Interim Management Statement

RNS Number : 7514F

CVC Credit Partners European OpsLtd

29 April 2014

 



29 April 2014

CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES LIMITED

INTERIM MANAGEMENT STATEMENT

FOR THE QUARTER ENDED 31 MARCH 2014

CVC Credit Partners European Opportunities Limited (the "Company"), is publishing this Interim Management Statement in accordance with DTR 4.3 of the FCA Handbook.

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 January 2014 to 31 March 2014, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Overview and objective

CVC Credit Partners European Opportunities Limited (the "Company") is a Jersey closed-ended investment company limited by shares. The Company's shares are traded on the Main Market of the London Stock Exchange (LSE).

The Company's investment policy is to invest predominantly in companies domiciled, or with material operations, in Western Europe across various industries. The Company's investments are focused on Senior Secured Obligations of such companies but investments are also made across the capital structure of such borrowers.

The Company invests in CVC European Credit Opportunities S.àr.l. (the "Investment Vehicle"), a European credit opportunities investment vehicle managed by CVC Credit Partners Investment Management Limited.

Investment Vehicle Manager Market & Portfolio Commentary Update

Please refer to the Company's web site www.ccpeol.com for monthly factsheets which provide a review of the market and Investment Vehicle's portfolio statistics.

Material events and transactions

Monthly ordinary share conversions

On 21 January 2014, the Company converted 1,000,000 Euro ordinary shares into 831,031 Sterling ordinary shares.

On 27 February 2014, the Company converted 2,891,641 Euro ordinary shares into 2,369,272Sterling shares.

On 27March 2014, the Company converted 502,774Euro ordinary shares into 413,755 Sterling shares.

As a result of above conversions, as at 31 March 2014 the Company had 162,220,610 Euro ordinary shares and 161,304,834 Sterling ordinary shares.

C share issue

On the 28 March 2014 the Company announced the successful placing of C shares which raised gross proceeds of €111,271,923 through the issue of 30,958,500 EuroC shares at an issue price of €1.00 to raise €30,958,500 and 66,352,795 Sterling C shares at an issue price of £1.00 to raise £66,352,795 (€80,313,423).

On the 3 April 2014, the Company announced that its entire C Share capital of 30,958,500 Euro C Shares and 66,352,795 Sterling C Shares were admitted to the standard listing segment of the Official List of the UK Financial Conduct Authority and to trading on the London Stock Exchange plc's main market for listed securities.

Dividend

On 23 January 2014, the Company declared a dividend of €0.01 per Euro ordinary share and £0.01 per Sterling ordinary share, in respect to the period ended 31 December 2013. A dividend of €1,656,150.25 per Euro class and £1,585,218.07 per Sterling class was paid to Shareholders on the 14 February 2014.

Report and Accounts

On 21 February 2014, the Company released its Annual Financial Report for the period ended 31 December 2013, to Shareholders.

Financial highlights**

Number of shares in issue as at 31 December 2013:

            166,615,025 Euro ordinary shares

            157,690,776 Sterling ordinary shares

Number of shares in issue as at 31 March 2014:

            162,220,610 Euro ordinary shares

            161,304,834 Sterling ordinary shares

            30,958,500 Euro C shares

            66,352,795 Sterling C shares

Market capitalisation as at 31 December 2013:

            Euro ordinary share class: €169,114,250 (Number of Euro shares x bid price) *

Sterling ordinary share class: £162,027,272 (Number of Sterling shares x bid price) *

Market capitalisation as at 31 March 2014:

            Euro ordinary share class: €170,331,641 (Number of Euro shares x bid price) *

Sterling ordinary share class: £168,966,814 (Number of Sterling shares x bid price) *

Performance summary **

		As at 31 March 2014		As at 31 December 2013		% change period
Net asset value per Euro ordinary share		€1.0338		€1.0293		0.44%
Euro ordinary share price (bid market)*		€1.0500		€1.0150		3.45%
Net asset value per Sterling ordinary share		£1.0358		£1.0305		0.51%
Sterling ordinary share price (bid market)*		£1.0475		£1.0275		1.95%

*- Source: Bloomberg

** - No C share market captalisation information is available as at 31 March 2014 as the C share classes had not been admitted to trading on the London Stock Exchange until 3 April 2014.

Enquiries:

BNP Paribas Securities Services S.C.A. Jersey Branch

[phone]

Date: 28April 2014

 

END

 

 

IMSDMGZDNLDGDZG