CapMan incorporates own fund investments and sells investment
commitments and fund investments worth
(Thomson Reuters ONE) - CapMan Plc Stock Exchange Release 7 August 2009 at 8.41 a.m. EETCapMan incorporates own fund investments and sells investmentcommitments and fund investments worth EUR 17.0 million to GimvCapMan Plc and Belgian-based private equity firm Gimv have signed anagreement according to which CapMan will divest investmentcommitments and fund investments worth EUR 17.0 million to Gimv. Thesale of the commitments will reduce CapMan Plc's capital calls in thecoming years and strengthen the Group's financial position. Thedirect impact of the arrangement on the Group's cash flow in 2009 isapprox. EUR 3.4 million. The arrangement does not have an impact onGroup's result. The closing of the arrangement requires i.a. theapproval of the relevant regulatory authorities. In addition, CapManwill transfer its investment commitments and fund investments inCapMan funds to CapMan Fund Investments SICAV SIF (CapMan FundInvestments or feeder fund), a new company that will operate as afeeder fund into funds managed by CapMan. Gimv has stated in itsStock Exchange release published today that it intends to increaseits shareholding in CapMan Plc up to approx. 10%. Moreover, Gimvstates to aim at having a representative appointed on the Board ofDirectors of CapMan Plc in connection with the next General Meeting,with support from CapMan Partners B.V.CapMan strengthens its balance sheet by selling commitments andinvestments worth EUR 17.0 millionCapMan will divest investment commitments totalling EUR 13.6 millionand fund investments totalling EUR 3.4 million to Gimv. Thecommitments and investments target CapMan Technology 2007, CapManRussia and CapMan Public Market funds as follows: Uncalled Investments to be commitments to sold 30 June 2009 Total be sold, MEUR at fair value MEUR MEURFundCapMan Technology 2007 5.8 1.7 7.5CapMan Russia 6.2 1.3 7.5CapMan Public Market 1.6 0.4 2.0Total 13.6 3.4 17.0As a result of the divestments, the sum of CapMan's remaininginvestment commitments falls from EUR 61.9 million to EUR 48.3million. The fair value of executed investments at 30 June 2009changes from EUR 56.2 million to EUR 52.8 million. The transactionswill be executed at fair value and therefore they will not have animpact on Group's result for 2009. It is expected that thetransactions will be closed during August 2009.CapMan incorporates fund investment businessCapMan's intention to incorporate its own fund investments and tohave third party investors in the possible new vehicle to be formedwas announced for the first time in the Interim Report published on30 October 2008.CapMan has established a new company, CapMan Fund Investments, whichwill operate as a feeder fund into funds managed by CapMan. Theincorporation of fund investments clarifies the difference betweenCapMan's management company business and its fund investmentbusiness. CapMan has transferred part of its own investmentcommitments and fund investments to the feeder fund on 30 June 2009.Moreover, CapMan will transfer also the remaining commitments andinvestments made as a fund investor to the feeder fund by the end ofthe first quarter of 2010. The transfers will impact the parentcompany's distributable assets. The impact will depend on the fairvalue of the transferring investments on the transfer date. The sofar implemented transfers have an effect of EUR -1.8 million, and incase all investments had been transferred on 30 June 2009 the impactwould have been EUR -7.0 million.Gimv will become the other investor in the feeder fund when the nowannounced sale of investment commitments and fund investments isclosed. Gimv has already invested in CapMan Buyout VIII fund and iscommitted to invest in CapMan Buyout IX fund. Gimv's intention is tomake future fund investments in CapMan funds through the feeder fund.It also intends to re-invest a part of the potential proceeds to bereceived from these investments in CapMan's future funds.Commitments and fund investments made by Gimv will not beconsolidated with the figures of the CapMan Group. New investors mayparticipate in the feeder fund in future.Gimv has today published a Stock Exchange release stating that itowns 4.38% of shares in CapMan Plc. According to the release Gimvintends to further increase its shareholding up to approx. 10%, whichhowever is, according to the release, fully dependent on theliquidity and market price of CapMan Plc shares. Moreover, Gimvstates to aim at having a representative appointed on the Board ofDirectors of CapMan Plc in connection with the next General Meeting,with support from CapMan Partners B.V.. CapMan Partners B.V. is ownedby the Senior Partners of CapMan and it holds 5.98% of the CapMan Plcshares and 23.24% of the voting rights."Gimv is a good cooperation partner for CapMan. As a strong Europeanprivate equity house Gimv understands the industry logic and futureopportunities. In addition to the fund investments made, we cancooperate for example in generating deal flow for differentinvestment areas and in developing value creation practices", statesHeikki Westerlund, CEO of CapMan Plc. "The sale of the investmentcommitments and fund investments will strengthen CapMan's financialposition in the next few years, yet at the same time CapMan maintainsits position as a substantial investor in the Group's funds,"continues Westerlund."We have a strong belief in CapMan and its product range and weconsider this transaction a natural continuation of our existingbusiness relation. Apart from a different geographical focus, ourbusinesses are very similar. This complementarity allows for opennessand knowledge sharing between our companies," states KoenDejonckheere, CEO of Gimv nv.CapMan Plc's objective is to invest in its future funds 1-5% of theoriginal capital depending on the fund's demand and CapMan's owninvestment capacity.For further information, please contact:Heikki Westerlund, CEO, CapMan Plc, tel. +358 50 559 6580CAPMAN PLCMari ReponenCommunications DirectorInvestor ServicesDISTRIBUTIONHelsinki Stock ExchangePrincipal mediawww.capman.comCapMan www.capman.comCapMan is one of the leading alternative asset managers in the Nordiccountries and Russia and manages private equity funds withapproximately EUR 3.5 billion in total capital. CapMan has sixinvestment areas (CapMan Buyout, CapMan Technology, CapMan LifeScience, CapMan Russia, CapMan Public Market and CapMan Real Estate),and each of them has a dedicated team and funds. Altogether CapManemploys nearly 150 people in Helsinki, Stockholm, Copenhagen, Osloand Moscow. CapMan was established in 1989 and its B shares arelisted on the Helsinki Stock Exchange since 2001.Gimv www.gimv.beGimv is a European investment company with nearly 30 years ofexperience in private equity and venture capital. The company islisted on NYSE Euronext Brussels and currently manages around EUR 1.7billion of assets (including third party funds).Gimv undertakes buyouts and provides growth capital to establishedcompanies. Local teams in Belgium, France, The Netherlands andGermany concentrate on these activities. Gimv-XL provides growthfinancing to larger growth companies in Flanders. Gimv makes venturecapital investments in high tech sectors through its specialist teamsin Life Sciences, Technology and Cleantech. Its DG Infra+ fund alsofocuses on infrastructure projects in the Benelux. For growth capitalinvestments in Russia, Gimv has a joint venture with KBC PrivateEquity.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 07.08.2009 - 07:41 Uhr
Sprache: Deutsch
News-ID 4465
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