Key events during the first quarter
· Net Asset Value (NAV) per share was EUR 9.00, unchanged since December 2015.
Total NAV was EUR 253m
· An agreement was reached to sell the holding in Starman to Providence Equity
for approx. EUR 81m, corresponding to a net IRR of 24-27%, with additional earn
-out potential payable in 2017 of up to EUR 5m. The transaction, expected to
close in Q2, entails a carried interest liability to East Capital of EUR 6.5m,
included in the Q1 NAV
· The Real Estate segment increased in value by 2.3%, and Private Equity by
3.3%, while Public Equity decreased by 4.7% during Q1
· A dividend for 2015 of SEK 0.80, or EUR 0.09, per share will be proposed to
the AGM on 9 June
Key events after the period
· An EGM on 9 May approved the termination of the Investment Agreement with
East Capital. Consequently, the results for Q2 will be affected by EUR -8.6m
relating to compensation to East Capital for services according to a transition
agreement, and accrued profit sharing related to 3 Burės. Another total of EUR
-2.0m will be included in the results for Q3 2016 for the purchase of voting
shares in the jointly owned Luxembourg based company
· As announced, a buyback program will be launched on 20 May, whereby share
buybacks will be carried out as long as the NAV discount exceeds 20%
· In Q2, dividends totaling EUR 1.2m will be received; EUR 0.4m from
Komercijalna Banka Skopje and EUR 0.8m from East Capital Baltic Property Fund II
that intends to pay semi-annual dividends as of Q2
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, offering unique
investment opportunities in Eastern Europe, where the Baltic countries represent
the company’s largest investment region. The company primarily invests in
unlisted assets within the private equity and real estate segments. 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 is listed on Nasdaq Stockholm, Mid Cap.
Listing: Nasdaq Stockholm, Mid Cap - Ticker: ECEX - ISIN: SE0002158568 -
Reuters: ECEX.ST - Bloomberg: ECEX SS Equity
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 08:00 am. CET on 19 May 2016
