Thursday May 15, 07:53 AM
3i Group reports NAV 10.77 pounds/share, above expectations
LONDON (Thomson Financial) - 3i Group Plc. reported a 37 percent increase in assets under management in its full-year results and a diluted net asset value per share of 10.77 pounds, up from 9.32 pounds in 2007 and above analyst expectations.
The private equity company also announced it is launching an offer for 425 million pounds of unsecured convertible bonds to refinance its existing 550 million euro bonds that matures on Aug. 1. The conversion rate will be set at a premium of 25 to 35 percent on the volume weighted average price of 3i's shares.
It said assets under management increased 37 percent to 9.8 billion pounds in the full year ending March 31, with a total return of 792 million pounds, and an 18.6 percent return on opening shareholders' funds compared to 1.07 billion pounds in 2007 or a 26.8 percent return.
3i said it made 47 new investments compared to 62 in the previous year.
CEO Philip Yea said: 'We enter the new financial year realistic in outlook and confident in our strategy.'
He added the company has reshaped itself by broadening its asset classes, increasing third-party funds under management and expanding geographically.
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