News

April 25, 2017

Spice Private Equity Ltd. informs about its 1Q17 NAV/share and announces the repurchase of its own shares via second trading line to start on 26 April 2017

The Net Asset Value (“NAV”) of Spice Private Equity Ltd. (the “Company”, ticker symbol “SPCE”) was USD 220‘811‘696 representing an NAV of USD 41.17 per share as of 31 March 2017.


On 27 March 2017, the Company informed on the decision by the Board of Directors to launch a share repurchase program at market price for a one year period, for up to 7.2% (equivalent to 20% of the Company’s free float) of the issued share capital for the purpose of cancellation of such shares. Based on the current outstanding number of 5’363’717 registered shares the maximum repurchase volume amounts to 386’187 registered shares.


Following the program approval, the Company decided to execute such repurchase of own shares via a second trading line on SIX Swiss Exchange. The repurchase of shares will be booked against share capital reserves of the Company and thus be treated like the repayment of share capital. Trading on the second trading line will commence on 26 April 2017 and will be sustained until 26 April 2018 at the latest. The Company retains the right to terminate the program at any time and has no obligation to purchase own shares under this share repurchase program. Neue Helvetische Bank AG, Zurich, has been mandated to execute the share repurchase program.

 

For further information, please contact:
Meton Morais
Investor & Media Relations
GP Advisors Ltd, Zurich
Phone: +41 44 578 50 50
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

 

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March 27, 2017

Spice Private Equity Ltd announces the approval of a share buyback program

Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) announces the approval of a share buyback program.

 

At its meeting on March 20th 2017, the Board of Directors unanimously approved the launch of a Share Repurchase Program for up to 7.2% (equivalent to 20% of the Company’s free float) of the issued share capital for the purpose of cancellation of such shares. The buyback shall be at market prices and this first programme shall last for a maximum of one year.

 

The implementation is conditional upon Spice receiving a favorable tax ruling from the relevant authorities, and compliance with the necessary formalities of the Swiss Takeover Board.

 

The Company will keep the market posted on further developments.

 

For further information, please contact:

Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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March 22, 2017

Spice Private Equity Ltd RELEASES FULL YEAR 2016 RESULTS

Zug, 22 March 2017 – Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today released full year 2016 results for the Company:
The Net Asset Value of the Company grew significantly by 8.1% reaching USD 42.28 per share as of 31 December 2016 when compared to 31 December 2015 value of USD 39.11 per share. Two main factors have driven the Net Asset Value (“NAV”) increase through this half year. First, there was the reversal of the “derivative financial liability” (USD 16.0 million as of 30 June 2016) resulting from the acquisition by GP Investments Ltd (“GP”) of the Company shares held by investment vehicles managed by Fortress Investment Group LLC (“Fortress”). Second, the investment performance of the remaining portfolio was positive by USD 4.8 million, and added to USD 3.4 million of realized returns from distributions and asset sale (closed by 31 December 2016).
The positive returns of the remaining portfolio are attributed to both the direct co-investment in AfricaOil Corp which performed very positively during the year, and the returns of fund investments, especially the ones with Latin American exposure. In pursuing Spice’s new strategy as per the new Investment Guidelines, the Company successfully completed a transaction by the 31 December 2016 for the sale of seven assets, including all primary fund investments. This transaction not only generated a positive result, but also reduced outstanding commitment by USD 15.3 million (as per last published information on 31 October 2016 adjusted by calls and distributions until closing), leaving the Company with only mature funds and direct investments with minimal expected capital calls to be made out of remaining outstanding commitments.
The combination of the transaction mentioned above with Spice’s already high level of cash and receivables from the sale of the legacy portfolio in the end of 2014 leaves the Company with a very strong liquidity position of USD 103.7 million, in addition to a total of USD 74.7 million to be received until the end of 2017. With only mature funds and direct investments with minimal expected capital calls to be made out of remaining outstanding commitments, the Company is very active in searching forinteresting investment opportunities and allocating the available capital in the upcoming years, currently pursuing a strong pipeline.
The Company’s share price improved by 5.7% from USD 24.60 as of 31 December 2015 to USD 26.00 as of 31 December 2016. Since then, the share price has improved further to USD 28.90 per share as of 21 March 2016.

 

For further information, please contact:
Meton Morais
Investor & Media Relations
GP Advisors Ltd, Zurich
Phone: +41 44 578 50 50
Email: investor.relations@spice-private-equity.com
Web: www.spice-private-equity.com

 

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January 4, 2017

Spice Private Equity Ltd announces the sale of assets and reduction of outstanding commitments

Zug, 4 January 2017

 

In pursuing Spice’s new strategy as per the Investment Guidelines amended on 5 July 2016 (please refer to the press release section on our website), Spice Private Equity Ltd (the “Company” or “Spice”) announced today that its subsidiary Spice Private Equity (Bermuda) Ltd completed a series of transactions (the “Transactions”) by the 31 December 2016 for the sale of seven assets (the “Portfolio”) including all primary fund investments, simplifying cash management for the Company and creating further space for new direct investments. The Company remains active in searching for interesting investment opportunities and is currently pursuing a strong pipeline.

 

The Portfolio sold by the Company comprises all primary fund investments (Navis Asia VII, Northstar IV, Baring Asia VI, Carlyle Sub Saharan Africa Fund and Helios III), and two co-investments (Altico Capital and Rede D’Or). The total reduction of outstanding commitment was of USD 15.3 million (as per last published information on 31 October 2016 adjusted by calls and distributions until closing), leaving the Company with only mature funds and direct investments with minimal expected capital calls to be made out of remaining outstanding commitments.

 

The Portfolio was sold for a cash consideration of USD 31.1 million, above its cost generating a gain of approximately 6.0% during the holding period of such portfolio. The impact on the Company’s NAV (as per last published information on 31 October 2016) will be minor and approximately -0.5%.

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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November 17, 2016

Spice Private Equity Ltd publishes monthly factsheet for 31 October 2016

Zug, 17 November 2016

 

Spice Private Equity Ltd (the "Company") announces that the Monthly Factsheet for 31 October 2016 is available on the company’s website.

(http://spice-private-equity.com/userfiles/file/Download%20Center/Monthly%20Factsheets/Spice_PE_Monthly_Factsheet_October_2016.pdf)

 

The Company also communicates that its Board of Directors has decided that going forward the Factsheet will be published on a quarterly basis, in accordance with applicable regulations.

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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October 25, 2016

All egm proposals approved

Zug, 25 October 2016

 

Spice Private Equity Ltd ("the Company" ticker symbol “SPCE”) today announces that at the Extraordinary General Meeting of Spice Private Equity Ltd held today, all agenda items were approved with an overwhelming majority.

 

1.1 Election of Mr. Christopher Brotchie as member of the Board of Directors for a term of office until the next Annual General Meeting
 

1.2 Election of Mr. Christopher Brotchie as Chairman of the Board of Directors for a term of office until the next Annual General Meeting
 

1.3 Election of Mr. Christopher Brotchie as member of the Compensation Committee for a term of office until the next Annual General

     Meeting

 

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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October 19, 2016

Spice Private Equity Ltd publishes monthly factsheet for 30 September 2016

Zug, 19 October 2016

 

Spice Private Equity Ltd (the "Company") announces that the Monthly Factsheet for 30 September 2016 is available on the company’s website (see link below). As a key development, the Company's NAV per share increased 0.4% during September 2016, mainly due to the positive performance of the portfolio.

(http://spice-private-equity.com/userfiles/file/Download%20Center/Monthly%20Factsheets/Spice_PE_Monthly_Factsheet_September_2016.pdf)

 

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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September 20, 2016

Spice Private Equity Ltd publishes monthly factsheet for 31 August 2016

Zug, 20 September 2016

 

Spice Private Equity Ltd (the "Company") announces that the Monthly Factsheet for 31 August 2016 is available on the company’s website (see link below). As a key development, the Company's NAV per share increased 1.1% during August 2016, mainly due to the positive performance of the portfolio.

