East Capital Explorer AB receives another distribution from East Capital Power Utilities Fund
(Thomson Reuters ONE) -
East Capital Explorer is expected to receive in total EUR 7.3m from the East
Capital Power Utilities Fund in the coming days, which will be immediately
available for future investments.
In line with the decision at the time of the first distribution, the Investment
Manager of the fund continue to decrease the size of the fund due to reduced
liquidity in the sector and also sharply increased uncertainty about state
interference and regulation, while at the same time holdings in the fund have
been realized with a good relative performance. The Investment Manager of the
fund has therefore decided that it is preferable to distribute available cash to
investors in the fund instead of reinvesting into the utilities sector at this
time.
For East Capital Explorer, the investment has generated a total return on
invested capital (IRR) of -4% per annum and the fund has outperformed its
benchmark, RTS Electric Utilities index, by 28 percentage points since inception
until the end of May 2012.
Mia Jurke, CEO of East Capital Explorer says: "Our investment into the utilities
sector has not performed in line with our expectations in 2007 during this
period, marked by financial crises and high uncertainty, but still performed
well compared with competition and reference index".
The East Capital Power Utilities Fund was launched in November 2007 and it
represented East Capital Explorer's first investment amounting to EUR 81m aimed
to benefit from the expected consolidation and liberalization of the Russian
utility sector. Prior to this distribution, two payments have been made from the
fund. In June 2010 East Capital Explorer received EUR 20m and another EUR 20m
was paid out in March 2011. As of 31 May 2012, prior to this distribution, the
Company's holding in the fund was valued at EUR 29.3m, corresponding to 10% of
the Net Asset Value of the Company.
Peter Elam Håkansson, representing the Investment Manager of East Capital
Explorer, says:
"We have identified a number of investment opportunities elsewhere, especially
in Russia and in the Baltics, where we intend to increase East Capital
Explorer's exposure. In Russia we want to exploit and take advantage of the
historically low valuations that we currently see. We also believe that the
Baltic region has strong potential for growth and aim to further increase the
Company's investment into Baltic real estate. Furthermore we are exploring a
number of private equity investment opportunities in this region".
Contact information:
Mia Jurke, CEO, East Capital Explorer, +46 8 505 885 32
Charlotte Åsberg, Investor Relations Manager, East Capital Explorer,
+46 8 505 885 94
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 - 30 June 2012, 7 August 2012
* Interim Report 1 January - 30 September 2012, 9 November 2012
About East Capital Explorer - East Capital Explorer AB (publ) 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 special fund products but it also makes direct
investments into private and public companies. East Capital Explorer targets
fast growing sectors such as Power Utilities, Financials, Retail- and Consumer
goods
and Real Estate. East Capital Explorer has appointed East Capital to manage its
investment activities. East Capital Explorer is listed on NASDAQ OMX Nordic
Stockholm, Mid Cap.
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 07:00 a.m. CET on 28 June 2012.
120628 - Press Release:
http://hugin.info/143006/R/1622514/518575.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: East Capital Explorer AB via Thomson Reuters ONE
[HUG#1622514]
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Datum: 28.06.2012 - 01:06 Uhr
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