TIDMHSLE
RNS Number : 5270V
HarbourVest Senior Loans Europe Ltd
29 October 2014
29 October 2014
THE BOARD OF DIRECTORS OF HARBOURVEST SENIOR LOANS EUROPE
LIMITED ANNOUNCES THE ANNUAL REPORT AND AUDITED CONSOLIDATED
RESULTS FOR THE YEAR ENDED 30 JUNE 2014
A copy of the Company's Full Year Report and Audited
Consolidated Financial Statements will be available on the Company
website via the following link:
http://www.hvsle.com/download/HarbourVest_Annual_Report_Oct2014.pdf
Key Highlights
Net Asset Value
38.29 pence per share
-- Portfolio comprises 5 loans following realisation of 6 loans during the year
Income and Realisations
GBP45.3 million
-- Six re-financings completed during the year.
-- Three partial prepayments, in addition to six full repayments.
Dividends and Capital Return
20.92 pence per share
-- 1.12 pence per share dividend paid on 30 September 2013
-- 13.26 pence per share capital returned on 01 November 2013
-- 5.85 pence per share capital returned on 8 January 2014
-- 0.69 pence per share dividend paid on 21 March 2014
Investment Manager
-- On 22 May 2014, Spire Partners LLP (the "Investment
Manager"), were appointed as investment manager in place of
HarbourVest Senior Loan Advisers L.P.
Post Balance Sheet Events
-- A further capital return of 11.24 pence per share was paid on 18 July 2014.
-- A further dividend of 0.48 pence per share was declared on 20
August 2014 and paid on 26 September 2014.
-- A further refinancing was completed in early July 2014
-- During September 2014 the Company accepted an offer, for the
entire remaining portfolio at a price of par which represented a
small premium to the portfolio valuation included in the published
net asset value at 30 June 2014 as announced on 21 July 2014. The
sale proceeds were received in October.
-- Following the execution of the sale transaction a performance
fee of GBP1,009,009 became payable to the Investment Manager.
-- On 28 October 2014 and accompanying these financial
statements, a Notice of Extraordinary General Meeting ("EGM") has
been issued to shareholders of the Company. Within the EGM, the
Directors are proposing the voluntary winding-up of the Company in
accordance with the Companies Law and the cancellation of admission
of its Shares to trading on the Main Market of the London Stock
Exchange.
-- After accruing all expenses associated with the liquidation,
the Company expects to return approximately 26 pence per share to
shareholders.
Return to shareholders
-- Estimated shareholder total return for the period 30 June
2013 to the liquidation of the company, based on capital
distributions and dividends during the period and expected return
on liquidation, is approximately 59 pence per share; this compares
to a NAV per share of 59.52p and a share price of 54.25 pence per
share at 30 June 2013.
Enquiries:
HSLE
Company Secretary +44 (0)1481 737 600 / nicole.barnes@praxisgroup.com
Spire Partners
Jonathan Russell +44 (0)20 7042 6300 / enquiries@SpireLLP.com
Liberum
Chris Bowman +44 (0)20 3100 2000 / chris.bowman@liberum.com
Notes to Editors:
About HarbourVest Senior Loans Europe Limited:
HarbourVest Senior Loans Europe Limited is a
Guernsey-incorporated company listed on the main market of the
London Stock Exchange.
The Company's investment objective is to provide shareholders
with a combination of a high level of income and capital growth
over time, whilst preserving capital. The investment period of HSLE
has now concluded and the Company has invested in accordance with
its original investment policy and objective. The Company has
invested in senior secured loans of private equity-backed European
mid-market companies.
HSLE is managed by Spire Partners LLP (the "Investment Manager")
a limited liability partnership registered in England and Wales (OC
376511).
The Company is regulated by the Guernsey Financial Services
Commission and is not regulated or authorised by the Financial
Conduct Authority, but is subject to the Listing Rules applicable
to closed-ended investment companies.
To learn more about HSLE, please visit www.hvsle.com
About Spire Partners LLP:
Established in 2012, Spire Partners LLP is an independent asset
management firm focused on European non-investment grade
credit.
Spire's founding partners are Jonathan Russell, Phil
Bennett-Britton and Oliver Drummond Smith, who previously worked
together managing a variety of fund types including credit
opportunities, collateralised loan obligations ("CLOs"), managed
accounts and private equity funds. The team has a track record of
consistently delivering superior risk adjusted returns.
Spire currently has a sub-advisory arrangement with the UK
affiliate of a US multi-strategy institutional investor to invest
in European non-investment grade credit, and was appointed as sub
investment adviser on HSLE in February 2014, before becoming the
investment manager in May 2014. Spire also has a managed account
with a family office to invest in performing non-investment grade
credit.
Spire is authorised and regulated in the United Kingdom by the
Financial Conduct Authority.
To learn more about Spire Partners, please visit
www.SpireLLP.com
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/5270V_-2014-10-28.pdf
This announcement is issued by the Company, whose registered
address is at Sarnia House, Le Truchot, St Peter Port, Guernsey,
GY1 4NA, Channel Islands.
(c) 2014 HarbourVest Senior Loans Europe Limited. All rights
reserved.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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