EPE Special Opportunities saw its net asset value rise by 5% over the year to the end of January 2015 but this modest increased was dwarfed by a 31% rise in its share price. They have £9.96m in net cash in the portfolio, plenty they say, to fund new investment opportunities.
Major exits from the portfolio over the period include Bighead Holdings, Indicia (at a 42.4% premium to its carrying value which worked out as 2.2x their original investment or a 24.6% IRR), Diver Require (at a 168.6% premium to asset value, 1.3x their investment and a 7% IRR).
Of the holdings in the portfolio, only Whittard of Chelsea seems to be a cause for concern.
They are thinking about raising new money by way of senior debt, mezzanine finance or bonds.
ESO : EPE Special Opportunities benefits from disposals