Reconstruction Capital II Ltd New Valuations of Private Equity Positions (0344V)
April 03 2019 - 10:19AM
UK Regulatory
TIDMRC2
RNS Number : 0344V
Reconstruction Capital II Ltd
03 April 2019
3 April 2019
Reconstruction Capital II Limited
("RC2" or the "Company")
New Valuations of Private Equity Positions
As part of the annual audit process, RC2's auditors have
requested from independent third-party valuers new valuations of
the Company's investments in Policolor S.A. and Mamaia Resort
Hotels SRL as at 31 December 2018. However, because Telecredit IFN
SA is changing its business model due to new restrictions on
lending to individuals introduced by the National Bank of Romania
effective 1 January 2019, the Company's investment in Telecredit
IFN SA has not been valued by independent third-party valuers, but
rather reflects RC2's share of its net asset value audited under
IFRS as at 31 December 2018. A table showing the new and prior
valuations of the main private equity positions is shown below:
Prior valuations EUR Revised valuations EUR
Policolor SA 20,500,053 18,320,000
Mamaia Resort Hotels SRL 4,404,658 4,228,219
Telecredit IFN SA 889,398 849,514
Total 25,794,109 23,397,733
Net Asset Value
The Company announces that at close of business on 31 December
2018 its unaudited net asset value ("NAV") per share was EUR
0.2238. The new NAV reflects the changes to the valuations of the
private equity positions outlined above.
Quarterly report
A quarterly report which details the activities of the Company
for the quarter ended 31 December 2018 will be issued soon by the
Adviser of the Company.
For further information, please contact:
Reconstruction Capital II Limited
Cornelia Oancea/Anca Moraru
Tel: +40 21 3167680
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett
Tel: +44 (0) 20 7383 5100
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END
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