SHAPE CAPITAL IN LIQUIDATION AG Freienbach, 7 April 2015
Net asset value per share decreases by 5.5% and share price increases by 26.4% in fifth year under the realization strategy.
Cash distributions of CHF 22 per share in 2014 plus a CHF 35 nominal value reduction resolved in
2014 bring total distributions to shareholders to CHF 138 per share. Opportunistic secondary sales expected to remain first priority in the final phase of the realization strategy.
The year 2014 marked the fifth full year under the realization strategy. While the tailwinds of the last few years supported over the first three quarters the deteriorating situation in Russia as well as the sharp drop in the oil price during the fourth quarter negatively affected some of the larger positions of shaPE. As a result the NAV per share decreased by 5.5% on a distribution adjusted basis. The share price increased by 26.4% to CHF
122.90 on a distribution adjusted basis.
In 2014 the following seven partnership interests were sold: Altas Ventures VI, Crimson@Velocity, Forward Ventures V, Green Equity Investors IV, Nordic Capital Fund V, Nordic Capital Fund VI and The Lightyear Fund. The rational of the transaction was to clean-up the portfolio by selling some more difficult venture funds as well as some tail end situations together with a few brand name funds as sweetener.
Further, as announced on 31 March 2015, the following seven partnership interests were sold during the first quarter 2015: Bain Capital Fund IX, Bain Capital Fund VIII-E, Exponent Private Equity Partners, Exponent Private Equity Partners II, Sovereign Capital II, Sun Capital V, The Lightyear Fund II. While five funds have closed and proceeds have been received, two funds (Bain Capital Fund VIII-E and Bain Capital Fund IX) will close per end of June. Again the transaction marks a further milestone in the realisation strategy of shaPE and since the transaction was done at a small discount to the latest available valuations the impact on the net asset value remains moderate. The valuation of investments in the annual report 2014 reflects the sales price of the sold funds.
In 2014 shaPE paid out a distribution of CHF 22 per share to shareholders. A further distribution of CHF 35 per share by way of nominal value reduction was resolved at the extraordinary shareholder meeting on 15
December 2014. The distribution was paid out to shareholders in March 2015. Together with this most recent distribution the distributions paid to shareholder amount to CHF 138.
For the upcoming annual general meeting the board of directors proposes further two further distributions, one in the amount of CHF 11 out of general legal reserves from capital contributions and one in the amount of CHF 20 by way nominal value reduction.
The full annual report 2014 is available on www.shape-capital.com.
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shaPE Capital AG
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".
For further information please contact: Dr. Simon Lamprecht
shaPE Capital AG Wolleraustrasse 41a
8807 Freienbach
Phone: +41 58 596 12 96
Fax: +41 58 596 12 97
E-mail: info@shape-capital.com
Internet: www.shape-capital.com
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