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 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 0.0 -11.4 -36.3 - 10.28

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Date Time Title Posts
04/12/200709:24Hidden Value – Equity Partnership Inv Co caps24

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rambutan2: 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.
rambutan2: 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.
rambutan2: 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...
rambutan2: 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.
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