Stock exchange announcement no 8/2007
SPEAS welcomed by attractive private equity funds - investment
commitment rate higher than expected
The Board of Directors of Scandinavian Private Equity A/S (SPEAS) has
today considered and approved the Company's Interim Report. The
Interim Report has not been audited and contains the following
highlights:
SPEAS has been welcomed by reputable managers of attractive private
equity funds and has since the IPO in February 2007 made investment
commitments of around DKK 565m to three private equity funds: EQT V,
Industri Kapital 2007 and Litorina Kapital III. Of the total
commitments, an amount of DKK 100m has been invested to date.
The management company Scandinavian Private Equity Partners A/S is
currently considering potential investments in several attractive
private equity funds, and SPEAS expects to announce additional
commitments shortly. Combined with the investment commitments already
made, this indicates that SPEAS will have invested its capital in
full through private equity funds sooner than expected.
The Company recorded a net loss for the period of DKK 2.4, which is
considered acceptable. Following the placement of excess liquidity,
net financials totalled DKK 8.5m. This amount includes a negative,
unrealised market value adjustment of DKK 5.3m on the portfolio of
listed private equity companies due to the turmoil in financial
markets.
Equity stood at DKK 971.6m at 31 July 2007, equal to a book value per
share of DKK 19,412 against a quoted price of DKK 16,500 at 19
September 2007.
Due to a higher commitment and investment rate than previously
forecasted and a negative market value adjustment of the Company's
shareholdings of listed private equity companies resulting from the
financial market turmoil, SPEAS now expects results for the first
financial year ending on 31 January 2008 to range between a loss of
DKK 15m and a loss of DKK 5m against a forecast profit of DKK 10-20m
previously. The net result will depend on the development in the
financial markets.
For further information, please contact:
Ole Mikkelsen, CEO, tel +45 70 25 10 55, mobile +45 30 66 96 30
Yours sincerely
Scandinavian Private Equity A/S
Jens Erik Christensen Ole Mikkelsen
Chairman Chief Executive Officer
