05 Jan 2017

Sale of Micheldever

Sale of Micheldever

ICG Enterprise Trust plc (“the Company”) announces the sale of its investment in Micheldever Group Ltd (“Micheldever”), the second largest distributor of tyres to independent retailers in the UK. The investment was held both directly and through Graphite Capital Partners VI (“Graphite VI”) and was the Company’s largest underlying investment at 31 October 2016. Taken in isolation, the effect of the disposal is to increase the Company’s net asset value per share by 13.2p to 826.7p, equating to a 1.6% increase compared with the value at 31 October 2016.

Graphite VI backed the £84.5 million management buy-in/buy-out of Micheldever in February 2006 and the sale to Sumitomo Rubber Industries Ltd for £215 million represents a return of 3.7 times cost and an uplift of 41% to the gross carrying value at 31 October 2016. The transaction is subject to EU Competition Commission approval and net cash proceeds to the Company of approximately £35.9 million are expected to be received in the quarter to 30 April 2017.

Over the last few years the realisations of investments made since the financial crisis have generated relatively stronger performance than those from vintages before the financial crisis and, pro forma for the sale of Micheldever, post-crisis investments comprise 87% of the Company’s portfolio at 31 October 2016.

The Company’s results for the financial year ended 31 January 2017 will be announced on 18 April 2017.

Share price (ICGT)

950p
0.00P (0.00%)
11:11AM 21 Jan 2021
The share price information is delayed by at least 15 minutes

Net Asset Value

1,127p
As of 31 July 2020
Next update: January 2021 – Q3 results
Year Net assets NAV per share Share price Dividends per share
Jan 2020 £794m 1,152p 966p 23p
Jan 2019 £731m 1,057p 822p 22p
Jan 2018 £664m 959p 818p 21p
Jan 2017 £613m 871p 698p 20p
Jan 2016 £521m 731p 545p 11p
Jan 2015 £507m 695p 575p 15.5p
Jan 2014 £494m 677p 563p 15.5p
Jan 2013 £460m 631p 487p 5p
Jan 2012 £415m 569p 357p 5p
Jan 2011 £389m 534p 308p 2.25p
Dec 2009 £338m 464p 305p 2.25p
Dec 2008 £327m 449p 187p 4.5p