NAV and share price development
* Indicative NAV per share on 30 June 2014 amounted to EUR 9.94 (SEK 91),
corresponding to a total NAV of EUR 298m (SEK 2,724m) for East Capital
Explorer
* NAV per share (EUR) increased by 1.7% (2.0% in SEK) compared to 31 May 2014
* The value of cash, cash equivalents and other short term investments per
share amounted to EUR 0.55 (SEK 5), corresponding to an aggregate of EUR
17m (SEK 151m) on 30 June 2014
* The closing price per share on 30 June 2014 was SEK 57.75 (EUR 6.31),
corresponding to a decrease of 2.1% compared to 31 May 2014
* The number of shares outstanding in East Capital Explorer on 30 June 2014
was 29,943,260. The Company did not hold any own shares
* EUR 1 = SEK 9.15 on 30 June 2014
Events during the month
* On 11 June, East Capital Explorer received a pay-out of EUR 17.7m as a
consequence of the previously announced planned liquidation of East Capital
Special Opportunities Fund II. Following this pay-out, 89% of the Fund is
repaid, with the remaining part expected to be paid out during the autumn of
2014.
* 1,481,049 shares were tendered for redemption under the redemption program
that ended on 4 June, corresponding to an acceptance level of approximately
94 percent. The offer involved redemption of a maximum of every twentieth
share at SEK 83 per share (corresponding to the NAV per share on 28
February). A total of SEK 123m was thereby transferred to the company's
shareholders. All the redeemed ordinary shares were canceled in June.
* East Capital Explorer has decided to, as of July, stop publishing monthly
NAV reports in its present form, which means that this is the last published
NAV report. The decision was taken in light of the portfolio's growing share
of direct investments, the value changes of which are generally less
volatile as their valuation is based on the companies' long-term prospects.
East Capital Explorer will continue to follow up the developments of its
direct investments on an ongoing basis, and an independent external
valuation will be conducted at least once a year. The company will, however,
continue to publish the value changes of its fund holdings on a monthly
basis, as the funds' monthly NAVs are sent to their respective other
investors.
Portfolio on 30 June 2014
% Value(1 % Value(1 NAV per
)change )change share, Value, %
June 2014 EUR EURm of NAV
--------------------------------------------------------------------------------
Direct Investments
Melon Fashion Group 0.0% -12.0% 2.07 62.0 21%
Starman 0.0% 0.0% 0.84 25.0 8%
Vilnius Business Harbour 0.0% 0.0% 0.75 22.3 7%
Trev-2 Group 0.0% 0.0% 0.33 9.8 3%
Komercijalna Banka Skopje -10.3% 18.0% 0.26 7.8 3%
--------------------------------------------------------------------------------
-0.7% -5.4% 4.24 127.0 43%
Fund Investments
East Capital Deep Value
Fund 1.6% 7.5% 1.66 49.6 17%
East Capital New Markets
Fund 5.0% 7.2% 1.58 47.3 16%
East Capital Russia
Domestic Growth Fund 5.8% -17.2% 1.17 35.1 12%
East Capital Baltic
Property Fund II 1.4% 0.9% 0.70 20.9 7%
East Capital Bering Ukraine
Fund R -0.6% -17.4% 0.07 2.1 1%
--------------------------------------------------------------------------------
3.5% -1.2% 5.17 154.9 52%
Short-term Investments
Short-term investments(2) 0.08 2.3 1%
Cash and cash equivalents 0.47 14.1 5%
--------------------------------------------------------------------------------
0.55 16.5 6%
--------------------------------------------------------------------------------
Total Portfolio 9.96 298.3 100%
Other assets and
liabilities net -0.02 -0.6 0%
--------------------------------------------------------------------------------
Net Asset Value (NAV) 1.7% 0.5% 9.94 297.7 100%
--------------------------------------------------------------------------------
1) The value change calculation is adjusted for investments and distributions
during the period, i.e. it is the percentage change between the starting value
plus any added investment during the period and the ending value plus any
proceeds from divestments or dividends received during the period
2) Due to the ongoing liquidation of East Capital Special Opportunities Fund II,
this holding is no longer reported separately but included in short-term
investments as the remaining assets are limited and are expected to be divested
in 2014
Financial reporting calendar
* Interim Report, 1 January - 30 June 2014 on 21 August 2014
* Interim Report, 1 January - 30 September 2014 on 7 November 2014
* Year-end Report 1 January - 31 December 2014 on 12 February 2015
Contact information
Mia Jurke, CEO, East Capital Explorer, +46 8 505 885 32
Lena Krauss, CFO and Head of Investor Relations, East Capital Explorer,
+46 73 988 44 66
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
This report has not been subject to review by the company's auditors and the
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 08:00 a.m. CET on 7 July 2014.
[HUG#1814415]
East Capital Explorer AB - Net Asset Value (NAV) SEK 91 per share on 30 June 2014
| Source: East Capital Explorer AB
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