East Capital Explorer AB - East Capital Explorer AB to divest its holding in TEO LT
(Thomson Reuters ONE) -
East Capital Explorer AB has accepted TeliaSonera's offer to purchase the
Company's holding in TEO LT, a leading Baltic telecommunications operator, for a
total of EUR 17.9m. The transaction will take place on 10 May, after the record
date for the dividend, and as a result, East Capital Explorer AB will also
receive the dividend of EUR 0.06 per share decided at the TEO LT 2012 AGM.
Peter Elam Håkansson, head of the Investment Management team at East Capital
said: "We are very happy to complete this transaction on behalf of East Capital
Explorer. With the agreed terms East Capital Explorer will realize an annualized
pre-tax return of 17.4% on the total investment."
The initial investment of EUR 8.9m in TEO LT was made in October 2009 as the
Investment Manager, East Capital, identified an opportunity to acquire shares in
a company with a solid track record and strong profitability. Additional
investments have been made along the way which has brought the total investment
amount to EUR 16.4m. Before the divestment, East Capital Explorer AB holds 3.6%
of TEO LT's shares.
Mia Jurke, CEO of East Capital Explorer says: "We are pleased that our
Investment Manager, East Capital, identified the TEO LT investment opportunity
and that we now are able to realize a good return on the investment. The timing
is good as the current market offers attractive valuation levels and our
Investment Manager has identified a number of other interesting investment
opportunities."
Contact information:
Mia Jurke, CEO, East Capital Explorer, +46 8 505 885 32
Charlotte Åsberg, Investor Relations Manager, East Capital Explorer,
+46 8 505 885 94
Financial reporting calendar - East Capital Explorer:
* Monthly Net Asset Value report on the fifth working day after the end of
each month
* Interim Report 1 January - 30 June 2012, 7 August 2012
* Interim Report 1 January - 30 September 2012, 9 November 2012
About East Capital Explorer - East Capital Explorer AB (publ) is a Swedish
company, created with the specific aim of bringing unique investment
opportunities in Eastern Europe to a broader investor base. The company invests
mainly in East Capital's special fund products but it also makes direct
investments into private and public companies. East Capital Explorer targets
fast growing sectors such as Power Utilities, Financials, Retail- and Consumer
goods and Real Estate. East Capital Explorer has appointed East Capital to
manage its investment activities. East Capital Explorer is listed on NASDAQ OMX
Nordic Stockholm, Mid Cap.
This 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 07:00 a.m. CET on 8 May 2012.
120508 - Press Release:
http://hugin.info/143006/R/1609672/511321.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters 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 Thomson Reuters ONE
[HUG#1609672]
Unternehmensinformation / Kurzprofil:
Datum: 08.05.2012 - 07:02 Uhr
Sprache: Deutsch
News-ID 143573
Anzahl Zeichen: 3732
contact information:
Town:
Stockholm
Kategorie:
Business News
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