3rd Quarter Results for the three months to 31 October 2017

GlobeNewswire

16 January 2018

ICG ENTERPRISE TRUST PLC

QUARTERLY UPDATE

FOR THE THREE MONTHS TO 31 OCTOBER 2017

Highlights

  • Realisation activity key driver of growth in the quarter - NAV per share of 930p

  • Highly cash generative portfolio

  • YTD distributions exceed total proceeds received in the previous two financial years

  • Continued progress against strategic goals

  • Selective investment in compelling opportunities and increased exposure to ICG managed assets

  • Move to progressive annual dividend policy and quarterly payments

  • NAV and share price continue to outperform FTSE All-Share over one, three, five and ten years

Realisation activity key driver of growth in the quarter

  • Net asset value per share of 930p

  • Total Return[1] of 0.4% for the quarter; 9.1% for the nine months

  • Investment portfolio valued at £578.4m, 89.7% of net assets

  • 1.2% return for the quarter; 2.5% on a constant currency basis

  • 11.1% return for the nine months; 11.3% on a constant currency basis

  • Portfolio continues to be highly cash generative

  • 19 full realisations in the quarter - £63.0m of proceeds received

    • Realisations at an 36% uplift to carrying value; 1.9x multiple of cost

    • Standard Brands largest exit generating proceeds of £16.1m

  • 47 full realisations in the nine months - £180.1m of proceeds received

    • 35% uplift to carrying value; 2.4x multiple of cost

Selective investment in compelling opportunities

  • Total new investment of £33.7m in the quarter; £98.5m in the nine months

  • Co-investment of £8.1m in Visma, provider of accounting software and business outsourcing services, alongside ICG Europe VI

  • Including previous co-investment alongside Cinven, Visma now the third largest portfolio company, valued at £14.7m

Continued progress against strategic goals

  • More fully invested - investment portfolio represents 89.7% of net assets

  • High conviction investments of ICG directly controlled investments, third-party co-investments and secondary investments represent 43% of investment portfolio

  • Four of the largest 10 companies managed by ICG with total weighting to ICG managed investments increasing to 17.0% of the portfolio, up from 10% at January 2017

  • Two co-investments alongside ICG Europe Fund VI completed in the nine months totalling £23.4m along with a £10.4m secondary in ICG Recovery 2008B

  • Increased exposure to US market - £31.8m committed to US opportunities in the nine months

  • 23.0% of the portfolio at October 2017

Progressive annual dividend policy and move to quarterly dividend payments

  • The Board anticipates paying a minimum dividend of 20.0p per share each year and, in the absence of unforeseen circumstances, intends to grow the annual dividend progressively

  • The Company to move to quarterly dividend payments, with a quarterly dividend of 5p payable on 2 March 2018. The ex-dividend date will be 8 February 2018 and the record date 9 February 2018 - Quarterly dividend, together with interim dividend of 10p paid in November takes dividend payments to 15p

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