3i Group PLC
11 July 2007
3i Group plc - Interim Management Statement
11 July 2007
3i Group plc ('3i') is a world leader in private equity and venture capital.
This is the first Interim Management Statement issued by 3i in accordance with
the new EU Transparency Directive and FSA requirements. This statement relates
to the three month period from 1 April 2007 to 30 June 2007.
Philip Yea, 3i's Chief Executive, said:
'Our outlook for the business is unchanged. 3i continues to perform well and
has made a positive start to the year. We have been active in both investment
and realisations through the first three months. I am very pleased that we have
made further strategic progress with the listing of 3i Quoted Private Equity
Limited on the London Stock Exchange at the end of June.'
Philip Yea added: 'The intention to return a further £800 million to
shareholders, announced in May, further demonstrates our commitment to
maximising returns for shareholders.'
1. Investment and realisations
3i invested a total of £591 million in the three months to 30 June 2007, including £181 million in 3i
Quoted Private Equity Limited. Investment for the equivalent period last year was £240 million. In
addition £80 million (2006: £84 million) was invested on behalf of co-investment funds managed by 3i.
Realisation proceeds received by 3i (excluding co-investment funds) continued to be strong at £605
million for the three months to 30 June 2007 (2006: £433 million).
2. Returns
Returns for the quarter represent a positive start towards achieving our return objectives for the
year.
3. 3i Quoted Private Equity Limited ('3i QPE')
3i QPE raised £400 million and listed on the London Stock Exchange on 29 June 2007, including an
investment of £181 million by 3i. 3i QPE intends to build a portfolio of influential or controlling
stakes in small and mid-cap quoted companies, primarily in the UK and continental Europe. 3i
Investments plc, a subsidiary of 3i, acts as investment adviser to the company.
4. Indian infrastructure market
3i signed a Memorandum of Understanding with India Infrastructure Financing Company Limited ('IIFCL')
on 12 April 2007. IIFCL was incorporated in January 2006 as a wholly Government owned company for the
purpose of providing financial support to infrastructure projects and facilities in India. Investments
arising from this partnership will primarily be in power, ports, logistics, airports and road projects
in both early stage and mature infrastructure operations.
5. Return of capital to shareholders
It will be proposed at the Extraordinary General Meeting today to return to shareholders £807 million,
through an 11 for 8 bonus issue of listed B shares. A share consolidation will be undertaken in order
to reflect the return of value represented by the issue of the B shares, under which the Existing
Ordinary Shares will be consolidated and subdivided such that shareholders will receive 17 Consolidated
Ordinary Shares for every 20 Existing Ordinary Shares held.
Ends
For information please contact:
Simon Ball Finance Director, 3i Group plc 020 7975 3356
Patrick Dunne Group Communications Director, 3i Group plc 020 7975 3283
Philip Gawith The Maitland Consultancy 020 7379 5151
This statement aims to give an indication of material events and transactions
that have taken place during the period from 1 April 2007 to the date of
publication of this statement and their impact on the financial position of 3i
Group 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 3i's portfolio.
This information is provided by RNS
The company news service from the London Stock Exchange
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