Strategic Equity Capital Plc - Receipt of Medica proceeds
19 Luglio 2023 - 8:00AM
PR Newswire (US)
19 July 2023
Strategic Equity Capital plc
Receipt of Medica proceeds
The Board of Strategic Equity Capital plc (“SEC” or the “Company”)
is pleased to announce that, following the announcement by
portfolio company Medica Group PLC (“Medica”) that the scheme of
arrangement implementing its acquisition by Moonlight Bidco Limited
had become effective, it has received proceeds of £30.75 million,
equating to a £12.95 million realised total return and generating a
return of 1.67x aggregate historical cost.
In accordance with the Company’s buyback policy, announced on
28 February 2022, whereby 50 per
cent. of the capital proceeds from realised profitable transactions
in each financial year will be made available to fund buybacks of
its ordinary shares, the Company notes that an additional £15.38
million will be available for share buybacks, up to a discount of 5
per cent. to NAV per share, for the current financial year ending
30 June 2024.
The Company has adopted an approach to share buybacks whereby it
seeks to utilise the Company’s available buyback authority on a
sustained basis over the course of each financial year, with the
objective of reducing the discount to net asset value at which the
Company’s shares trade. However, to ensure the cash proceeds from
the sale of Medica do not dilute investment returns, it expects to
increase the level of share buybacks in the short term, subject to
the 5 per cent. discount limit. The balance of these proceeds will
be available to fund potential investments from the Manager’s
strong current pipeline of new and follow on
opportunities.
LEI: 2138003R5GB8QZU2G577
Enquiries:
Strategic Equity Capital plc
William Barlow (Chairman)
(via Juniper Partners)
Juniper Partners Limited (Company
secretary)
0131 378 0500
Steven Davidson
KL Communications gh@kl-communications.com
Charles Gorman
+44 (0)20 3995 6673
Saurav Karia
Liberum Capital Limited
Chris Clarke
+44 (0) 20 3100 2000
Darren Vickers
Owen Matthews
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