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3i Quoted Private Eq (QPE)

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Wednesday 13 August, 2008

3i Quoted Private Eq

Interim Management Statement

RNS Number : 2004B
3i Quoted Private Equity PLC
13 August 2008

13 August 2008

3i Quoted Private Equity plc 
Interim Management Statement

3i Quoted Private Equity plc ('3i QPEP' or 'the Company') is an investment company, listed on the London Stock Exchange, which aims to apply private equity value creation techniques to quoted businesses. This Interim Management Statement is issued in accordance with FSA Disclosure and Transparency Rule 4.3. This statement relates to the period from 1 April 2008 to today's date


·                     £169 million invested from flotation to date, representing 42% of flotation proceeds;
·                     £65 million investment in Salamander Energy plc completed on 12 August 2008;
·                     Current cash balance of £247 million, or 62 pence per share;
·                     Net asset value at 31 July of 101.4 pence per share.

David Tyler, Chairman of 3i QPEP, said: 'The £65 million investment in Salamander Energy shows that 3i QPEP continues to make progress in its strategy of making highly selective investments in high growth companies.'

1.    Investments

3i QPEP has invested a total of £169 million in the period from flotation to date, £65 million of which was invested between 1 April 2008 and today's dateThis amount represents 42% of the proceeds raised at flotation.

Of the £400 million flotation proceeds, £247 million are, as of today, held in cash by the Company, representing 62 pence per share.

2.    Salamander Energy 

On 16 July 2008, Salamander Energy plc ('Salamander'), an independent upstream oil and gas exploration and production company focused on Asia, announced a placing and open offer to raise approximately £100 million to enable the acceleration of its exploration, development and acquisition programmes.

On the same day 3i QPEP announced that it would acquire up to 21,819,791 shares (or up to 14% of the capital, for a total consideration of up to £65.5 million) in SalamanderOf this total, 9,583,586 shares were to be purchased in the firm placing and up to 7,774,205 shares would be purchased by sub-underwriting a portion of the open offer. The completion of these transactions was subject to the approval of Salamander shareholders at an extraordinary general meeting which was obtained on 8 August 2008. 

In addition, on 16 July 3i QPEP agreed to purchase 4,462,000 Salamander shares from 3i Group plc and funds managed by 3i Investments plc. This transaction was conditional upon the successful closing of Salamander's placing and open offer. 

Following the successful completion of the transactions, 3i QPEP now hold21,635,805 shares in Salamander, or 14% of the company's enlarged share capital. The shares were all purchased at the placing price of 300 pence per share, for a total consideration of £65 million. 

3i QPEP is entitled to nominate a representative to serve on the Salamander board of directors. 

3.    Returns and net asset value

The net asset value as of 31 July was 101.4 pence per share, compared to a net asset value as at 30 June of 102.8 pence.

3i QPEP will issue its half-yearly results for the period from 1 April 2008 to 30 September 2008 in November 2008. 


For more information please contact:

Bruce Carnegie-Brown

Managing Partner, QPE
3i Investments plc

+44 20 7975 3435

David Tyler

Chairman, 3i Quoted Private Equity plc

+44 1534 609 921

Silvia Santoro

Investor enquiries

+44 20 7975 3258

Jennifer Letki

Press enquiries

+44 20 7975 3190

Lydia Pretzlik


+44 20 7379 5151

Notes to editors

3i Quoted Private Equity plc ('3i QPEP') is a Jersey incorporated, public closed-end investment company. 3i QPEP was admitted to the Official List and to trading on the London Stock Exchange on 29 June 2007. 3i Investments plc ('3i Investments'), which is regulated in the UK by the Financial Services Authority, has been appointed by 3i QPEP to act as its investment adviser.  

3i QPEP aims to deliver private equity value creation techniques to public companies, leveraging the international network of its investment adviser to source attractive opportunities and execute its value creation plan. 3i QPEP will build a portfolio of influential stakes in selected companies in the UK and continental Europe and across a broad spectrum of sectors to attain the level of influence necessary to generate significant improvements in operating performance. 

This statement aims to give an indication of material events and transactions that have taken place during the period from 1 April 2008 to the date of publication of this statement and their impact on the financial position of 3i Quoted Private Equity plc. These indications reflect the Board's current view. They are subject to a number of risks and uncertainties and could change. Factors which could cause or contribute to such differences include, but are not limited to, general economic and market conditions and specific factors affecting the financial prospects or performance of individual investments within the portfolio of 3i Quoted Private Equity plc

This information is provided by RNS
The company news service from the London Stock Exchange