(http://spice-private-equity.com/userfiles/file/Download%20Center/Monthly%20Factsheets/Spice_PE_Monthly_Factsheet_August_2016.pdf)

 

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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September 20, 2016

Spice Private Equity Ltd announces resignation of chairman and invites to extraordinary shareholders meeting for election of new chairman on 25 october 2016

Zug, 20 September 2016

 

Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today announced the resignation of its Chairman of the Board of Directors and invites shareholders to an Extraordinary Shareholders Meeting to be held on 25 October 2016 in Zug.

 

Stephan Müller, Chairman of the Board of Directors of the Company since the end of June of this year, informed the other members of the Board of Directors on the date hereof that he will have to step down as Chairman and member of the Board of Directors for personal reasons.

 

The Board of Directors decided to have this vacancy replaced and to recommend to an Extraordinary Shareholders Meeting the election of Mr. Christopher Brotchie as new Chairman.

 

Mr. Brotchie serves as a Director on the Boards of Baring Private Equity International Ltd, Baring Private Equity Group Ltd, SWICORP Ltd (Riyadh), Firmdale Hotel Holdings Ltd (London) and Bolero International Ltd (London). He is a member of the Investment Committees of Baring Vostok Capital Partners (Moscow), ICentis Capital (Warsaw) and Intaj II (MENA) private equity funds. He is a member of the Advisory Council’s of Baring Private Equity Partners Asia (Hong Kong), GP Investments Ltd, ICentis Capital (Warsaw), Triton Capital Partners (Frankfurt & Stockholm) and the Pacific Pensions Institute (San Francisco). Mr. Brotchie’s private equity career started in 1986 when he joined Baring Private Equity Partners in Germany. As a Senior Partner, he was responsible for starting Baring Private Equity’s businesses first in Germany (1986 to 1995) and Asia (1995 to 2000) based in Singapore. After 18 years with the firm, he retired in March 2004 as Chief Executive Officer of the Baring Private Equity Partners Group and Member of the Asset Management Executive Council of the ING Group. He holds a Bachelor of Technology degree, with honors from Brunel University and is a Chartered Engineer. He is a winner of the Society of British Aerospace Companies John de Havilland Award and Fellow of the Royal Society of Arts.

 

The extraordinary shareholders meeting shall be held on 25 October 2016 at 2.00 p.m. (door opening at 1.30 p.m.) in the Hotel Restaurant Guggital, Zugerbergstrasse 46, 6300 Zug.

 

Until the election of a new Chairman, Mr Fersen Lamas Lambranho, Vice-Chairman of the Board of Directors, shall assume the tasks of the Chairman.

 

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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August 17, 2016

Spice Private Equity Ltd publishes monthly factsheet for 31 July 2016

Zug, 17 August 2016

 

Spice Private Equity Ltd announces that the Monthly Factsheet for 31 July 2016 is available on the company’s website

(http://spice-private-equity.com/userfiles/file/Download%20Center/Monthly%20Factsheets/Spice_PE_Monthly_Factsheet_July_2016.pdf)

 

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


August 8, 2016

Spice Private Equity ltd reports 1h 2016 results. nav rises by 6.8% over the first half of 2016 to usd 41.76 per share

Zug, 08 August 2016 – Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today releases 1H 2016 results for the Company:

 

The Net Asset Value of the Company grew significantly by 6.8% during the first half of 2016 reaching USD 41.76 per share as of 30 June 2016 when compared to 31 December 2015 value of USD 39.11 per share.


Two main factors have driven the Net Asset Value (“NAV”) increase through this half year. First, there was the reversal of the “derivative financial liability” (USD 16.0 million as of 30 June 2016) resulting from the acquisition by GP Investments Ltd (“GP”) of the Company shares held by investment vehicles managed by Fortress Investment Group LLC (“Fortress”). Second, the investment performance of the current portfolio was positive by USD 1.8 million.


The positive returns of the portfolio can be broken down into results of co-investments and fund investments. With respect to the co-investments portfolio, the performance was positive having the largest positions showing good developments in their economic fundamentals. Regarding the fund investments portfolio, the best performers were the funds originated on a primary basis, especially the Asian funds, which are generally developing well with positive results of the underlying companies.


The Company’s share price improved by 2.4% from USD 24.60 as of 31 December 2015 to USD 25.20 as of 30 June 2016. Since then, the share price has improved further to USD 26.50 per share as of 8 August 2016.


During the first half of 2016, GP agreed to acquire the shares in the Company which were held by investment vehicles managed by Fortress and Newbury Associates LLC. After this transaction GP holds 58.48% of the shares of and voting rights in the Company.


New Investment Guidelines were approved which provide, amongst other things, a focus in having the future portfolio primarily invested in direct investments held alone or in conjunction with other private equity investors in privately held companies or in the acquisition of shares of publicly listed companies in transactions which will normally allow for the investor group to exercise significant influence over the management of the investees. Investments may also be made by way of primary or secondary transactions in funds managed by GP and occasionally in funds managed by third-party managers. The complete updated Investment Guidelines are available at www.spice-private-equity.com.


To support the new strategy and provide continuity to the business, a Board of Directors was elected with new members bringing a fresh perspective and complementary experience to re-elected members. With the skills of the members of the new Board of Directors and the experience of GP’s management team in global markets, the Company is well prepared to have its new strategy well managed and executed.


The 1H 2016 Report is available on the Company's website (http://www.spice-private-equity.com/userfiles/file/Download%20Center/Interim%20Reports/Spice_PE_Semi_Annual_Report_2016.pdf)
 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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July 11, 2016

Spice Private Equity Ltd Publishes Monthly Factsheet for 30 June 2016 and announces a relevant increase in its Net Asset Value

Zug, 11 July 2016 – Spice Private Equity Ltd. (the “Company”, ticker symbol “SPCE”) announces an increase of 7.7% in its Net Asset Value (“NAV”) compared to May 2016. This growth is mainly related to: (i) the extinction of Fortress Investment Group LLC’s put option, as informed in the press release of 5 July 2016, and (ii) the positive performance of the invested portfolio.

 

As a result of this increase, the total NAV stands at USD 223.4 million, as of 30 June 2016, which represents an amount of USD 41.76 per share.

 

The Monthly Factsheet is available on the Company’s website (http://www.spice-private-equity.com/userfiles/file/Download%20Center/Monthly%20Factsheets/Spice_PE_Monthly_Factsheet_June_2016.pdf)

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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July 5, 2016

Spice Private Equity Ltd announces an amendment to its Investment Guidelines, as well as the receipt of a letter from GP Investments, Ltd. (“GP”) providing Spice with a waiver on management and performance fees and with priority to invest in opportunities sourced by GP

Zug, 5 July 2016 – Spice Private Equity Ltd. (the “Company”, ticker symbol “SPCE”) announces that its Board of Directors (“BoD”) has approved an amendment to the Company’s Investment Guidelines:

 

•    Amendment to the Art. 1 of the Investment Guidelines of the Company, the Introduction, which now reads as follows:

 

“The investment objective of Spice Private Equity Ltd (the "Company") and its subsidiary, Spice Private Equity (Bermuda) Ltd (the "Subsidiary") (together the "Group"), is to achieve long-term capital growth for shareholders by investing directly in companies ("Direct Investments") and in private equity specialized funds ("Fund Investments"). Direct Investments and Fund Investments may include investments in private equity and private equity related instruments and opportunistically in certain categories of credit products. Investments will typically be made through the Subsidiary. Net profits generated upon realizations will typically be re-invested.
Within the limitations of the Company's purpose and investment principles as stated in its Articles of Association the Board of Directors of the Company ("BoD") may amend or supplement its investment guidelines.”

