Reconstruction Capital II Ltd New Valuations of Private Equity Positions (0344V)

TIDMRC2

RNS Number : 0344V

Reconstruction Capital II Ltd

03 April 2019

3 April 2019

Reconstruction Capital II Limited

("RC2" or the "Company")

New Valuations of Private Equity Positions

As part of the annual audit process, RC2's auditors have requested from independent third-party valuers new valuations of the Company's investments in Policolor S.A. and Mamaia Resort Hotels SRL as at 31 December 2018. However, because Telecredit IFN SA is changing its business model due to new restrictions on lending to individuals introduced by the National Bank of Romania effective 1 January 2019, the Company's investment in Telecredit IFN SA has not been valued by independent third-party valuers, but rather reflects RC2's share of its net asset value audited under IFRS as at 31 December 2018. A table showing the new and prior valuations of the main private equity positions is shown below:

 
                             Prior valuations EUR   Revised valuations EUR 
 Policolor SA                          20,500,053               18,320,000 
 Mamaia Resort Hotels SRL               4,404,658                4,228,219 
 Telecredit IFN SA                        889,398                  849,514 
 Total                                 25,794,109               23,397,733 
 

Net Asset Value

The Company announces that at close of business on 31 December 2018 its unaudited net asset value ("NAV") per share was EUR 0.2238. The new NAV reflects the changes to the valuations of the private equity positions outlined above.

Quarterly report

A quarterly report which details the activities of the Company for the quarter ended 31 December 2018 will be issued soon by the Adviser of the Company.

For further information, please contact:

Reconstruction Capital II Limited

Cornelia Oancea/Anca Moraru

Tel: [phone]

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett

Tel: [phone]

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April 03, 2019 10:19 ET (14:19 GMT)