ICG Enterprise Trust Icg Enterprise Trust Plc: Portfolio Update, Realisation Of U-POL Generates Estimated 19.8p Per Share Upl...
07 July 2021 - 11:46PM
UK Regulatory
TIDMICGT
ICG Enterprise Trust plc
7 July 2021
Portfolio Update
Realisation of U-POL generates estimated 19.8p per share uplift
in NAV
ICG Enterprise Trust ("ICGT") is pleased to announce that
Graphite Capital has entered into a definitive agreement to sell
U-POL Ltd ("U-POL") to US-listed Axalta Coating Systems. Based in
the United Kingdom and selling its products in over 100 countries,
U-POL is a leading manufacturer of repair and refinish products
used primarily for automotive refinish and aftermarket protective
applications.
At 30 April 2021 U-POL was ICGT's 13th largest underlying
investment and represented c. 1.3% of ICGT's Portfolio Value.
The transaction values U-POL at a 128% uplift to its carrying
value at 30 April 2021, and ICGT estimates that the uplift from
this realisation relative to ICGT's net asset value at 30 April
2021 is c. 1.4%, or 19.8p per share.
Had U-POL been valued at this valuation at 30 April 2021, ICGT
estimates that ICGT's net asset value per share at that date would
have been 1,422.0p.
The transaction is expected to close in the second half of 2021,
subject to clearance under applicable antitrust laws and other
customary closing requirements. Upon closing, ICGT expects to
receive cash proceeds of c. GBP24m.
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:
Clare Glynn, Corporate Communications, ICG, +44 (0) 20 3545
1395
Ed Gascoigne Pees, Eddie Livingstone-Learmonth, Camarco, +44 (0)
20 3757 4993
Website:
www.icg-enterprise.co.uk
About ICG Enterprise Trust
ICG Enterprise Trust is a leading listed private equity investor
focused on creating long-term growth by delivering consistently
strong returns through selectively investing in profitable private
companies, primarily in Europe and the US.
As a listed private equity investor, our purpose is to provide
shareholders with access to the attractive long-term returns
generated by investing in private companies, with the added benefit
of daily liquidity.
We invest in companies directly and through funds managed by ICG
and other leading private equity managers who focus on creating
long-term value and building sustainable growth through active
management and strategic change.
We have a long track record of delivering strong returns through
a flexible mandate and highly selective approach that strikes the
right balance between concentration and diversification, risk and
reward.
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
July 07, 2021 09:46 ET (13:46 GMT)
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