 

•    Amendment to the Art. 2 of the Investment Guidelines of the Company, on the Asset Allocation, which is now valid as follows:

 

"In keeping with the Company's core investment strategy, the Group's portfolio will primarily be invested in direct investments held alone or in conjunction with other private equity investors in privately held companies or in the acquisition of shares of publicly listed companies in transactions which will normally allow for the investor group to exercise significant influence over the management of the investees. The Group may also invest by way of primary or secondary transactions in funds managed by GP Investments, Ltd. ("GP") and occasionally in funds managed by third-party managers.
The Group expects to invest significant amounts of capital in each individual transaction and will therefore be expected to sustain a higher portfolio concentration than was evident in prior years.
In the case of an investment in any blind pool fund or limited partnership of which GP or its affiliates is the General Partner, the Group's investment shall not represent more than 10% of such fund's aggregate committed capital.
Further, as long as there remains in effect an investment management agreement between GP Advisors Bermuda, Ltd. and Spice Bermuda Ltd, the Group shall not pay any additional management or performance fees to GP or affiliates of GP related to any investment made by the Group in respect of primary fund commitments where GP or an affiliate thereof also acts as the general partner or manager. Customary fees may, however, be payable in respect of secondary limited partnership interests in funds managed by GP or affiliates of GP which have been or may in the future be acquired from third parties in arm’s length transactions.".

 

The Company also announces that it has received a letter from GP stating that (i) for as long as there remains in effect an investment management agreement between GP Advisors Bermuda, Ltd. and Spice Bermuda Ltd, the Group shall not pay any additional management or performance fees to GP or affiliates of GP related to any investment made by the Group in respect of primary fund commitments where GP or an affiliate thereof also acts as the general partner or manager. Customary fees may, however, be payable in respect of secondary limited partnership interests in fund managed by GP or affiliates of GP which have been or may in the future be acquired from third parties in arm’s length transactions; and (ii) all investment opportunities that GP may identify to deploy its proprietary capital and that are suitable to the Group in accordance with the Company's Investment Guidelines and minimum cash, as approved by the Board of the Company, shall be primarily offered to the Group.

 

Finally, the Company announces that its Independent Directors have sent a letter to GP Advisors Bermuda, Ltd., after an internal discussion, asking to consider the elimination of the effect of the extinction of the Fortress’ Put Option in the calculation of the performance fees due to GP Advisors under the current Investment Management Agreement.
In response, GP Advisors Bermuda, Ltd. exceptionally accepted the Independent Directors’ consideration and agreed that it will eliminate the effect of the extinction of the Put Option to the calculation of the performance fee.


The updated Investment Guidelines are available on the company’s website: (www.spice-private-equity.com/userfiles/file/Download%20Center/Investment%20Guidelines/InvestmentGuidelines2016.pdf)

 

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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June 29, 2016

Spice private equity ltd. announces a change in the management team of Gp advisors

Zug, 29 June 2016 – Spice Private Equity Ltd. (the “Company”, ticker symbol “SPCE”) has been informed that Meton Morais, who has been at GP Advisors as a Senior Portfolio Manager since its inception in 2013, is assuming the positions of CEO of GP Advisors and Head of IR of the Company by the end of June 2016.

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


June 28, 2016

Spice Private Equity Ltd. announces the closing of the share acquisition by GP Investments, approval of proposed changes in the Investment Objective and the evaluation of a Share Repurchase Program

Zug, 28 June 2016 – Spice Private Equity Ltd. (the “Company”, ticker symbol “SPCE”) has been informed by GP Swiss Ltd. (“GP Swiss”), a company controlled by GP Investments Ltd. (“GP”), about the closing of the acquisition of the Company’s shares previously held by investment vehicles managed by Fortress Investment Group LLC and Newbury Associates LLC, respectively, as disclosed to the market on 5 May 2016. GP now holds 58.48% of the shares and voting rights of the Company.

 

The Company further announces that the Annual General Meeting held on 28 June 2016 approved the revised Investment Objective and elected a newly composed Board of Directors.

 

•    Revised Art. 2a of the Company’s Articles of Association on the investment objective, which now reads as follows:

"The investment objective of the company is to realize long term capital appreciation by creating a portfolio of fund investments and direct investments in the private equity sector.
The company will invest in assets denominated in foreign currencies and may from time to time enter into transactions with the objective of hedging foreign currency exposure.
Detailed investment guidelines shall be approved by the board of directors and will be provided to the shareholders and potential investors by the company upon request."

 

•    Election of a newly composed Board of Directors:
o    Mr Stephan Müller, member of the Board of Directors and

      elected as the Chairman of the Board of Directors
o    Mr Fersen Lamas Lambranho, Vice-Chairman of the Board of Directors
o    Mr David Justinus Emery, member of the Board of Directors
o    Mr Alvaro Lopes da Silva Neto, member of the Board of Directors
o    Mr Christopher Wright, member of the Board of Director


The Company also announces that the newly elected Board of Directors held its first meeting on 28 June 2016 and approved inter alia the following relevant matters:

 

•    Share Repurchase Program: The Board of Directors has requested its advisors to analyze a public Share Repurchase Program for up to 7.2% of the issued share capital for the purpose of cancellation of such shares.

 

•    Approval of an accounting consolidation method by which Spice Bermuda Ltd. will start to be consolidated in the financials of the Company.

 

The updated Articles of Association and the internal regulations of the Board of Directors are available at www.spice-private-equity.com.

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


June 28, 2016

Spice private equity ltd reports all agm proposals passed

Zug, 28 June 2016 – Spice Private Equity Ltd ("the Company" ticker symbol “SPCE”) today announces that at this year’s Annual General Meeting of Spice Private Equity Ltd, all agenda items were passed with an overwhelming majority.

 

1.    Approval of the Annual Report, the statutory Annual Financial Statements

      (Einzelabschluss) and the Group Financial Statements (Konzernrechnung)

       for the year ended 31 December 2015
2.    Balance sheet loss of CHF 593,844.27 to be carried forward
3.    Granting of discharge in favour of the members of the Board of Directors
4.    Change of Art. 2a of the Articles of Association (investment objective)
5.    Renewal of the Authorized Capital
6.    Formal changes to the Art. 4a and Art. 23 of the Articles of Association
7.    Approval of a fixed compensation of the Board of Directors of not more than

       CHF 420,000.00 for the period starting today and ending on the Annual General

       Meeting 2017
8.    Elections
8.1    Election of the following members of the Board of Directors for a term of office

         until the next Annual General Meeting:
8.1.1    Mr David Justinus Emery
8.1.2    Mr Fersen Lamas Lambranho
8.1.3    Mr Alvaro Lopes da Silva Neto
8.1.4    Mr Stephan Müller
8.1.5    Mr Christopher Wright
8.2    Election of Mr. Stephan Müller as Chairman of the Board of Directors for a term of

         office until the next Annual General Meeting
8.3    Election of all members of the Board of Directors as members of the Compensation

         Committee for a term of office until the next Annual General Meeting
8.4    Re-election of Mr. Stefan Koller, Attorney, Zug, as independent proxy for a term of

         office until the end of the Annual General Meeting 2017
8.5    Re-election of PricewaterhouseCoopers Ltd, Zurich, as auditor for the business

         year 2016

 

 

For further information, please contact:
Meton Morais

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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June 28, 2016

Press release

Zug, 28 June 2016

 

After the decisions to be taken at the Annual General Meeting, as proposed by GP Swiss Ltd. (“GP”), the representatives of GP in Spice Private Equity’s (the “Company”) Board of Directors intend to propose the following concepts to the Company’s new Board of Directors, which shall be the drivers of the Company’s investment guidelines:
-    Global investments;
-    More direct investments;
-    GP will not charge additional fees to Spice on top of the management agreement; and
-    Spice will have the right to invest prior to GP's proprietary capital.
 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


June 13, 2016

Spice Private Equity Ltd publishes monthly factsheet for 31 may 2016

Zug, 13 June 2016

 

Spice Private Equity Ltd announces that the Monthly Factsheet for 31 May 2016 is available on the company’s website

(http://spice-private-equity.com/userfiles/file/Download%20Center/Monthly%20Factsheets/Spice_PE_Monthly_Factsheet_May_2016.pdf)

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


May 25, 2016

Spice Private Equity proposes to annual general Meeting of 28 june 2016 to change the investment objective of the company and to renew the authorized share capital

Zug, 25 May 2016

 

Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today approved the invitation to the Annual General Meeting of 28 June 2016 with, inter alia, a change of the investment objective of the Company and a renewal of its authorized share capital.

