Portfolio Update and Net Asset Value

RNS Number : 1168D

EPE Special Opportunities PLC

04 July 2016

 

EPE Special Opportunities plc

Portfolio Update and Net Asset Value

EPE Special Opportunities plc ("ESO plc") announces that Pharmacy2U Limited ("P2U"), a company in which it has a minority investment via ESO Investments 1 LP ("ESO 1 LP"), has completed a merger with ChemD Holdings Limited, which trades as ChemistDirect.co.uk. In conjunction with the merger, the Business Growth Fund ("BGF") has invested £10 million to support the new company's ambitious growth plans.

The enterprise value of the new company equates to £43 million and the merger creates a clear leader in the UK online pharmacy sector, with 1.5 million customers and unrivalled experience in digital pharmacy services.

The Chief Executive of the new company will be ChemistDirect.co.uk Chief Executive Mark Livingstone, who brings a strong track record in innovative internet-based businesses including LOVEFiLM and Graze.com.

The transaction has a positive impact on ESO plc's NAV, resulting in an increase of 2.81p. The total NAV at 30 June 2016 incorporating this increase is 159.02p.

Enquiries:

EPIC Private Equity LLP                      Alex Leslie [phone]

FIM Capital                                          Philip Scales [phone]

Cardew Group                                     Richard Spiegelberg [phone]

Numis Securities                                  Tel: [phone]   

Nominated Advisor:                                Hugh Jonathan / Stuart Skinner

Corporate Broker:                                   Charles Farquhar    

Disclaimer: This valuation, which has been prepared in good faith by the Company's investment adviser, is for information purposes only.  It is derived from unaudited estimated valuations of the Company's underlying investments based on information received by the investment adviser which may relate to dates or periods some time before the date of this valuation.  Such estimates may be subject to little verification or other due diligence and may not comply with generally accepted accounting practices or other generally accepted valuation principles.  If a valuation estimate subsequently proves to be incorrect, no adjustment is expected to be made to any previously published estimated net asset value.

 

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