In het halfjaar rapport staan nog 2 hele interessante zaken, waarvan ik nog niks terug heb gelezen van de heren analisten.. De boekwinsten op de (te verkopen) portefeuilles zijn enorm!, dus dat belooft alvast vuurwerk voor H2. (hoewel eenmalig): totaal 31,2 + 12,2 is 43.3 Miljoen boekwinst!
Material transactions after 30 June 2018
Sale of NIBC European Infrastructure Fund portfolio
The total gross consideration represents an overall premium to the NEIF valuation as reported for H1 2018 of approximately 26%. This will lead to a significant gain for NIBC, also after anticipated transaction costs. The successful execution of the transaction is subject to uncertainties in the closing process and the restructuring that is still to be executed..
Conditions to completion primarily involve certain final restructuring mechanics relating to one of NEIF’s principal holding companies, NEIF Infrastructure Investment Holdings I BV (including the transfer of shareholder loans in portfolio companies currently held directly by the fund CV), change of control consents at the asset level (mainly under senior financing agreements), and completion of an equity raise by AppleGreen by either placement or rights issue that has a backstop underwriting subject only to a market MAC. Completion of both transactions is expected to occur in the fourth quarter of 2018.
At the date of the signing of the agreements NIBC's stake in NEIF was 29%, which had a book value of EUR 120 million.
Sale of investments in NIBC Merchant Banking Fund 1B
In August 2018, Avedon, the manager of NIBC Merchant Banking Fund 1B, in which NIBC is invested as limited partner, has signed sales agreements for the exit of two of its investments. In two separate anticipated transactions, CycloMedia and SportCity will be sold. The transactions are expected to be closed in H2 2018, after capital has been raised and required approvals have been received. NIBC's share in the fund that relates to these positions equals approximately EUR 35 million per H1 2018. The transactions represent an overall premium to NIBC’s valuation of its investment per H1 2018 of approximately 35%, which will lead to a significant gain for NIBC, also after transaction costs.