 

The invitation to the Annual General Meeting of 28 June 2016 contains, inter alia, the following agenda items:

 

1. Change of Art. 2a of the Articles of Association (investment objective)

Upon motion of GP Swiss Ltd., a company controlled by GP Investments Ltd., the Board of Directors proposes to amend Art. 2a of the Articles of Association as follows:

 

"The investment objective of the company is to realize long term capital appreciation by creating a portfolio of fund investments and direct investments in the private equity sector.

The company will invest in assets denominated in foreign currencies and may from time to time enter into transactions with the objective of hedging foreign currency exposure.

Detailed investment guidelines shall be approved by the board of directors and will be provided to the shareholders and potential investors by the company upon request."

 

2. Renewal of authorized capital (modification of Articles of Association)

The Board of Directors proposes to renew Art. 4b of the Articles of Association for another two year period. The revised Art. 4b corresponds to the current Art. 4b (save that its validity now ends on 27 June 2018) and reads as follows:

 

"The board of directors is authorized to increase, until June 28, 2018, the share capital by issuing a maximum of 2,681,858 fully paid up registered shares with a nominal value of CHF 10 each in the maximum amount of CHF 26,818,580. Increases in stages are permitted. The respective issue price, the date the dividend rights come into existence and the nature of contributions to be made shall be determined by the board of directors. The increase of the share capital by way of conversion of free equity is permitted in accordance with Art. 652d of the Swiss Code of Obligations. The placement of the shares can be accomplished by one or more banks or other third parties that subscribe to the shares on a fiduciary basis. Pre-emptive rights that are not exercised shall be at the disposal of the board of directors, who shall utilize them in the interests of the company.

The board of directors is entitled to exclude pre-emptive rights of the shareholders for the purposes of acquisition of companies, parts of companies or participations in companies or of financing such transactions as well as in order to enlarge the circle of shareholders, provided that the board of directors is of the opinion that this is in the interest of the company."

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


May 11, 2016

Spice Private Equity Ltd publishes monthly factsheet for 30 April 2016

Zug, 11 May 2016

 

Spice Private Equity Ltd announces that the Monthly Factsheet for 30 April 2016 is available on the company’s website

(http://spice-private-equity.com/userfiles/file/Download%20Center/Monthly%20Factsheets/Spice_PE_Monthly_Factsheet_April_2016.pdf)

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


May 11, 2016

Spice Private Equity Ltd announces motions for the annual general meeting of shareholders received from GP Investments ltd.

Zug, 11 May 2016

 

Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) has received from GP Investments Ltd. ("GPI"), acting through GP Swiss Ltd., the company which recently announced the acquisition of shares in the Company resulting in a holding of 58.48%, motions to be submitted to the next annual general meeting of shareholders scheduled to be held on 28 June 2016.

 

The first motion relates to a change of Art. 2a of the Articles of Association on the investment objective of the Company in that the diversification requirements (among fund managers, geographical regions, economic sectors and stages) and the focus on emerging markets (covering various regions, in particular Asia, Latin America, Eastern Europe, Middle East and Africa) shall be deleted.

 

The second motion relates to elections; GPI proposes the following persons to be elected to the Board of Directors and to the Compensation Committee:
•    Mr David Justinus Emery, current member of the Board of Directors
•    Mr Fersen Lamas Lambranho, current member of the Board of Directors
•    Mr Alvaro Lopes da Silva Neto, former member of the Board of Directors
•    Mr Stephan Müller, new member of the Board of Directors
•    Mr Christopher Wright, new member of the Board of Directors

 

GPI further proposes to elect Mr Stephan Müller as Chairman of the Board of Directors.

 

It results from these motions that Mr Antonio Carlos Augusto Ribeiro Bonchristiano, currently Vice-Chairman of the Board of Directors, will not stand for re-election.

 

The Board of Directors will discuss these motions in connection with the discussion of the agenda of the annual general meeting of shareholders 2016.

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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May 10, 2016

Spice Private Equity Ltd announces change in board composition

Zug, 10 May 2016

 

Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) has been informed that Mr. Eduardo Leemann, Chairman of the Board of Directors, and Mr. David Pinkerton, Member of the Board of Directors, will not stand for re-election for another term of office. Their term will thus end at the next annual general meeting of shareholders scheduled to be held on 28 June 2016.

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


May 5, 2016

Spice Private Equity Ltd announces major change in shareholder base

Zug, 5 May 2016

 

Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) has been informed that a company controlled by GP Investments Ltd. ("GPI") has agreed to acquire the shares in the Company currently held by investment vehicles managed by Fortress Investment Group LLC and Newbury Associates LLC, respectively.

 

The purchaser will be acquiring the above mentioned stake for USD 35.25 per share which represents a 39% premium to yesterday’s closing share price or a 15% discount to the last published economic NAV of 31 March 2016. Closing of the transaction is scheduled to take place right after the annual general meeting of shareholders of the Company, scheduled to be held on 28 June 2016. Upon closing, GPI will indirectly hold 58.48% of the shares and voting rights of the Company.

 

GPI has also informed the Company that it wishes to have Art. 2a of the Articles of Association on the investment objective of the Company changed and that it will submit to the Board of Directors of the Company a specific proposal to be voted upon in the annual general meeting of shareholders of the Company and that it intends to use its expertise in Latin America and abroad to turn the Company into a dedicated co-investment vehicle focused on large direct investment opportunities and potential fund investments through both primary and secondary transactions that are structured by GPI and affiliates. Further, GPI wishes to propose new members of the Board of Directors.

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


April 13, 2016

Spice Private Equity Ltd publishes monthly factsheet for 31 March 2016

Zug, 13 April 2016

 

Spice Private Equity Ltd announces that the Monthly Factsheet for 31 March 2016 is available on the company’s website

(http://spice-private-equity.com/userfiles/file/Download%20Center/Monthly%20Factsheets/Spice_PE_Monthly_Factsheet_March_2016.pdf)

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


March 9, 2016

Spice Private Equity Ltd publishes monthly factsheet for 29 February 2016

Zug, 09 March 2016

 

Spice Private Equity Ltd announces that the Monthly Factsheet for 29 February 2016 is available on the company’s website

(http://spice-private-equity.com/userfiles/file/Download%20Center/Monthly%20Factsheets/Spice%20PE%20Monthly%20Factsheet%20February%202016.pdf)

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


February 24, 2016

Spice Private Equity Ltd publishes monthly factsheet for 31 JANUARY 2016

Zug, 24 February 2016

 

Spice Private Equity Ltd announces that the Monthly Factsheet for 31 January 2016 is available on the company’s website
(http://spice-private-equity.com/userfiles/file/Download%20Center/Monthly%20Factsheets/Spice%20PE%20Monthly%20factsheet%2031%20January%202016.pdf).

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


February 17, 2016

Spice Private Equity Ltd releases 31 december 2015 results; nav per share at usd 39.11 is 2.9% up on previous year

Zug, 17 February 2016 – During the past year, Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) performed well above expectations for a company at its current stage of the investment cycle. The Company’s net asset value (“NAV”) increased by USD 1.09 per share or 2.9% during the period, reaching USD 39.11 per share as of 31 December 2015 (31 December 2014: USD 38.02 per share). The NAV per share is marginally higher than the guidance issued on 12 January 2016 (USD 39.10 per share).

