TIDMESO TIDMEO.P TIDMEC.P TIDMEL.P
RNS Number : 4443Y
EPE Special Opportunities Limited
09 May 2019
EPE Special Opportunities Limited
Acquisition of Carried Interest in ESO Investments 1 LP and Net
Asset Value
Acquisition of Carried Interest in ESO Investments 1 LP
EPE Special Opportunities Limited ("ESO" or the "Company")
announces that it has today entered into an agreement to acquire
the carried interest accrual in ESO Investments 1 LP, a limited
partnership in which it is the sole limited partner (the "Carried
Interest"). ESO Investments 1 LP holds the Company's indirect
interests in Luceco, Whittard of Chelsea and Pharmacy2U
(collectively, the "Relevant Portfolio Assets").
Total consideration for the Carried Interest of GBP9.8 million
will be satisfied by the issue of 4,473,347 ordinary shares in the
Company, to be issued at 220.11 pence each, representing a premium
of 22.3 per cent to the mid-market closing price of the Company's
ordinary shares on 8 May 2019. The acquisition the Carried Interest
is contingent upon the shares being admitted, which is expected to
take place on 14 May 2019.
The Carried Interest relates to the increase in value of ESO
Investments 1 LP since its formation in September 2010, in which
ESO is now the sole investor. Since inception, the portfolio of ESO
Investments 1 LP has realised cash proceeds of GBP99.0 million and
has achieved an additional unrealised return of GBP51.4 million,
bringing the total proceeds at completion of today's transaction to
GBP150.3 million. This equates to a total money multiple of 3.2x
and an IRR of 29.2% on capital deployed by ESO Investments 1
LP.
Transaction Rationale
The Company's rationale for the transaction is as follows:
-- Maximise long-term liquidity in the Company: by satisfying
the Carried Interest in ordinary shares of the Company, ESO will
retain the equivalent proceeds in cash when the Relevant Portfolio
Assets of ESO Investments 1 LP are sold. These proceeds will then
be available to the Company to re-invest, rather than being paid
out to EPIC Private Equity LLP.
-- Increased long-term alignment with the Investment Advisor:
the transaction increases EPIC Private Equity's ownership of ESO,
increasing the long-term alignment of the Investment Advisor with
shareholders in the Company.
The Board of ESO considers, having consulted with Numis as the
Company's nominated adviser, that the terms of the transaction are
fair and reasonable in so far as the Company's shareholders are
concerned.
An application will be made for the admission of 4,473,347
ordinary shares of 5 pence each ("Admission"). Admission is
expected to take place on 14 May 2019. Immediately subsequent to
completion of the transaction the number of ordinary shares in
issue, excluding those held by the Company in treasury, will be
33,622,811 ordinary shares (which should be used as the denominator
for calculations of interests in the Company's voting rights).
Related Party Transaction
The transaction constitutes a related party transaction under
Rule 13 of the AIM Rules and as part of the transaction certain
members of EPIC Private Equity LLP (being PDMRs of the Company) and
their connected persons will receive ordinary shares in the Company
in the following amounts.
The details of the ordinary shares received by the PDMRs are as
follows:
PDMR Role Number of Price per Number of Percentage
Ordinary Ordinary Ordinary of Total
Shares Received Share Shares Held Voting Rights
Following Held Following
Receipt Receipt
Giles Brand Managing
(& Connected Partner
Persons) of EPE 3,712,880 220.11p 10,245,650 30.5%
---------------- ----------------- ---------- ------------- ----------------
Managing
Partner,
Finance
Director
and Head
of Compliance
Hiren Patel of EPE 44,733 220.11p 440,034 1.3%
---------------- ----------------- ---------- ------------- ----------------
The PDMRs (and their connected persons), together with the other
persons receiving ordinary shares in connection with the
transaction (collectively, the "Recipients"), have agreed not to
dispose of the ordinary shares being issued to them in connection
with the transaction until the third anniversary of receipt. Should
the ESO Group realise some or all of its interests in the Relevant
Portfolio Assets prior to the third anniversary of today's
transaction, the Recipients are permitted to dispose of the
ordinary shares issued to them in connection with today's
transaction in proportion to the amount of any proceeds received by
the ESO Group relative to the gross asset value of the Relevant
Portfolio Assets as at the completion of today's transaction.
The notification of dealing forms for each PDMR can be found
below.
Net Asset Value
Immediately subsequent to completion of the transaction, the
estimated net asset value of ESO will be 241.32 pence per ordinary
share (based on a Luceco plc share price of 88.00 pence per
ordinary share).
Inside Information
This announcement is made in accordance with Article 19 of the
EU Market Abuse Regulation 596/2014.
The person responsible for releasing this information on behalf
of the Company is Hilary Jones of R&H Fund Services (Jersey)
Limited.
Enquiries:
EPIC Private Equity LLP +44 (0) 207 269 8865
Alex Leslie
R&H Fund Services (Jersey) Limited +44 (0) 1534 825 323
Hilary Jones
Cardew Group Limited +44 (0) 207 930 0777
Richard Spiegelberg
Numis Securities Limited +44 (0) 207 260 1000
Nominated Advisor: Stuart Skinner / Hugh Jonathan
Corporate Broker: Charles Farquhar
DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND
THEIR CLOSELY ASSOCIATED PERSONS
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name Giles Brand
--------------------------------------------- ------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------------------
a) Position/Status Managing Partner of Investment
Advisor
--------------------------------------------- ------------------------------------
b) Initial Notification/Amendment: Initial notification
--------------------------------------------- ------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name EPE Special Opportunities Limited
--------------------------------------------- ------------------------------------
b) LEI 213800BQKN9C23A7LK98
--------------------------------------------- ------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 5p each.
instrument, type of instrument
Identification code ISIN: BMG3163K1053
--------------------------------------------- ------------------------------------
b) Acquisition of interest in shares
-----------------------------------------------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
--------------------------------------------- ----------------- -----------------
220.11 p 3,712,880
-------------------------------------------------- ----------------- -----------------
d) Aggregated information:
Price 220.11 pence
Volume 3,712,880 Ordinary Shares
-----------------------------------------------------------------------------------
e) Date of the transaction 9 May 2019
--------------------------------------------- ------------------------------------
f) Place of the transaction London Stock Exchange; AIM
--------------------------------------------- ------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name Hiren Patel
--------------------------------------------- ----------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------------
a) Position/status Managing Partner, Finance Director
and Head of Compliance of Investment
Advisor
--------------------------------------------- ----------------------------------------
b) Initial notification/Amendment: Initial notification
--------------------------------------------- ----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------------
a) Name EPE Special Opportunities Limited
--------------------------------------------- ----------------------------------------
b) LEI 213800BQKN9C23A7LK98
--------------------------------------------- ----------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
---------------------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 5p each.
instrument, type of instrument
Identification code ISIN: BMG3163K1053
--------------------------------------------- ----------------------------------------
b) Acquisition of interest in shares
---------------------------------------------------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
--------------------------------------------- ------------------- -------------------
220.11 p 44,733
-------------------------------------------------- ------------------- -------------------
d) Aggregated information:
Price 220.11 pence
Volume 44,733 Ordinary Shares
---------------------------------------------------------------------------------------
e) Date of the transaction 9 May 2019
--------------------------------------------- ----------------------------------------
f) Place of the transaction London Stock Exchange; AIM
--------------------------------------------- ----------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQEAASPEFFNEAF
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