East Capital Explorer AB - East Capital Explorer exits its holding in East Capital Bering New Europe Fund
(Thomson Reuters ONE) -
East Capital Explorer is exiting East Capital Bering New Europe Fund and is
expected to receive the first installment of approximately EUR 5m within a week
from today. The remaining portion of the Company's holding in the Fund is
expected to be distributed within three to six months. Part of the proceeds will
be reinvested in the recently announced direct investment into Starman, the
leading cable TV, broadband internet and voice cable providerin Estonia and for
a drawdown for previously committed capital to East Capital Baltic Property Fund
II for acquisition of a retail property in Latvia.
"In comparison with other markets in the region, Central Europe looks relatively
less attractive for the coming years, and it is most exposed to Western Europe
and its economic difficulties. Considering the limited size of the Fund, East
Capital Explorer's substantial part of the Fund and to ensure a fair treatment
of the remaining fund investors, we have decided to close the Fund." says Eglé
Fredriksson, portfolio manager, East Capital, representing the Investment
Manager.
Catharina Hagberg, acting CEO of East Capital Explorer, says: "This exit is
timely to finance our recently decided investments and it also allows us to
focus on other more attractive investment opportunities."
As of 30 April 2013, East Capital Explorer's holding in the Fund was valued at
EUR 12.8m, corresponding to 4% of the total Net Asset Value of the Company. The
investment has generated a negative annualized pre-tax return of 3.4% for East
Capital Explorer since it first invested into the Fund.
Contact information
Catharina Hagberg, Acting CEO, East Capital Explorer +46 8 505 885 52
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 2013 on 14 August 2013
* Interim Report, 1 January - 30 September 2013 on 11 November 2013
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'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 - Analysts: Carnegie, Svenska
Handelsbanken
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 7:00 a.m. CET on 21 May 2013.
130521 - Press Release:
http://hugin.info/143006/R/1703213/562939.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#1703213]
Unternehmensinformation / Kurzprofil:
Datum: 21.05.2013 - 07:01 Uhr
Sprache: Deutsch
News-ID 261752
Anzahl Zeichen: 4163
contact information:
Town:
Stockholm
Kategorie:
Business News
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"East Capital Explorer AB - East Capital Explorer exits its holding in East Capital Bering New Europe Fund"
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