Valuation Uplift Following IPO of Extraction Oil & Gas Inc.
13 October 2016 - 5:01PM
THE INFORMATION CONTAINED HEREIN IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA,
ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF
SUCH JURISDICTIONS
NBPE Announces Valuation Uplift
Following IPO of Extraction Oil & Gas Inc.
13 October 2016
NBPE today announces the valuation
impact of the initial public offering of its portfolio company
Extraction Oil & Gas Inc ("Extraction") (NASDAQ: XOG) which
occurred on 11 October 2016. Extraction is a U.S. based energy
company focused on the exploration and production of oil and gas
reserves in the Rocky Mountains. NBPE initially invested in
Extraction in May 2014 and made multiple follow on investments
between June 2014 and April 2016. Prior to NBPE's initial
investment, Extraction had been funded by a sophisticated private
equity investor. As of 31 August 2016, Extraction (formerly
referred to in NBPE's reporting as "Oil & Gas Company") was
NBPE's largest equity investment by fair value, being held at a
total valuation of $18.8 million. At the IPO price of $19 per share
(above the estimated IPO price range of $15 - $18), NBPE's position
was valued at approximately $31.5 million[1]. The
valuation increase in this position will result in an uplift of
$0.26 per share to NBPE's August monthly portfolio fair value. NBPE
did not sell any shares as part of the initial public offering. On
12 October 2016, the closing share price of Extraction was $21.85
per share.
In NBPE's 30 September 2016
monthly report, which will be issued in the coming days, the IPO
price for Extraction will be used to reflect its fair value as of
30 September 2016.
[1] Based on the preliminary share
count of Extraction, subject to adjustments.
For further
information, please contact:
NBPE Investor
Relations +1
214 647 9593
Neustria
Partners
+44 20 3021 2580
Nick
Henderson
Nick.Henderson@neustriapartners.com
Robert Bailhache
Robert.Bailhache@neustriapartners.com
Charles Gorman
Charles.Gorman@neustriapartners.com
ABOUT NB PRIVATE
EQUITY PARTNERS LIMITED
NBPE is a closed-end private equity investment company with class A
ordinary shares admitted to trading on Euronext Amsterdam and the
Specialist Fund Market of the London Stock Exchange. NBPE has
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of the London Stock Exchange and the Daily Official List of The
Channel Islands Securities Exchange Authority Limited and
applications have been made for 2022 ZDP Shares to be admitted to
trading on the Specialist Fund Segment of the Main Market of the
London Stock Exchange. NBPE holds a diversified portfolio of direct
income investments, direct equity investments and fund investments
selected by the NB Alternatives group of Neuberger Berman,
diversified across private equity asset class, geography, industry,
vintage year, and sponsor.
ABOUT NEUBERGER
BERMAN
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages equities, fixed
income, private equity and hedge fund portfolios for institutions
and advisors worldwide. With offices in 19 countries, Neuberger
Berman's team is approximately 2,000 professionals and the company
was named by Pensions & Investments as a Best Place to Work in
Money Management for three consecutive years. Tenured, stable and
long-term in focus, the firm fosters an investment culture of
fundamental research and independent thinking. It manages $246
billion in client assets as of June 30, 2016. For more information,
please visit our website at www.nb.com.
This press
release appears as a matter of record only and does not constitute
an offer to sell or a solicitation of an offer to purchase any
security.
NBPE is established as a closed-end investment
company domiciled in Guernsey. NBPE has received the necessary
consent of the Guernsey Financial Services Commission and the
States of Guernsey Policy Council. NBPE is registered with the
Dutch Authority for the Financial Markets as a collective
investment scheme which may offer participations in The Netherlands
pursuant to article 2:66 of the Financial Markets Supervision Act
(Wet op het financial toezicht). All investments are subject to
risk. Past performance is no guarantee of future returns. The value
of investments may fluctuate. Results achieved in the past are no
guarantee of future results. This document is not intended to
constitute legal, tax or accounting advice or investment
recommendations. Prospective investors are advised to seek expert
legal, financial, tax and other professional advice before making
any investment decision. Statements contained in this document that
are not historical facts are based on current expectations,
estimates, projections, opinions and beliefs of NBPE's investment
manager. Such statements involve known and unknown risks,
uncertainties and other factors, and undue reliance should not be
placed thereon. Additionally, this document contains
"forward-looking statements." Actual events or results or the
actual performance of NBPE may differ materially from those
reflected or contemplated in such targets or forward-looking
statements.
[1] Based on
the preliminary share count of Extraction, subject to
adjustments.
Valuation Uplift
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: NB Private Equity Partners Limited via
Globenewswire
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