 

The economic NAV as of 31 December 2015 amounted to USD 42.05 per share. The difference between the published NAV per share (USD 39.11) and the economic NAV per share relates to the accounting treatment of the “derivative financial liability” stemming from the put-call agreement between the Company and Fortress entities. In line with IFRS accounting, the Company presents the put option as a liability, resulting in a charge of USD 2.94 per share.

 

The driving factor for the NAV increase was the good performance of the investment portfolio which was accomplished mainly through the initial uplift on several secondary purchases at significant discounts, and the gain on the exited Giant Interactive direct co-investment.

 

Overall, the emerging-market investments achieved a gross portfolio return of USD 12.0 million versus average invested capital for the year of USD 33.7 million, resulting in a gross portfolio return of 35.5 % for the year, and contributing to a TVPI of 1.23x and an IRR of 37.5 % since inception. After accounting for all operating costs at subsidiary level and the holding company of USD 8.1 million, a net portfolio return of USD 3.9 million or 11.6 % on average invested capital for the year resulted.

 

Of the total investment program of USD 220 million, USD 91.4 million or 41.5 % has been allocated so far. Total Spice Private Equity exposure as of 31 December 2015 stands at USD 83.8 million, corresponding to 36.9 % of total assets.

 

During 2015 Spice Private Equity generated income of USD 7.7 million (2014: USD 1.3 million (restated)) and expenses of USD 3.1 million (2014: USD 2.9 million (restated)), resulting in a net operating profit of USD 4.6 million (2014: loss of USD 1.6 million (restated)) for the period. Charges for discontinued operations of USD –1.3 million (2014: USD 4.4 million (restated)) and currency translation differences of USD nil million (2014: USD 0.5 million (restated)) resulted in a net profit of USD 5.9 million (2014: loss of USD 5.5 million (restated)) for the period.

 

At year-end, the Company was debt-free. The liquidity situation of the Company remains solid with cash held across the subsidiary and the holding entity of USD 49.6 million, and unfunded commitments of USD 29.2 million as of 31 December 2015. Outstanding receivables deriving from the sale of the “Legacy Portfolio” totaling USD 112.1 million (gross of discount) will be received over the next two years in three equal installments, increasing the predictability of the Company’s cash flow.

 

During 2015, the Company’s share price improved by 8.1% and ended the year at USD 24.60.

 

The Annual Report 2015 is available on the Company's website (http://www.spice-private-equity.com/userfiles/file/Download Center/Annual Reports/Spice PE Annual Report 2015.pdf).

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


February 17, 2016

Spice Private Equity Ltd publishes monthly factsheet for 31 december 2015

Zug, 17 February 2016

 

Spice Private Equity Ltd announces that the Monthly Factsheet for 31 December 2015 is available on the company’s website
(http://www.spice-private-equity.com/userfiles/file/Download%20Center/Monthly%20Factsheets/Spice%20PE%20Monthly%20Factsheet%20December%202015.pdf).

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


January 12, 2016

Spice Private Equity Ltd announces indicative NAV per share for 31 December 2015 of approximately USD 39.10, a year-on-year rise of 2.8%

Zug, 12 January 2016 – Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today releases NAV guidance for 31 December 2015.

 

SPCE’s net asset value (“NAV”) is estimated to be approximately USD 39.10 per share according to preliminary unaudited figures as per 31 December 2015. The economic NAV for the same date is estimated to be approximately USD 42.00.

 

All quoted values are subject to change depending on the finalization of the financial accounts and the financial audit. The publication of the full results and of the audited NAV is scheduled to be made towards the end of February 2016.

 

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


December 10, 2015

Spice Private Equity Ltd publishes monthly factsheet for 30 November 2015

Zug, 10 December 2015

 

Spice Private Equity Ltd announces that the Monthly Factsheet for 30 November 2015 is available on the company’s website
(http://www.spice-private-equity.com/userfiles/file/Download%20Center/
Monthly%20Factsheets/Spice%20PE%20Monthly%20Factsheet%20November%202015.pdf).

 

For further information, please contact:
Dr. Guido Cornella

 

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


November 11, 2015

Spice Private Equity Ltd publishes monthly factsheet for 31 October 2015

Zug, 11 November 2015

 

Spice Private Equity Ltd announces that the Monthly Factsheet for 31 October 2015 is available on the company’s website
(http://www.spice-private-equity.com/userfiles/file/Download%20Center/
Monthly%20Factsheets/Spice%20PE%20Monthly%20Factsheet%20October%202015.pdf).

 

For further information, please contact:
Dr. Guido Cornella

 

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


October 21, 2015

Spice Private Equity Ltd publishes first monthly factsheet for 30 september 2015

Zug, 21 October 2015

 

Spice Private Equity Ltd announces that the first Monthly Factsheet for 30 September 2015 is available on the company’s website
(http://www.spice-private-equity.com/userfiles/file/Download%20Center/
Monthly%20Factsheets/Spice%20PE%20Monthly%20Factsheet%20September%202015.pdf).

 

For further information, please contact:
Dr. Guido Cornella

 

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


October 21, 2015

Spice Private Equity Ltd invests in Rede d'or são Luiz, the largest private hospital operator in brazil, alongside the carlyle group

Zug, 21 October 2015 – Spice Private Equity (the “Company”) has co-invested with The Carlyle Group to acquire a minority stake in Rede D’Or São Luiz (“Rede D’Or”), the largest private hospital operator in Brazil. Spice Private Equity’s total commitment in this investment was USD 12.2 million.

 

Rede D’Or has more than 4,600 beds in 28 owned and 2 managed hospitals, in addition to 30 oncology clinics, with a presence in various regions throughout Brazil. The company is uniquely positioned to expand and strengthen its platform as a leading company in the Brazilian healthcare market. This investment represents a defensive play in a domestic sector with strong growth potential and stable fundamentals.

 

The co-investment opportunity is lead by The Carlyle Group. The opportunity was proprietarily originated through the network of Spice Private Equity and its exclusive manager GP Advisors, which has a long standing relationship with The Carlyle Group.

 

This transaction represents a further step in the implementation of Spice Private Equity’s overall emerging markets strategy with focus on Asia Pacific, Sub-Saharan Africa and Latin America and is the initial co-investment in Latin America since the strategic repositioning of the Company.

 

For further information, please contact:
Dr. Guido Cornella

 

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


October 21, 2015

Spice Private Equity Ltd reports q3 2015 results. NAV rises by 3.6% over the quarter to USD 39.20 per share

Zug, 21 October 2015 – Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today releases Q3 2015 results above expectations for the company.

 

During the quarter, the Net Asset Value (“NAV”) grew significantly, reaching USD 39.20 per share as of 30 September 2015 (30 June 2015: USD 37.83 per share, +3.6%; 31 December 2014: USD 38.02 per share, +3.1%). The driving factor for the NAV increase was the strong performance on invested capital of 25.2% for the quarter (as % of average invested capital; not annualized) which more than offset the expenses incurred in the period. The large gain on the investment portfolio for the quarter, USD 8.4 million on a base of USD 34.7 million in fair value, was accomplished mainly through the initial uplift on the secondary purchase of Global EM Portfolio I at a significant discount and the uplift on exit of the Giant Interactive direct co-investment. Of the total investment program of USD 220 million, so far USD 86.7 million or 39.4% has been allocated. Total Spice Private Equity exposure as of 30 September 2015 stands at USD 79.1 million corresponding to 34.6% of total assets.

 

Spice Private Equity also publishes an economic NAV (adjusting for the required accounting treatment of the “derivative financial liability” stemming from the put-call agreement in CHF between the Company and Fortress entities). This has also risen significantly during the quarter and has reached an all-time high following the restructuring at the end of 2014. As of 30 September 2015 the economic NAV amounted to USD 42.21 per share (30 June 2015: USD 40.96 per share, +3.1%; 31 December 2014: USD 40.96 per share, +3.1%).

