Business
Disposal of Dominion Gas
Disposal of Dominion Gas.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 8097F Graphite Enterprise Trust PLC 29 May 2013 \n \n\nANNOUNCEMENT TO STOCK EXCHANGE\n \nGRAPHITE ENTERPRISE TRUST PLC\n \n29 May 2013\n \nGraphite Enterprise Trust PLC (\"the Company\") announces that Graphite Capital Partners VI (\"Graphite VI\") has today sold its investment in Dominion Gas (\"Dominion\"), the Aberdeen-based oilfield services company. Dominion was the Company's eleventh largest underlying investment at 31 January 2013.\n \nGraphite VI, which is managed by Graphite Capital, sold Dominion to Praxair, Inc., the New York-listed industrial gases group, having backed the management buy-out in May 2007.\n \nThe exit price represents a uplift of 44% to the carrying value of the investment at 31 January. Taken in isolation, the effect is to increase the Company's net asset value per share by 3.3p to 634.7p, or by 0.5% compared with that at 31 January. The Company expects to receive a distribution in excess of £7 million from Graphite VI in the next few weeks.\n \nUnder Graphite's ownership, Dominion has grown its international operations and its product range, both organically and through acquisitions. It has significantly increased staff numbers. The business achieved record turnover and profits in 2012.\n \nThe Company's results for the quarter ended 30 April 2013 will be announced on 13 June 2013.\n \n- Ends - \n \nFor further information please contact:\n \n\n\n\n\nTim Spence\n\n\n020 7825 5358\n\n\n\n\nEmma Osborne\n\n\n020 7825 5357\n\n\n\n\n \n \nNotes \n \nGraphite Enterprise Trust PLC\nGraphite Enterprise Trust PLC (\"Graphite Enterprise\" or \"the Company\") aims to provide shareholders with long term capital growth through investment in unquoted companies. To achieve this, the Company invests in private equity funds and also directly in private companies.\n \nThe Company was listed in 1981 and has invested exclusively in private equity and been managed by Graphite Capital throughout its life.\n \nGraphite Enterprise provides access to a diverse portfolio of buy-outs of mature, profitable companies in established European private equity markets. The Company invests in in UK-based mid-market companies through funds managed directly by Graphite Capital. Typically these will make up 20-25% of the portfolio....