ICG Enterprise Trust Icg Enterprise Trust Plc: Portfolio Update
09 February 2021 - 1:00AM
UK Regulatory
TIDMICGT
ICG Enterprise Trust plc
8 February 2021
Portfolio Update
Realisation of Telos generates estimated 29.5p per share uplift in NAV
ICG Enterprise Trust ("ICGT") is pleased to announce that it has
realised its holding in Telos Corporation ("Telos"), generating net cash
proceeds to ICGT of c. GBP40m.
ICGT estimates that the uplift from this realisation relative to ICGT's
net asset value at 31 October 2020 is c. 2.4%, or 29.5p per share.
At ICGT's Q3 results for the period ended 31 October 2020 (announced on
4 February 2021), Telos was ICGT's 4th largest underlying investment and
represented c. 2.9% of ICGT's Portfolio Value. The investment was
realised at a c. 33x multiple of initial cost.
Oliver Gardey, Head of Private Equity Fund Investments at ICG,
commented:
"Since the IPO of Telos in November 2020 we have been actively
considering options to maximise the risk-adjusted return to our
shareholders.
"This transaction crystallises a significant value uplift and provides
ICG Enterprise Trust with substantial additional liquidity to take
advantage of our growing pipeline of investment opportunities."
Enquiries
Analyst / Investor enquiries: +44 (0) 20 3545 2000
Oliver Gardey, Head of Private Equity Fund Investments, ICG
Colm Walsh, Managing Director, ICG
James Caddy, Investor Relations, ICG
Media:
Fiona Laffan, Global Head of Corporate Affairs, ICG
+44 (0) 20 3545 1510
Ed Gascoigne Pees, Eddie Livingstone-Learmonth, Camarco
+44 (0) 20 3757 4993
Disclaimer
This report may contain forward looking statements. These statements
have been made by the Directors in good faith based on the information
available to them up to the time of their approval of this report and
should be treated with caution due to the inherent uncertainties,
including both economic and business risk factors, underlying such
forward-looking information. These written materials are not an offer of
securities for sale in the United States. Securities may not be offered
or sold in the United States absent registration under the US Securities
Act of 1933, as amended, or an exemption therefrom. The issuer has not
and does not intend to register any securities under the US Securities
Act of 1933, as amended, and does not intend to offer any securities to
the public in the United States. No money, securities or other
consideration from any person inside the United States is being
solicited and, if sent in response to the information contained in these
written materials, will not be accepted.
(END) Dow Jones Newswires
February 08, 2021 09:00 ET (14:00 GMT)
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