 

The share price of the Company decreased by 11.8% to USD 22.50 per share during the quarter (30 June 2015: USD 25.50).

 

In the third quarter of 2015, the highlights were the completion of the acquisition of a sizeable portfolio of LP interests on the secondary market, the first co-investment in India and in Brazil and the divestment of the co-investment in Giant Interactive.

 

Spice Private Equity has completed a secondary transaction, acquiring LP interests in two Indian and two Latin American focused partnerships managed by three different general partners (total Spice Private Equity exposure acquired is USD 20.0 million). Spice Private Equity also entered into two co-investment opportunities. One, with Clearwater Capital Partners, in Altico Capital India Private Limited (“Altico Capital”), a Non-Bank Finance Company based in Mumbai, India (total Spice Private Equity commitment is USD 10.0 million). The other in Rede D’Or São Luiz (“Rede D’Or”), the largest private hospital operator in Brazil (total Spice Private Equity commitment is USD 12.2 million). This co-investment opportunity is led by The Carlyle Group.

 

Giant Interactive, a leading online game developer and operator in China and the first co-investment completed under the new strategy of Spice Private Equity, has been exited, generating an attractive 24% IRR return and a cash on cash return of 1.28x, a slight increase from the most recent valuation.

 

After the receipt of the first deferred payment of USD 37.4 million stemming from the sale of the “Legacy Portfolio”, cash held across the subsidiary and the holding entity stood at USD 62.1 million as of 30 September 2015, and unfunded commitments amounted to USD 35.2 million. A revolving credit line of USD 75 million is in place thus the liquidity situation remains solid. Capital calls of USD 0.9 million and new investments of USD 21.2 million (at cost), paid during the last quarter, outweighed distributions for the same period, which stood at USD 10.2 million.

 

The Company recorded a net profit for the quarter of USD 7.4 million (Q3 2014: net profit of USD 18.4 million (restated)) and a net profit YTD of USD 6.4 million (1 January – 30 September 2014: net profit of USD 28.6 million (restated)).

 

Gross portfolio return was USD 8.4 million or 25.2% (not annualized) of average invested capital for the quarter and USD 11.8 million or 54.4% (not annualized) of average invested capital YTD. These contributions result in an overall portfolio performance since inception of 1.27x (TVPI) and 55.5% (IRR). Net portfolio return (after considering operating expenses) was USD 6.9 million or 20.5% of average invested capital for the quarter and USD 6.0 million or 27.6% of average invested capital YTD. These results are significantly above expectations for the Company’s current position in the investment cycle.

 

The Interim Report Q3 2015 is available on the Company's website (http://www.spice-private-
equity.com/userfiles/file/Download%20Center/Interim%20Reports/Spice%20PE%20Interim%20Report%
20Q3%202015.pdf).

 

For further information, please contact:
Dr. Guido Cornella

 

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


October 1, 2015

Spice Private Equity Ltd ("spice pe") FURTHER DEVELOPS ITS EMERGING MARKETS PORTFOLIO IN ASIA and LAtin america

Zug, 1 October 2015 – Spice Private Equity has completed a secondary transaction, acquiring LP interests in 2 Indian and 2 Latin American focused partnerships managed by three different general partners. The total private equity exposure acquired is USD 20.0m.

 

The LP interests acquired were in NYLIM Jacob Ballas India Fund III, LLC, managed by Jacob Ballas Asset Management Company III LLC, in Tara India Fund III, LLC, managed by IL&FS Investment Managers Limited and in GP Capital Partners IV, L.P. and GP Capital Partners V, L.P., both managed by affiliates of GP Investments, Ltd.

 

This secondary transaction represented a further step in the implementation of Spice Private Equity’s overall emerging markets strategy of adding established GPs to the portfolio and increasing the allocation to secondary transactions in Asia and Latin America.

 

Overview of the managers

 

NYLIM Jacob Ballas Asset Management Company III LLC is an India focused manager. Since its inception in 2000, NYLIM Jacob Ballas Asset Management Company III LLC and its affiliates have raised and managed over USD 600m in capital and have deep knowledge and experience in Indian private equity.

 

Tara India Fund III, LLC is managed by IL&FS Investment Managers Limited ("IIML"), the private equity arm of IL&FS. IIML has been part of IL&FS since 1996 and has raised and managed 16 funds with a current AUM of USD 3.5bn.

 

GP Capital Partners IV, L.P. and GP Capital Partners V, L.P. are two partnerships managed by affiliates of GP Investments, Ltd., one of the most established private equity investors in Latin America, having invested over USD 3.5 billion in 53 companies across 15 different industries since its inception in 1993. GP Investments targets large-cap opportunities with strong potential for management and operational improvements.

 

For further information, please contact:
Dr. Guido Cornella

 

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


September 30, 2015

Spice Private Equity Ltd ("spice pe") makes its first co-investment in India

Zug, 30 September 2015 – Spice PE has entered into a co-investment with Clearwater Capital Partners (“Clearwater”) in Altico Capital India Private Limited (“Altico Capital”), a Non Bank Finance Company (“NBFC”) based in Mumbai India. Total Spice PE commitment to Altico Capital is USD 10.0m.

 

Altico Capital is a direct co-investment in an Indian Non Bank Finance Company (“NBFC”) originally established and managed by Clearwater. Other co-investors include Värde Partners, the Minneapolis based multi-billion dollar global alternative investment firm, and the Abu Dhabi Investment Council. NBFCs have taken an increasing role in filling the credit void created by the traditional Indian banks in the financing landscape. Altico Capital was established to capitalize on direct lending opportunities in India, with the focus on making senior secured loans in the real estate sector whilst retaining the flexibility to invest across multiple strategies.

 

 

Overview of Clearwater Capital Partners

 

Founded in 2001, Clearwater Capital Partners invests in credit and special situations across Asia. Since inception, Clearwater has invested more than $4 billion in the Asia region and currently manages approximately $1.5 billion of assets across six funds. Clearwater Capital Partners is headquartered in Hong Kong and has a multi-disciplinary team across six offices located throughout Asia.

 

For further information, please contact:
Dr. Guido Cornella

 

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


July 29, 2015

Spice Private Equity Ltd reports q2 2015 results. nav rises, driven by a 14.3% gain on invested assets over the quarter

Zug, 29 July 2015 – Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today releases Q2 2015 results above expectations for the company, given its position in its investment cycle.

 

During the quarter, the Net Asset Value (“NAV”) grew slightly, reaching USD 37.83 per share as of 30 June 2015 (31 March 2015: USD 37.67 per share, +0.4%; 31 December 2014: USD 38.02 per share, -0.5%). The driving factor for the NAV increase was the strong performance on invested capital of 14.3% for the quarter (as % of average invested capital; not annualized) which more than offset the expenses incurred in the period. The large gain on the investment portfolio for the quarter of USD 3.7 million on a base of USD 20.7 million of fair value was accomplished mainly by the mark-up of the Giant Interactive direct co-investment, following its positive operating performance, and the initial uplift on secondary purchases at significant discounts. The positive NAV result was achieved even though the currently invested capital is still limited to only 15.7% of total assets.

 

Spice Private Equity also publishes an economic NAV (adjusting for the required accounting treatment of the “derivative financial liability” stemming from the put-call agreement in CHF between the Company and Fortress entities). This has also trended upward during the quarter and has matched its peak achieved following the restructuring at the end of 2014. As of 30 June 2015 the economic NAV amounted to USD 40.96 per share (31 March 2015: USD 40.70 per share, +0.6%; 31 December 2014: USD 40.96 per share, +0.0%).

 

The share price of the Company increased by 17.7% to USD 25.50 per share during the quarter (31 March 2015: USD 21.67).

