East Capital Explorer AB - Part of East Capital Explorer's fund holdings to be restructured and adapted to new EU regulations
(Thomson Reuters ONE) -
East Capital is restructuring some of its alternative investment funds in which
East Capital Explorer invests. This restructuring refers to East Capital's four
Bering funds which are domiciled in the Cayman Islands. These funds are being
transferred to Luxembourg and, in conjunction with this, will be combined into
two funds, East Capital New Markets Fund and East Capital Deep Value Fund.
The four Bering funds - East Capital Bering Russia Fund, East Capital Bering
Balkan Fund, East Capital Bering Central Asia Fund and East Capital Bering
Ukraine Fund (Class A) - will be modernised and adapted to the EU's newly
established regulations for alternative investment funds (AIFMD). Combined,
these funds currently comprise 33 percent of East Capital Explorer's total Net
Asset Value.
"It is natural to do this adaption to the new EU regulations, something which
also increases investor protection. Furthermore, it is good that we will have
two, instead of four, funds as we achieve a more concentrated and clearly
defined portfolio, which is in line with our overall strategy", says Catharina
Hagberg, Acting CEO for East Capital Explorer.
"We have followed the changes in our investment region, investor preferences and
in the regulatory frameworks in place, and we now adapt the funds' strategies
and structures. The new funds are better suited for today's market situation and
create efficiency gains, which will benefit the investors through lower costs.
We also believe that the new strategies provide the best possibility to utilise
the new market climate and create returns", says Albin Rosengren, CEO of East
Capital. The new regulations also facilitate simplified access to the funds for
new investors EU wide.
The East Capital New Markets Fund will have as its strategy to, via the Small
and Mid-Cap segment, benefit from the development in selected companies within
the frontier markets in Eastern Europe. The Fund performance will be benchmarked
against a tailored index (MSCI FM Central and East Europe + CIS). Initially, the
Fund will have approximately 20 holdings at a combined value of about USD 100m
(EUR 75m).
East Capital Deep Value Fund has, as a strategy, to actively manage and, for
certain holdings, identify divestment opportunities when this can take place on
the basis of values significantly greater than current market values. We believe
that many holdings in the fund have an unwarranted large liquidity rebate, and
have a significant yield potential. The portfolio will initially contain 85-95
holdings at an estimated value of USD 90m (EUR 67m). The portfolio's yield is
expected to be less tied to market developments as the holdings are outside the
market index.
The funds will only be available to institutional and other professional
investors.
The restructuring is intended to be effected as of year-end, provided a positive
response to these changes from the funds' investors.
Contact information
Catharina Hagberg, Acting CEO, East Capital Explorer, +46 8 505 885 52
Mathias Pedersen, CFO, East Capital Explorer, +46 8 505 977 48
Financial reporting calendar
· Monthly Net Asset Value report on the fifth working day after the end
of each month
· Year-end Report 2013 on 20 February 2014
· Annual Report 2013 available in April 2014
· Annual General Meeting 2014 on 22 April 2014
· Interim Report, 1 January - 31 March 2014 on 22 May 2014
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 - Analysts: Carnegie,
Handelsbanken, Remium, Erik Penser
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 20 November 2013.
131120 - Press Release:
http://hugin.info/143006/R/1744405/587000.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#1744405]
Unternehmensinformation / Kurzprofil:
Datum: 20.11.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 318458
Anzahl Zeichen: 5754
contact information:
Town:
Stockholm
Kategorie:
Business News
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