ICG Enterprise Trust plc
8 February 2021
Realisation of Telos generates estimated 29.5p per share uplift in NAV
ICG Enterprise Trust (“ICGT”) is pleased to announce that it has realised its holding in Telos Corporation (“Telos”), generating net cash proceeds to ICGT of c. £40m.
ICGT estimates that the uplift from this realisation relative to ICGT’s net asset value at 31 October 2020 is c. 2.4%, or 29.5p per share.
At ICGT’s Q3 results for the period ended 31 October 2020 (announced on 4 February 2021), Telos was ICGT’s 4th largest underlying investment and represented c. 2.9% of ICGT’s Portfolio Value. The investment was realised at a c. 33x multiple of initial cost.
Oliver Gardey, Head of Private Equity Fund Investments at ICG, commented:
“Since the IPO of Telos in November 2020 we have been actively considering options to maximise the risk-adjusted return to our shareholders.
“This transaction crystallises a significant value uplift and provides ICG Enterprise Trust with substantial additional liquidity to take advantage of our growing pipeline of investment opportunities.”
Analyst / Investor enquiries: +44 (0) 20 3545 2000
Oliver Gardey, Head of Private Equity Fund Investments, ICG
Colm Walsh, Managing Director, ICG
James Caddy, Investor Relations, ICG
Fiona Laffan, Global Head of Corporate Affairs, ICG +44 (0) 20 3545 1510
Ed Gascoigne Pees, Eddie Livingstone-Learmonth, Camarco +44 (0) 20 3757 4993
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