East Capital Explorer AB - Melon Fashion Group value raised in external valuation
| Source:East Capital Explorer AB
East Capital Explorer recently initiated the yearly external valuation of its
direct investment in the Russian fashion retailer Melon Fashion Group (MFG). The
valuation is done by an external independent valuer.
The preliminary result for MFG indicates a value increase of 59% per share, or
an increase of EUR 26m for East Capital Explorer's stake in the company. East
Capital Explorer's total holding in MFG will amount to EUR 70m after
revaluation. The positive net contribution to East Capital Explorer's total net
asset value will be 7% per share or EUR 0.63 per share in East Capital Explorer.
Due to the material impact on the company's net asset value, the preliminary
result is made public ahead of the final valuation. The final valuation for MFG
will be announced at year end.
Catharina Hagberg, Acting CEO of East Capital Explorer AB says: "It is very
satisfying that our direct investment in MFG continues to perform well,
confirming our conviction that the company's strategy is correct. MFG is well
positioned for further value creation."
Catharina Hagberg, Acting CEO, East Capital Explorer, +46 8 505 885 52
Mathias Pedersen, CFO, East Capital Explorer, +46 8 505 977 48
Financial reporting calendar
· Monthly Net Asset Value report on the fifth working day after the end
of each month
· Year-end Report 2013 on 20 February 2014
· Annual Report 2013 available in April 2014
· Annual General Meeting 2014 on 22 April 2014
· Interim Report, 1 January - 31 March 2014 on 22 May 2014
About East Capital Explorer
East Capital Explorer AB (publ) is a Swedish investment company, created with
the specific aim of bringing unique investment opportunities in Eastern Europe
to a broader investor base. The company makes direct investments into private
and public companies but investments are also made through East Capital's
private equity, real estate and alternative investment funds. East Capital
Explorer's main investment theme is domestic growth and the Company targets fast
growing sectors such as Retail and Consumer goods, Financials and Real Estate.
East Capital Explorer has appointed East Capital to manage its investment
activities. East Capital Explorer is listed on NASDAQ OMX Stockholm, Mid Cap.
Listing: NASDAQ OMX Stockholm, Mid Cap - Ticker: ECEX - ISIN: SE0002158568 -
Reuters: ECEX.ST - Bloomberg: ECEX SS Equity - Analysts: Carnegie,
Handelsbanken, Remium, Erik Penser
This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act and demands made in the exchange rules. It was
released for publication at 7:00 a.m. CET on 20 December 2013.
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