· On 30 April 2010 the net asset value per share in East Capital
Explorer amounted to EUR 11.96 (corresponding to SEK 115[1]). The total net
asset value amounted to EUR 417m (corresponding to SEK 4.0bn)
· The increase in the total net asset value (EUR) was 2.2 percent
compared to 31 March 2010. The increase in NAV per share, however, was 2.5
percent due to the share repurchase program.
· The value of cash, cash equivalents and bonds per share amounted to
EUR 1.59 (SEK 15), corresponding to a total of EUR 55m (SEK 533m) of which EUR
32m (SEK 303m) is available for future investments
· The closing price per share on 30 April 2010 was SEK 84.75
(corresponding to EUR 8.81)
% Fair % Fair Fair value
value value per Fair
change change share, value, %
Portfolio on 30 April 2010 April 2010 EUR MEUR of NAV
Fund Investments
East Capital Bering Russia 8.5% 32.4% 1.26 44 11%
East Capital Bering Ukraine A 3.2% 28.3% 0.25 9 2%
East Capital Bering Ukraine R 1.2% 4.8% 0.16 6 1%
East Capital Bering Balkan 3.3% 21.3% 1.23 43 10%
East Capital Bering Central 3.3% 14.0% 0.69 24 6%
Asia
East Capital Bering New Europe 3.6% 13.7% 0.55 19 5%
East Capital Power Utilities 0.3% 43.0% 3.01 105 25%
Fund
East Capital Special 7.9% 46.1% 1.65 57 14%
Opportunities Fund
East Capital Russian Property 0.60 21 5%
Fund(1)
East Capital (Lux) Eastern 2.8% 23.7% 0.41 14 3%
European Fund (EUR)
12.0% 43.2% 9.79 341 82%
Direct Investments
OAO Melon Fashion Group (MFG) 0.0% 0.0% 0.30 10 2%
TEO LT, AB -3.0% 23.6% 0.31 11 3%
-1.6% 10.8% 0.61 21 5%
Short-term Investments(1,2)
Short-term Investments (incl. 1.49 52 12%
bonds)
Cash and cash equivalents 0.10 3 1%
1.59 55 13%
Total Portfolio 11.99 418 100%
Other assets and liabilities -0.03 -1 0%
net
Net Asset Value (NAV) 2.2% 22.1% 11.96 417 100%
(1 )EUR 40m has been committed to the East Capital Russian Property Fund. To
date, no investments have been made in the fund. Total draw-downs of EUR 21.5m
have been made in anticipation of future investments. EUR 0.4m has been used to
cover costs in the fund. The remaining committed EUR 18.5m is still held in
short term investments.
(2 )On 25 January 2010, East Capital Explorer AB announced an investment of EUR
5m together with Intrum Justitia and East Capital Financials Fund. These funds
are committed but still held in short term investments.
Note that certain numerical information may not sum due to rounding.
Following the share buy-backs, the total number of shares outstanding in East
Capital Explorer AB on 30 April was 34 851 675.
This report has not been subject to review by the Company's auditors.
The full net asset value report including the portfolio on 30 April 2010 is
included in the attached pdf-file.
Contact information:
Gert Tiivas, CEO East Capital Explorer +46 8 505 977 30
Mathias Pedersen, CFO East Capital Explorer +46 8 505 977 48
Financial reporting calendar - East Capital Explorer:
* Monthly Net Asset Value report on the fifth working day after the end of
each month
* Interim Report 1 January - 31 March 2010, 11 May 2010
* Interim Report 1 January - 30 June 2010, 20 August 2010
* Interim Report 1 January - 31 September 2010, 11 November 2010
About East Capital Explorer │ East Capital Explorer AB is a Swedish company,
created with the specific aim of bringing unique investment opportunities in
Eastern Europe to a broader investor base. The company invests mainly in East
Capital's private equity and semi-public equity funds that provide exposure to
companies not otherwise accessible via the local stock exchanges in Eastern
Europe. East Capital Explorer targets fast growing sectors such as the power
utilities, financial, retail and consumer goods and real estate sectors. East
Capital Explorer has appointed East Capital to manage its investment activities.
Since 9 November 2007, East Capital Explorer is listed on NASDAQ OMX Stockholm,
Mid Cap.
This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act or demands made in the exchange rules.
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[1] EUR 1 = SEK 9.62 on 30 April 2010. Source: Reuters.
[HUG#1412856]
