IPE LTD IPE Limited | IPE Limited ABN 48 107 843 381 c/o Pomona Australia Pty Limited Level 9, 1 Castlereagh Street Sydney NSW 2000 Australia T: +61 2 8298 5161 E: ipe@pafunds.com.au W: ipelimited.com.au |
10 May 2017
The Manager, Listings
Company Announcements Office Australian Securities Exchange Level 4, Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
Net Tangible Assets
We advise that the unaudited net tangible asset backing for the Company's shares at 30 April 2017 was:
Fully Paid Ordinary Shares | Fully Paid Ordinary Shares | |
31 Mar 2017 | 30 Apr 2017 | |
NTA before tax | $0.109 | $0.110 |
NTA after tax | $0.110 | $0.111 |
The number of underlying investments in the portfolio continues to decline and the five largest exposures are approximately 70% of the total private equity portfolio value. Consequently, the potential exists for greater volatility in the monthly NTA. That NTA relies heavily on the fund valuations advised by the various managers within the portfolio and those managers generally value their investments on a quarterly or six monthly basis.
Cash PositionAt 30 April, the Company held $0.9 million in available cash ($6.2 million at 31 March). This decline follows the 12th of April payment to shareholders of a 3.9 cents per share dividend and capital return.
The Company has no debt. Future cash requirements are expected to be modest and able to be managed through cashflow.
On Market Share Buy-BackThere were no transactions resulting from the Company's on-market share buy-back scheme during April.
Private Equity PortfolioThere were no significant movements in the private equity portfolio during the month. Commitments at month end are summarised below:
Manager | Fund | Commitment | Uncalled |
Archer Capital | Archer Capital Fund 4 | $9.7m | $0.6m |
Talu Ventures | CM Capital Venture Trust No 4 | $8.0m | $0.2m |
Direct Capital Management | Direct Capital Partners III | $7.0m | $0.1m |
Ironbridge Capital | Ironbridge Capital 2003/4 Fund | $5.0m | $0.2m |
NBC Capital | NBC Private Equity Fund III | $10.0m | - |
Pacific Equity Partners | Pacific Equity Partners Fund III | $7.6m | $0.1m |
Pacific Equity Partners Fund IV | $7.3m | $0.1m | |
Quadrant Private Equity | Quadrant Private Equity No. 1 | $8.0m | - |
Wolseley Private Equity | Wolseley Partners Fund I | $8.0m | - |
Wolseley Partners Fund II | $10.0m | - | |
Totals* | $80.5m | $1.2m |
*Subject to rounding.
Uncalled capital remained at $1.2 million during the month.
Further information on the Company can be found on the website at www.ipelimited.com.au including links to the Managers above, where further information on the underlying companies may be accessed.
Yours sincerely,
Sam Jackson Company Secretary
IPE Limited published this content on 10 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 May 2017 23:26:22 UTC.
Original documenthttp://www.ipelimited.com.au/media/16787/ipe_nta_20170430.pdf
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