 

In the second quarter of 2015, the highlights were the completion of the company’s first co-investment in Sub-Saharan Africa and a new secondary fund transaction in Latin America. At the end of June 2015 Spice Private Equity invested USD 5.0 million in Africa Oil Corporation (“AOC”), a pioneering East African focused oil company with a footprint covering seven oil blocks across Kenya and Ethiopia. This co-investment was made alongside Helios Investment Partners. In April 2015, Spice Private Equity acquired from a third party three funds managed by GP Investments: GP Capital Partners IV, Magma Fund, and Magma Fund II. The total secondary purchase had a fair value of USD 6.7 million at the end of the quarter.

 

Cash held across the subsidiary and the holding entity stood at USD 38.7 million, as of 30 June 2015, and unfunded commitments amounted to USD 14.7 million. A revolving credit line of USD 75 million is in place, thus the liquidity situation remains solid. Capital calls of USD 0.2 million and new investments of USD 10.1 million (at cost), made during the last quarter, outweighed distributions for the same period, which stood at USD 0.1 million.

 

The Company recorded a net profit for the quarter of USD 1.0 million (Q2 2014: net profit of USD 5.7 million (restated)) and a net loss YTD of USD 1.0 million (1 January – 30 June 2014: net profit of USD 10.1 million (restated)). Gross portfolio return was USD 3.7 million or 14.3% (not annualized) of average invested capital for the quarter and USD 3.4 million or 15.4% (not annualized) of average invested capital YTD. Net portfolio return (after considering operating expenses) was USD 1.3 million or 4.9% of average invested capital for the quarter and USD -0.9 million or -4.1% of average invested capital YTD. These results are above expectations, given the Company’s current position in its investment cycle.


The Interim Report Q2 2015 is available on the Company's website (http://www.spice-private-
equity.com/userfiles/file/Download%20Center/Interim%20Reports/Spice%20PE%20Interim%20Report%
20Q2%202015.pdf).

 

For further information, please contact:
Dr. Guido Cornella

 

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

Download PDF


June 30, 2015

Spice Private Equity Ltd further develops its emerging market portfolio with a co-investment in Africa oil corporation

Zug, 30 June 2015 – Spice Private Equity has co-invested with Helios Investment Partners to acquire a significant minority stake in Africa Oil Corporation, an upstream E&P company in East Africa. Total Spice Private Equity contribution was USD 5.0 million.

 

Africa Oil Corporation (“AOC”) is a pioneering East African focused oil company with footprint covering 7 oil blocks across Kenya and Ethiopia, core target regions of Spice Private Equity investment strategy. AOC has a dual listing in the Toronto and Nasdaq Stockholm stock exchanges.

 

All involved partners have long standing track record in the region and in the industry. Helios is one of the most reputable and established private equity managers in Africa and has extensive experience with energy and particularly oil related transactions in the region. Helios was founded in 2004 by former senior professionals of TPG Capital. Spice Private Equity has a long standing relationship with Helios’ principals and it has made a commitment to its current fund. AOC’s management team is highly experienced and is backed by the Lundin Group, a successful investor in the sector and in the region. AOC’s operating partner is Tullow, a leading E&P group with worldwide operations and long standing presence in Africa.

   

The output of the Kenyan oil blocks under development is expected to importantly boost the country’s GDP. By investing through a structured transaction at an attractive part of the cycle, characterized by historically low prices, Spice Private Equity is entering a key industry for the region’s development.

 

This transaction represents a further step in the implementation of Spice Private Equity’s overall emerging markets strategy with focus on Asia Pacific, Sub-Saharan Africa and Latin America and is the initial co-investment in Sub-Saharan Africa since the strategic repositioning of the Company.

 

For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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May 27, 2015

Spice Private Equity Ltd reports All AGM proposals passed

Zug, 27 May 2015 – Spice Private Equity Ltd ("the Company" ticker symbol “SPCE”) today announces that at this year’s Annual General Meeting of Spice Private Equity Ltd, all agenda items were passed with an overwhelming majority.

 

1.            Approval of the Annual Report, the statutory Annual Financial Statements (Einzelabschluss) and the Group Financial Statements (Konzernrechnung) for the year ended 31 December 2014

2.            Balance sheet loss of CHF 2,340,031.55 to be carried forward

3.            Granting of discharge in favour of the members of the Board of Directors

4.            Renewal of the Authorized Capital

5.            Approval of a fixed compensation of the Board of Directors of not more than CHF 420,000.00 for the period starting today and ending on the Annual General Meeting 2016

6.            Elections

6.1          Re-election of all members of the Board of Directors for another term of office until the next Annual General Meeting

6.2          Re-election of Mr. Eduardo Leemann as Chairman of the Board of Directors for another term of office until the next Annual General Meeting

6.3          Election of all members of the Board of Directors as members of the Compensation Committee for a term of office until the next Annual General Meeting

6.4          Re-election of Mr. Stefan Koller, Attorney, Zug, as independent proxy for a term of office until the end of the Annual General Meeting 2016.

6.5          Re-election of PricewaterhouseCoopers Ltd, Zurich, as auditor for the business year 2015.

 

The presentation held at the AGM is available on the website: (http://www.spice-private-equity.com/
userfiles/file/Download%20Center/Analyst%20and%20Media%20Presentation/

PresentationAGM2015.pdf).

 


For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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May 18, 2015

Spice Private Equity Ltd reports first quarterly results in usd - nav slightly lower - initial latin american investments closed - listing to be switched to usd

Zug, 18 May 2015 – Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today releases 31 March 2015 results in line with expectations. This quarterly report is the first one published in USD, following the previously announced currency switch from CHF.

 

During the quarter, the net Asset Value (“NAV”) slightly decreased, reaching USD 37.67 per share as of 31 March 2015 (31 December 2014: USD 38.02 per share, -0.9%). The main factors for the NAV decrease during the quarter were the still limited amount of capital invested, the operating expenses incurred, and the slightly lower valuations of the investment portfolio due to a decrease in valuation of a listed company (share price drop and adverse currency movement).

 

The economic NAV as of 31 March 2015 amounted to USD 40.70 per share. The difference between the published NAV per share (USD 37.67) and the economic NAV per share relates to the accounting treatment of the “derivative financial liability” stemming from the put-call agreement between the Company and Fortress entities. In line with IFRS accounting, the Company presents the put option as a liability, resulting in a charge of USD 3.03 per share.

 

In the first quarter of 2015, the main highlight was the completion of the first investment in Latin America with a secondary purchase of a limited partner’s position in DLJ South America Partners, a fund managed by Victoria Capital Partners. The General Partner is a well-established Latin American mid-market private equity manager covering Brazil, Chile, Colombia, Peru and Argentina. The USD 2.2 million investment (fair value) was sourced on a proprietary basis. During April 2015, the Company closed a secondary acquisition of three funds managed by GP Investments: GP Capital Partners IV, Magma Fund I, and Magma Fund II. The total private equity exposure (investments and unfunded commitments) of the three funds is USD 5.1 million. As of 31 March 2015, total investments amount to USD 20.7 million (10.3% of NAV) and total private equity exposure amount to USD 35.6 million (17.7% of NAV).

 

Cash held across the subsidiary and the holding entity stood at USD 51.1 million as of 31 March 2015, and unfunded commitments amounted to USD 14.9 million. In May 2015 a revolving credit line of USD 75 million was set-up: should attractive investment opportunities arise, the Company would be able to anticipate a portion of the outstanding cash receivables from its sale of the legacy portfolio at the end of 2014 and thus accelerate its investment pace. The liquidity situation remains solid. Capital calls of USD 2.3 million and new investments of USD 2.0 million (at cost), paid during the last quarter, outweighed distributions for the same period, which stood at USD 0.0 million.


The Company recorded a net loss for the quarter of USD 2.0 million (Q1 2014: net gain of USD 4.4 million (restated)). Gross portfolio return was USD –0.4 million or –2.3 % (not annualized) of starting portfolio fair value for the quarter. Net portfolio return (after considering operating expenses) was USD –2.0 million or –11.6 % of starting portfolio fair value for the quarter. These results are in line with expectations due to the investment phase of the Company.


