Reconstruction Capital II Ltd New Valuations of Private Equity Positions (6574T)

TIDMRC2

RNS Number : 6574T

Reconstruction Capital II Ltd

26 March 2021

26 March 2021

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 2020.

Because the change of Telecredit IFN SA's business model from lending to individuals to financing small and medium sized companies was still in progress in 2020, RC2's investment in Telecredit IFN SA ("Telecredit") has not been valued by independent third-party valuers, but rather reflects RC2's share of Telecredit's net asset value audited under IFRS as at 31 December 2020.

The table below shows the new and prior valuations of the main private equity positions:

 
                         Prior valuations   Revised valuations 
                                      EUR                  EUR 
 Policolor SA                  12,000,000           13,960,000 
                        -----------------  ------------------- 
 Mamaia Resort Hotels           3,371,233            3,440,548 
                        -----------------  ------------------- 
 Telecredit IFN SA                804,859              624,545 
                        -----------------  ------------------- 
 TOTAL                         16,176,092           18,025,093 
                        -----------------  ------------------- 
 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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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March 26, 2021 06:56 ET (10:56 GMT)