DGAP-Adhoc: shaPE Capital AG: shaPE Capital AG - Semi-annual results per 30 June 2013
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
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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.
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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.
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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
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