East Capital Explorer AB invests additional EUR 5.4m into Melon Fashion Group through Mandatory Offer and Holding Revalued
(Thomson Reuters ONE) -
As previously announced, a subsidiary of East Capital Explorer launched a
mandatory offer during the first quarter of 2012 to buy out the remaining shares
in Melon Fashion Group (MFG) from its non-affiliates. The mandatory takeover
offer is now complete and the number of shares tendered was limited
corresponding to a total purchase price of EUR 5.4m. 1,781 shares were tendered
in the offer representing 5.5% of the shares of MFG and the mandatory offer took
place at the same price level as the Swedfund transaction announced in July
2011.
East Capital Explorer's holding in MFG was revalued as of 31 May 2012 due to
strong increase in sales ahead of budget during the first four month of 2012.
The logistical problems that the company experienced in 2011 have also been
solved which has increased the profitability of the company. As a result, the
fair value of the company's shares increased by 48%.
Mia Jurke, CEO of East Capital Explorer AB says: "We are very pleased to see
that the company is performing well. MFG remains one of the most exciting retail
companies in our investment universe and the company has potential to benefit
further from strong domestic demand in Russia."
MFG is the Company's largest direct investment. An initial investment of EUR
10m was made in 2008 and an additional investment of EUR 13m was made during
2011. Following the revaluation, the value of East Capital Explorer's holding in
MFG amounted to EUR 34.4m, including the shares tendered during the offer. The
increase in value had a positive contribution to East Capital Explorer's Net
Asset Value with 3%.
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 June 2012.
120608 - Press Release:
http://hugin.info/143006/R/1618250/516534.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#1618250]
Unternehmensinformation / Kurzprofil:
Datum: 08.06.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 154502
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contact information:
Town:
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Kategorie:
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"East Capital Explorer AB invests additional EUR 5.4m into Melon Fashion Group through Mandatory Offer and Holding Revalued"
steht unter der journalistisch-redaktionellen Verantwortung von
East Capital Explorer AB (Nachricht senden)
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