. We very much look forward to the EIP team joining our successful group and benefiting from this rewarding formula.' The maximum consideration for the Proposed Transaction will be £17,770,374 (the 'Consideration'). This comprises of the sum of £4,718,567 to be satisfied by cash payable on completion, the sum of £3,350,759 to be satisfied by the allotment of 5,404,451 new SAM ordinary shares at the Placing Price on completion (the 'Consideration Shares'), the sum of £6,909,898 to be satisfied by the issue of unsecured loan notes and up to a further £2,791,150 of deferred consideration ('Deferred Consideration'). The Company also today announces a placing of 8,064,516 new ordinary shares of 0.2 pence each in the capital of the Company ('Placing Shares') at a price of 62 pence per Placing Share (the 'Placing Price'). The proceeds of the Placing will be approximately £5m before expenses. These funds will be used to meet the cash element of the consideration and the costs of the Proposed Transaction. It is anticipated that exchange of contracts in relation to the Proposed Transaction will occur on 18 January 2007 with completion on or around 19 January 2007.
seem to have done ok, but need annual report to flush out the details... 28 November 2006 The Equity Partnership Investment Company PLC Preliminary Announcement of Results for the year ended July 2006 EPIC's fifth year has been a particularly successful one with the Capital Share NAV having increased by 14.28% against a benchmark return of 7.5%. The Capital Share price has also risen in line with the underlying asset value...
agree mangal, i did my best to find out whether there was a trustee for the wrts but gave up after even the company seemed unsure and i couldn't find any mention of one in the admission doc.
The wrts came into play only a month or so back when the share price cleared 100p Huge gearing, of course, & wp likely to follow the share price penny for penny till expiry but too short a time to expiry.
remember that wrts come to end of life at end of this month... 16 November 2006 THE EQUITY PARTNERSHIP INVESTMENT COMPANY PLC ("the Company") Re: NAV The Board of Directors of The Equity Partnership Investment Company plc wish to announce that the unaudited October NAV for the Company is 125.03 pence. The valuation of the Company's holding in the Equity Partnership Limited as at 31 October 2006 was 0.80% of funds under management.
gb, watch out for sales and then put in a bid, or pay up. re the recent svm buys... Here you can review recent featured investments for this Fund: Click here to view all available featured investments. September 2006 Equity Partnership Investment Company (1.8% of SGF's portfolio)
Rambutan, There is no volume. How do you get to invest in this one?
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.
as epic now release their rns etc under the eqpc code (as well as the eqpi code) and thus advfn supply the relevant info, i thought i'd better do the sensible thing and switch over the thread to here. a link to the original thread is in the header.
original thread: their web site:> stock exchange releases: split capital share calculations, nav etc etc... 01/02/06: currently as well as the institutional money under management, there are four open ended EPIC funds - the insurance and general fund; uk equity fund; select opps fund; and the life settlement fund. also, there are three aim listed EPIC companies... epic reconstruction: economic lifestyle trust: climate exchange:
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