Interim Management Statement

RNS Number : 6191U

Equest Investments Balkans Ltd

16 May 2008

 



INTERIM MANAGEMENT STATEMENT

EQUEST INVESTMENTS BALKANS LIMITED ('THE COMPANY' / 'EIB')

In compliance with

Regulation 9(2)(a) & (b) Transparency (Directive 2004/109/EC) Regulations 2007

16 May 2008

This interim management statement covers the period from 1 January 2008 to 15 May 2008. It has been produced for the sole purpose of providing information to the Company's shareholders in accordance with the requirements of the Transparency Rules. It should not be relied upon for any other purpose.

Investment Objective

Our investment strategy is to make equity or equity-related investments in developing enterprises organised or operating throughout our target region, which comprises Bulgaria, Romania, Albania, Croatia, FYR Macedonia, Kosovo, Bosnia and Herzegovina, the Republic of Serbia, Slovenia, the Republic of Montenegro, Turkey and Ukraine, with the objective to provide shareholders with long term capital growth.    

Material Events and Transactions

There have been no material events or transactions to date in 2008 and there has been no material change in the business of the Company's operations. A meeting of shareholders took place on 25 April 2008 (the 'Shareholders' Meeting') in connection with proposals recommended by the Company's Board of Directors for the reorganisation of the management structure of the Company, amendments to the articles of association and disapplication of pre-emption rights (as described in the circular to shareholders dated 28 March 2008). Resolutions approving all of these proposals were approved by shareholders at the Shareholders' Meeting.  Implementation of the proposals is conditional upon delisting of the Company's shares from the Irish Stock Exchange ('ISE'). Earlier today, the Board announced that it has applied to delist the Company's shares from the ISE with effect from 8.00 a.m. on 17 June 2008. 

Manager's Comments

There are no comments applicable on the above. 

Financial Position

The investment manager continues to manage its existing holdings and, by using its local offices and networks in Sofia, Bucharest and Belgrade, it seeks to exploit new opportunities for further investments by EIB and its controlled undertakings in the Balkan region. The current market presents a number of opportunities for EIB and its controlled undertakings, and to date we have not seen any significant effects on the financial position and performance on the Company.  

The latest available net asset value of the Company is as at 31 December 2007. The net asset value at that time was €405 million and net asset value per share was €23.40. There has been no significant change in these values since that time. 

Further information:

Equest Partners Limited	Petri Karjalainen	[phone]
	Naomi Kora
Financial Dynamics	Ed Gascoigne-Pees	[phone]
	David Cranmer
Collins Stewart Europe Limited	Hugh Field	[phone]

The information provided in this statement should not be considered as a financial promotion.

 

END

 

 

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