Candover’s results for 2014 show a 24% fall in its net asset value from 715p to 545p almost all of which was down to a £35.2m fall in the value of their holding in Expro International (the consequence of the effect of the fall in the oil price on valuations of other oil service companies), although adverse currency movements also had an impact. Cash freed up from the portfolio totalled £33.1m following a number of realisations including Innovia, DX and minority positions in Ono and Get – on average these were sold for 29% more than their value at the end of 2013. Much of the cash used to cut debt from £47.7m to £27.3m – a loan to value ratio of 20.1%.
Following two extension periods to its original eight year life, the Candover 2001 Fund terminated on 12th June 2013 and, following the realisation of all its remaining investments during 2014, is now being liquidated by Arle. The Limited Partners of the Candover 2005 Fund have agreed to extend the original ten year term of this Fund by a further two years until March 2017.
The Directors say there will be no dividend this time but they may consider them in future years as cash flows off the portfolio.
CDI : Candover NAV hit by Expro