Interim Management Statement

RNS Number : 1294V

CVC Credit Partners European OpsLtd

23 October 2014

 



CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES LIMITED

INTERIM MANAGEMENT STATEMENT

FOR THE QUARTER ENDED 30 SEPTEMBER 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 July 2014 to 30 September 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

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.

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 26 August 2014, the Company converted 500,000 Sterling ordinary shares into 632,226 Euro ordinary shares.

On 28 October 2014, the Company will convert 1,982,000 Euro ordinary shares into 1,540,025 Sterling ordinary shares.

On the 21 October 2014, the Company received a request to convert 850,000 Euro ordinary shares into Sterling ordinary shares. Conversions will take effect on 27 November 2014 based on the Company's month end net asset value figure for 31 October 2014.

Please note that no monthly ordinary share conversions took place in July or September 2014 as the Company received no ordinary share conversion requests from shareholders.

C share conversion

On the 22 July 2014, the Company converted 30,958,500 Euro C shares and 66,352,795 Sterling C shares into 30,320,748 Euro ordinary shares and 64,846,565 Sterling ordinary shares respectively. These new ordinary shares were admitted to the Official List and to trading on the London Stock Exchange on 22 July 2014.

Tender Offer

On the 13 August 2014, 280,875 Euro ordinary shares and 7,401 Sterling ordinary shares were tendered in line with the Company's Contractual Quarterly tender mechanism. These shares have been transferred to the Company's name and held in treasury.

Placing

On the 24 September 2014 the Company announced a successful placing raising gross proceeds of €10,506,000, through the issue of 10,000,000 Euro ordinary shares at an issue price of €1.0506. On 26 September 2014 the 10,000,000 Euro ordinary shares were admitted to the Official List and to trading on the London Stock Exchange plc's main market for listed securities.

As at 30 September 2014 the Company had 223,839,184 Euro ordinary shares and 225,651,399 Sterling ordinary shares (inclusive of treasury shares).

Dividend

A dividend of €4,572,155.25 per Euro class and £4,032,620.85 per Sterling class was paid to Shareholders on the 22 July 2014. On 22 July 2014, the Company declared and paid a preferred dividend of £11.18 per management share (2 management shares held as at 30 September 2014).

Report and Accounts

On 29 August 2014, the Company announced the half-yearly results for the six months ended 30 June 2014, to Shareholders.

Supplementary Prospectus

On 22 September 2014 the Company issued a Supplemental Prospectus, (which should be read in conjunction with the prospectus published by the Company on 20 March 2014), to the Placing Programme in respect of up to 600 million Placing Shares.

Financial highlights ***

Number of shares issued as at 30 September 2014:

     223,839,184 Euro ordinary shares (inclusive of 280,875 treasury shares)

     225,651,399 Sterling ordinary shares (inclusive of 7,401 treasury shares)

Number of shares issued as at 30 June 2014:

182,886,210 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 30 September 2014:

     Euro ordinary share class: €233,618,433 (Number of Euro ordinary shares** x bid price*)

Sterling ordinary share class: £238,054,418 (Number of Sterling ordinary shares** x bid price*)

Market capitalisation as at 30 June 2014:

Euro ordinary share class: €192,944,952 (Number of Euro ordinary shares x bid price*)

Sterling ordinary share class: £167,757,027 (Number of Sterling ordinary shares x bid price*)

Euro C share class: €31,887,255 (Number of Euro C shares x bid price*)

Sterling C share class: £66,518,677 (Number of Sterling C shares x bid price*)

Performance summary 

			As at 30 September 2014	As at 30 June 2014
Net asset value per Euro ordinary share			€1.0272	€1.0250 XD
Euro ordinary share price (bid market)*			€1.0450	€1.0550 XD
Net asset value per Sterling ordinary share			£1.0301	£1.0268 XD
Sterling ordinary share price (bid market)*			£1.0550	£1.0400 XD
Net asset value per Euro C share			-	€1.0039
Euro C share price (bid market)*			-	€1.0300
Net asset value per Sterling C share			-	£1.0035
Sterling C share price (bid market)*			-	£1.0025

* - Source: Bloomberg

** - Excluding treasury shares

*** - No C share market capitalisation information is available as at 30 September 2014 as the Euro and Sterling C share classes were converted into Euro and Sterling ordinary share classes on 22 July 2014.

Enquiries:

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

[phone]

Date: 23 October 2014

 

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