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St Peter Port Capital's Mar 08 Year End Prelims
2008-07-09

St Peter Port Capital Limited ("the Company" or "St Peter Port"), the AIM listed investment company whose aim is to generate value by investing in growth companies shortly before an initial public offering ("IPO") ("pre-IPO companies"), announces its preliminary results for its first year of investment following its own successful IPO on AIM on 16 April 2007 which raised £75m in new money. 

Highlights

• invested in 32 pre-IPO companies at year end
• subsequently, a further £4.3m invested in two pre-IPO companies
• NAV of 102.5p per share, up 5.1% since flotation
• Profit of £3.7m, eps of 4.9p pence
• realised more than £11m in cash from pre-IPO investments in 2008/9, generating a gain on investment of 56%
• further liquidity events expected in 2008 H2
• £25m currently available to invest in pre-IPO opportunities

Bob Morton, Chairman of St Peter Port, said:"The Board believes that the Company's strategy is beginning to bear fruit and that the performance is creditable given the difficult market conditions.  The Investment Manager's focus on sectors where profitable exits remain a good prospect and on seeking down round protection wherever possible should hold the Company in good stead.  The Board views the outlook with confidence."

Tim Childs, Chief Executive of St Peter Port Investment Management Limited, said: "The Company has, over the last 3 months, made disposals of more than £11m, realising a gain of £4m and generating a return on investment cost of 56%.  In addition, there are ten or more companies in the portfolio where IPOs, fund-raisings at a significant premium or other similar "liquidity" events are expected by their directors in the second half of 2008.  Three of these are expected in the next few weeks."

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