DGAP-Adhoc: shaPE Capital AG: shaPE Capital AG - Semi-annual results per 30 June 2013
23.08.2013 – 17:49
shaPE Capital AG / Key word(s): Half Year Results 23.08.2013 17:45 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Freienbach, 23 August 2013 - Significant further progress in realization strategy with disposal of fund of fund interests and significant cash distribution to shareholders. - Net asset value (NAV) per share decreases slightly (-1.6%) on a restated basis, share price increases by 15.2% over the first half year. - Share buyback activity decreased due to lower discount to NAV as well as regulatory volume restrictions newly imposed on the second trading line. - Harvesting combined with opportunistic secondary sales and cash distributions remain key components of the realization strategy. The total equity or net asset value (NAV) decreased by CHF 22.8 million to CHF 82 million over the first half year. The decrease mainly relates to the CHF 19.7 million distribution of general legal reserves from capital contributions paid out to shareholders in May 2013. Restated for that distribution the total NAV decreased by CHF 3.1 million or -3.7%. About half of the decline is attributable to a decrease of the investment portfolio by CHF 2.5 million. The decrease is mainly related to the sale of the BlackRock PEP II partnership interests ('PEP II interests') in April. Given the fact that fund of fund interests are hard to sell assets that generally trade at significant discounts in the secondary market their sale can be viewed as a major milestone in the realization process. The remaining portfolio developed solidly with the Q1 reports showing stable or slightly higher valuations. Currency effects contributed positively with the US Dollar and the Euro appreciating by 3.2% and 1.8% respectively against the Swiss Franc over the period. During the first half year 10'862 treasury shares were bought back. The shares were bought at an average discount of 21.4% to the NAV per share and therefore contributed positively to the development of the NAV per share basis. As a result the NAV per share decreased only slightly by 1.6% when restated for the CHF 38 per share distribution to shareholders. The importance of share buybacks has declined recently due to regulatory volume restrictions imposed on the second trading line. Also given the lower discount of share price to NAV per share shaPE expects the importance of cash distributions to increase going forward relative to share buybacks. Net investment flows over the first six months of 2013 amounted to CHF 10.1 million. This net flow represents 13.7% of total investments as of the beginning of the year (excluding the sold PEP II positions) and demonstrates the mature and solid status of the portfolio. The sale of the PEP II interests reduced unfunded commitments to CHF 11.6 million of which approximately 60-70% can be considered 'stale' as the investment period for all the funds in the portfolio has or is about to elapse in the current year. shaPE expects to follow the current regime for a few more quarters with harvesting of funds combined with opportunistic secondary sales and cash distributions to remain key components of the realization strategy. In that respect shaPE also reserves the option to call for an extraordinary shareholders' meeting towards the end of the year to propose a distribution. The full semi-annual report 2013 is available on www.shape-capital.com. --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: shaPE is a SIX Swiss Exchange-listed investment company with exposure to a global private equity portfolio. In 2009 shaPE decided to initiate a realization strategy with the ultimate goal to return the intrinsic value of the current portfolio to its shareholders. Under this realization strategy shaPE does not make any new commitments to private equity funds, but focuses on harvesting the value of the current portfolio over the coming years. shaPE is listed on the SIX Swiss Exchange under the ticker symbol 'SHPN'. 23.08.2013 News transmitted by EQS Schweiz AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: shaPE Capital AG Wolleraustrasse 41a 8807 Freienbach Switzerland Phone: +41 58 596 12 96 Fax: +41 58 596 12 97 E-mail: info@shape-capital.com Internet: www.shape-capital.com ISIN: CH0012885841 Valor: 765355 Listed: SIX End of Announcement EQS Group News-Service ---------------------------------------------------------------------------