East Capital Explorer AB - Net Asset Value (NAV) SEK 85 per share on 30 April 2014
NAV and share price development
* Indicative NAV per share on 30 April 2014 amounted to EUR 9.39 (SEK 85),
corresponding to a total NAV of EUR 295m (SEK 2,658m) for East Capital
Explorer
* NAV per share (EUR) increased by 2.6% (3.7% in SEK) compared to 31 March
2014
* The value of cash, cash equivalents and other short term investments per
share amounted to EUR 1.70 (SEK 15), corresponding to an aggregate of EUR
53m (SEK 480m) on 30 April 2014
* The closing price per share on 30 April 2014 was SEK 52.50 (EUR 5.83),
corresponding to an increase of 7.0%(1)) compared to 31 March 2014
* The number of shares outstanding in East Capital Explorer on 30 April 2014
was 31,424,309. The Company did not hold any own shares
* EUR 1 = SEK 9.01 on 30 April 2014
(1) )Adjusted for value of redemption share (equivalent to SEK 1.53 on
30 April)
Events during the month
* On 16 April it was announced that East Capital Special Opportunities Fund
II, launched in 2010, will be closed down during 2014 in accordance with its
initial investment cycle of four years. East Capital has commenced the
divestment of the fund's holdings and the proceeds are expected to be paid
out in tranches. The first pay-out of approximately 80% is expected in late
May/early June 2014 and the remainder during the autumn of 2014. The value
of East Capital Explorer's holding in the fund at 30 April 2014 was EUR
19.6m, corresponding to an annualised return on the investment of -15%
* On 22 April it was announced that East Capital Explorer and its investment
manager East Capital have agreed to change a number of terms in their
current fee structure. The changes mean that, inter alia, no performance
fees are to be paid out until the NAV per ordinary share is above SEK 100,
and that the management fees will be halved on portfolio values exceeding
EUR 400m and lowered on real estate investments. The changes also include
mechanisms limiting the investment manager's right to charge performance
fees on direct investments. As a consequence of reversed performance fee
provisions, the changes have a positive effect of EUR 9.0m on the reported
NAV per 30 April 2014
* East Capital Explorer's AGM on 22 April resolved to, inter alia, continue
with the ongoing redemption program whereby the company offers to redeem 1
out of 20 shares at February's NAV of SEK 83 per share. Assuming full
acceptance level, a total of EUR 14.6m will be distributed to shareholders
in June. Further, the AGM decided to renew the authorisation for the Board
to issue preference shares, as resolved at an EGM on 24 March
Portfolio on 30 April 2014
Net Asset
% Value(1) % Value(1) Value per
change change share, Value, %
April 2014 EUR EURm of NAV
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Direct Investments
Melon Fashion Group 0.0% -12.0% 1.97 62.0 21%
Starman 0.0% 0.0% 0.80 25.0 8%
Trev-2 Group 0.0% 0.0% 0.31 9.8 3%
Komercijalna Banka
Skopje 6.7% 1.9% 0.21 6.7 2%
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0.4% -7.4% 3.30 103.6 35%
Fund Investments
East Capital Deep Value Fund 0.4% 0.5% 1.48 46.4 16%
East Capital New Markets Fund 0.6% -4.9% 1.33 41.9 14%
East Capital Russian Domestic Growth Fund -7.4% -35.2% 0.87 27.4 9%
East Capital Baltic Property Fund II 0.0% -0.5% 0.65 20.6 7%
East Capital Bering
Ukraine Fund R -1.1% -18.1% 0.07 2.1 1%
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-1.3% -10.9% 4.40 138.4 47%
Short-term Investments
Short-term investments(2) 0.63 19.7 7%
Cash and cash equivalents 1.07 33.7 11% ------------------------------------------------------------------------------- 1.70 53.3 18%
-------------------------------------------------------------------------------
Total Portfolio 9.40 295.3 100%
Other assets and
liabilities net -0.01 -0.3 0%
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Net Asset Value
(NAV) 2.6% -5.1% 9.39 295.0 100%
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1) The value change calculation is adjusted for investments and distributions
during the period, i.e. it is the percentage change between the starting value
plus any added investment during the period and the ending value plus any
proceeds from divestments or dividends received during the period
2) Due to the ongoing liquidation of East European Debt Finance and East Capital Specials Opportunities Fund II, these holdings are no longer separately reported but included in short-term investments as the remaining assets are limited and are expected to be divested in 2014
Financial reporting calendar
· Monthly Net Asset Value report on the fifth working day after the end
of each month
· Interim Report, 1 January - 31 March 2014 on 22 May 2014
· Interim Report, 1 January - 30 June 2014 on 21 August 2014
· Interim Report, 1 January - 30 September 2014 on 7 November 2014
Contact information
Catharina Hagberg, Acting CEO, East Capital Explorer, +46 8 505 885 52
Lena Krauss, Head of Investor Relations & Finance, East Capital Explorer,
+46 73 988 44 66
About East Capital Explorer
East Capital Explorer AB (publ) is a Swedish investment company, created with
the specific aim of bringing unique investment opportunities in Eastern Europe
to a broader investor base. The company makes direct investments into private
and public companies but investments are also made through East Capital's
private equity, real estate and alternative investment funds. East Capital
Explorer's main investment theme is domestic growth and the Company targets fast
growing sectors such as Retail and Consumer goods, Financials and Real Estate.
East Capital Explorer has appointed East Capital to manage its investment
activities. East Capital Explorer is listed on NASDAQ OMX Stockholm, Mid Cap.
Listing: NASDAQ OMX Stockholm. Mid Cap - Ticker: ECEX - ISIN: SE0002158568 -
Reuters: ECEX.ST - Bloomberg: ECEX SS Equity
This report has not been subject to review by the company's auditors and the
information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act and demands made in the exchange rules. It was
released for publication at 08:00 a.m. CET on 8 May 2014.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: East Capital Explorer AB via GlobeNewswire