Reconstruction Capital II Ltd Net Asset Value(s) (3453Z)
06 March 2013 - 6:50PM
UK Regulatory
TIDMRC2
RNS Number : 3453Z
Reconstruction Capital II Ltd
06 March 2013
6 March 2013
Reconstruction Capital II Limited (the "Company")
Net Asset Value
The Company announces that at close of business on 31 January
2013 its unaudited net asset value ("NAV") per share was EUR
0.6010.
This NAV is based on new yearly valuations of the Company's
private equity positions as at 31 December 2012 conducted by
independent third party valuers. These valuations, which are
currently being reviewed and may be revised by the Company's
auditor, have resulted in a substantial decline in the Company's
NAV as at 31 January 2013, reflecting the very difficult trading
conditions faced by the main portfolio companies, which have
already been highlighted in the quarterly reports issued by the
Investment Manager and Advisers.
In particular, they reflect:
-- Weaker prospects for East Point Holdings' Copper Processing
and Bakeries divisions, the former because of ongoing weak demand
for copper products from the Italian construction industry, the
latter due to Serbian government controls on the price of standard
bread and intensifying competition in the Belgrade area;
-- Lower prospects for Policolor due to ongoing weak demand from
the Romanian and Bulgarian construction markets;
-- Weaker prospects for Top Factoring due to a fall in
collections on its proprietary telecoms portfolios; and
-- Lower valuations of the non-core real estate owned by East Point Holdings and Policolor.
A table showing all the changes is included in the Monthly
Report for January 2013.
Monthly Report
A monthly report which details the activities of the Company for
the month ended 31 January 2013 has been issued by the investment
manager and investment advisers of the Company.
Copies of both above reports have been emailed to shareholders
and will also be available, free of charge from the offices of New
Europe Capital Limited, 33 Marloes Road, London W8 6LG, United
Kingdom (tel: +44 (20) 7244 0088), for a period of 30 days from the
date of this announcement.
For further information, please contact:
Reconstruction Capital II Limited
Ion Florescu / Anca Moraru
Tel: +44 (0) 207 244 0088/ +40 21 3167680
Grant Thornton Corporate Finance (Nominated Adviser)
Philip Secrett / David Hignell
Tel: +44 (0) 20 7383 5100
LCF Edmond de Rothschild Securities (Broker)
Hiroshi Funaki
Tel: +44 (0) 20 7845 5960
This information is provided by RNS
The company news service from the London Stock Exchange
END
NAVUGUACWUPWUMQ
Reconstruction Capital Ii (LSE:RC2)
Historical Stock Chart
From Jun 2024 to Jul 2024
Reconstruction Capital Ii (LSE:RC2)
Historical Stock Chart
From Jul 2023 to Jul 2024