Completion of Acquisition

RNS Number : 5474W

Bear Stearns Private Equity Limited

12 June 2008

 



BEAR STEARNS PRIVATE EQUITY LIMITED (LSE: BPLE) 
COMPLETES ACQUISITION OF MACQUARIE PRIVATE CAPITAL GROUP (ASX: MPG)

***

(GUERNSEY - 12 June, 2008) - Bear Stearns Private Equity Limited ('BSPEL') (LSE: BPLE) today announces that it has completed the acquisition of Macquarie Private Capital Group ('MPCG') (previously announced on 18 February 2008) at an adjusted purchase price of A$113.9 million, of which approximately A$106.5 million (US$100.7 million) will be payable to MPCG securityholders on 16 June 2008. The balance will be paid by MPCG in the form of a special distribution to securityholders.

A copy of the announcement released by MPCG to the Australian Stock Exchange relating to the completion of the Transaction is annexed hereto.

About Bear Stearns Private Equity Limited

Bear Stearns Private Equity Limited is a Guernsey registered and incorporated, London Stock Exchange-listed, closed-ended investment company (LSE:BPLE) designed primarily to invest in the global private equity market. The investment objective of the Company is to achieve both short and long-term capital appreciation by investing in a well diversified portfolio of private equity fund interests and by capitalising on the inefficiencies of the secondary private equity market. As at 31 March 2008, the Company's investment portfolio consisted of 100 separate fund investments with exposure to over 1,000 companies in 35 different countries across Europe, Asia and North America. For more information on BSPEL, please visit the Company's website at www.bspel.com

About Macquarie Private Capital Group

Macquarie Private Capital Group ('MPCG') is an ASX listed private equity group (ASX: MPG) that invests in a broad range of unlisted companies and assets, primarily through funds managed by a range of specialist private equity managers such as Quadrant Private Equity, Catalyst, Archer Capital, Blackstone, the Carlyle Group, Ironbridge, and Pacific Equity Partners. Private equity investments are made across a range of sectors including venture, expansion and buy-out capital, infrastructure, property and commodities. MPCG's manager, Macquarie Investment Management Limited ('MIML'), is an experienced manager with a strong track record in private equity funds management. For more information on MPCG, please visit the Company's website at www.macquarie.com.au/au/mpg

ENQUIRIES  

HSBC Management (Guernsey) Ltd 

+ 44 (0) 1481 759 000 

Anthony Payne, Peregrine Communications 

Tel: [phone] 

Mobile: [phone] 

[e-mail] 

Paul Mungo, Peregrine Communications 

Tel: [phone] 

Mobile: [phone] 

[e-mail] 

12 June 2008

ASX ANNOUNCEMENT

Implementation of Schemes of Arrangement

Macquarie Private Capital Group ('MPCG') (ASX: MPG) releases to the Market notification that its interconditional Schemes of Arrangement and Trust Scheme ('Schemes') (pursuant to which Bear Stearns Private Equity Limited ('BSPEL') (LSE: BPLE) acquires all of the stapled Securities in MPCG) have today been implemented.

All MPCG Securities have been transferred to BSPEL.

The $0.977 per Security payable by BSPEL under the Schemes and $0.068 per Security payable by MPCG as a Special Distribution (in total, $1.045 per Security) will be dispatched to Securityholders entitled to those payments today by payment directly into Securityholders' nominated bank accounts or by cheque sent by pre-paid post (depending on which election has been made). MPCG has given irrevocable directions to Computershare Investor Services to make these payments.  If Securityholders have not received the payments to which they are entitled by noon (AEST) on 16 June 2008 then they should contact the Securityholder information line on 1300 362 582 (within Australia) or + 61 (0)3 9415 4848.  

The following Directors have resigned as Directors of MPCG:

• (Wallace) Richard Sheppard (Chairman);

• *Neil Rowland Tomlin (Non-Executive Director);

• Timothy David Downing (Non-Executive Director);

• *Andre Paul Morony (Non-Executive Director); and

• Benjamin Bruck (Alternate to Richard Sheppard).

*Messrs Tomlin and Morony will not be resigning as Directors of Macquarie Private Capital Management Limited (the responsible entity of the Macquarie Private Capital Trust) at the same time as the other Directors, and will remain on the board of that company beyond the change of ownership of MPCG.

An application to de-list MPCG from the ASX will be made shortly.

Yours faithfully

Robert Credaro

CEO

 

END

 

 

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