15 June – realisation update
The comapny has provided an update on its realisation strategy. Indicative offers have now been received for both the portfolio of private equity assets as a whole and for individual assets. Having considered these an individual asset realisation strategy is being adopted. A number of bids have been received for the carbon portfolio and the sale process is entering its latter stages. There is a commitment to finalise these negotiations as soon as possible.
Proceeds from the sale of either private equity or carbon assets will be returned to shareholders as a matter of priority, subject to retaining sufficient working capital to enable realisation of the remaining portfolio. Upon disposal of the carbon portfolio, the company currently anticipates being in a position to return a minimum of 50p per share, which would include the proceeds of a sale of the carbon portfolio together with any other liquid assets which it sees fit to distribute, such as cash currently committed to the carbon portfolio. There seems little justification for the share price to have slipped back below 100p other than impatience from investors. At this level the shares return to being a BUY.