Switch of quoting currency from CHF to USD
The quoting currency for Spice Private Equity Ltd (ticker symbol “SPCE”) at the SIX Swiss Exchange will be switched from CHF to USD before the start of trading on 20 May 2015. This will once again align reporting and quoting currencies for the Company after the switch of the reporting currency to USD on 1 January 2015. The switch of the reporting currency to USD was implemented to better reflect the performance of the underlying investments in the financial statements of the Company.


The Interim Report Q1 2015 is available on the Company's website (http://www.spice-private-equity.com/userfiles/file/Download%20Center/Interim%20Reports/Spice%20PE%20Interim%20Report%
20Q1%202015.pdf).

 


For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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May 11, 2015

Spice Private Equity Ltd newly included in Swiss Performance Index (SPI®)

Zug, 11 May 2015 – Spice Private Equity Ltd ("the Company" ticker symbol “SPCE”) today announces that its application for inclusion in the Swiss Performance Index (“SPI®”) at the SIX Swiss Exchange has been approved. The Company will become part of the SPI® on 20 May 2015.


The Swiss Performance Index (SPI) is considered Switzerland's overall stock market index. It comprises practically all of the SIX Swiss Exchange-traded equity securities of companies that are domiciled in Switzerland or the Principality of Liechtenstein. The SPI does not include equity securities with a free float of less than 20%. The SPI is free-float-adjusted. Only the tradable portion of the shares is taken into account in the index. The SPI has been calculated since 1 June 1987, when it was standardized at 1,000 points. The index is recalculated and published every three minutes.

 


For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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May 5, 2015

Spice private equity Ltd proposes to annual general meeting of 27 May 2015 to renew authorized share capital

Zug, 5 May 2015 – Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today invited to Annual General Meeting on 27 May 2015 with, inter alia, a renewal of its Authorized Share Capital.

 

The invitation to the Annual General Meeting on 27 May 2015 contains, inter alia, the following agenda item:

 

4.    Renewal of authorized capital (modification of Articles of Association)
The Board of Directors proposes renew Art. 4b of the Articles of Association for another two year period. The revised Art. 4b corresponds to the current Art. 4b (save that its validity now ends on 26 May 2017) and reads as follows:

 

"The board of directors is authorized to increase, until May 26, 2017, the share capital by issuing a maximum of 2,681,858 fully paid up registered shares with a nominal value of CHF 10 each in the maximum amount of CHF 26,818,580. Increases in stages are permitted. The respective issue price, the date the dividend rights come into existence and the nature of contributions to be made shall be determined by the board of directors. The increase of the share capital by way of conversion of free equity is permitted in accordance with Art. 652d of the Swiss Code of Obligations. The placement of the shares can be accomplished by one or more banks or other third parties that subscribe to the shares on a fiduciary basis. Pre-emptive rights that are not exercised shall be at the disposal of the board of directors, who shall utilize them in the interests of the company.
The board of directors is entitled to exclude pre-emptive rights of the shareholders for the purposes of acquisition of companies, parts of companies or participations in companies or of financing such transactions as well as in order to enlarge the circle of shareholders, provided that the board of directors is of the opinion that this is in the interest of the company."

 


For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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April 16, 2015

Spice private equity Ltd further develops its emerging market portfolio with the secondary acquisition of four South american fund positions

Zug, 16 April 2015 – Spice Private Equity (“Spice PE”) has acquired limited partner interests in four Latin American focused funds managed by two different general partners. The total private equity exposure acquired is USD 7.9 million.

 

The interests acquired were a limited partner stake in DLJ South America Partners, managed by Victoria Capital Partners, and, in a separate transaction, three funds managed by GP Investments: GP Capital Partners IV, Magma Fund, and Magma Fund II.

 

Both secondary transactions represent a further step in the implementation of Spice PE’s overall emerging markets strategy with focus on Asia Pacific, Sub-Saharan Africa and Latin America and are the initial investments in Latin America since the strategic repositioning of the Company.


Overview of the managers

 

Victoria Capital Partners is a well established Latin American mid-market private equity manager covering Brazil, Chile, Colombia, Peru and Argentina. The team has been successfully investing in the region since 1995.

 

GP Investments is one of the most established private equity investors in Latin America, having invested in 53 investments across 15 different industries with 45 exits since 1993. GP Investments targets large-cap opportunities with strong potential for management and operational improvements.

 


For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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March 19, 2015

Spice private equity Ltd releases 31 december 2014 results, NAV marginally higher than guidance

Zug, 19 March 2015 – After the previously announced disposal of all legacy holdings at the end of 2014 Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) is debt-free and cash-rich with all investments exclusively focused on emerging markets.

 

This final step in the transformation of the company which resulted in a significantly simplified legal structure was achieved at limited cost and has led to a slightly reduced published Net Asset Value (“NAV”) of CHF 37.78 per share as of 31 December 2014 compared to the 31 December 2013 value of CHF 38.78 per share. The NAV per share is slightly higher than the guidance issued on 2 February 2015 (CHF 37.50 per share).

 

The economic NAV as of 31 December 2014 amounted to CHF 40.70 per share. The difference between the published NAV per share (CHF 37.78) and the economic NAV per share relates to the accounting treatment of the “derivative financial liability” stemming from the put-call agreement between the Company and Fortress entities. In line with IFRS accounting, the Company presents the put option as a liability, resulting in a charge of CHF 2.92 per share.

 

During 2014 Spice Private Equity generated operating income of CHF 3.7 million (2013 (restated): CHF 0.0 million) and operating expenses of CHF 5.2 million (2013 (restated): CHF 6.0 million), resulting in a net operating loss of CHF 1.5 million (2013 (restated): loss of CHF 6.0 million) for the period. Charges for discontinued operations relating to the disposal of all the legacy holdings of CHF 4.0 million (2013 (restated): CHF 24.3 million) resulted in a comprehensive loss of CHF 5.5 million (2013 (restated): loss of CHF 30.3 million) for the period.

 

At subsidiary level (Spice Private Equity (Bermuda) Ltd), the emerging market investments performed well, with a net gain of CHF 3.8 million versus total cost of investments of CHF 12.9 million, resulting in a return on investment of more than 29%. After accounting for operating costs, an overall gain of CHF 0.8 million resulted for the Subsidiary. During 2014, CHF 29.2 million have been allocated for new emerging markets investments, of which CHF 12.9 million have been called and CHF 16.3 million are outstanding commitments.

 

The Company achieved a sizable net cash flow of CHF 37.7 million (2013 (restated): CHF 7.6 million), mainly related to the payment of the first instalment from the disposal of the legacy holdings. The remaining installments for a total of USD 148.5 million will be received over the next three years in four equal tranches in pre-determined time periods, increasing the Company’s cash predictability.

 

During 2014, the Company’s share price improved by 10.3% and ended the year at CHF 22.50.

 

The Annual Report 2014 is available on the Company's website (http://www.spice-private-equity.com/userfiles/file/Download%20Center/Annual%20Reports/Spice%20PE%20Annual%20Report%202014.pdf).

 


For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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February 26, 2015

APEN Ltd announces change of the company name and the election of mr fersen lamas lambranho as a new board member

Zug, 26 February 2015 – APEN Ltd (ticker symbol “APEN”) today announced that its shareholders approved the change of the company name to Spice Private Equity Ltd. As a result, the new ticker symbol will be "SPCE", effective as of March 2, 2015.

 

Furthermore, Mr Fersen Lamas Lambranho has been elected at today's shareholders meeting as a new board member for a term of office until the next annual general meeting. Mr Lambranho replaces Mr Alvaro Lopes da Silva Neto who resigned from office as of today.

 


For further information, please contact:
Dr. Guido Cornella

Investor & Media Relations

GP Advisors Ltd, Zurich

Phone: +41 44 578 50 50

Email: investor.relations@spice-private-equity.com

Web: www.spice-private-equity.com

 

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February 2, 2015

APEN Ltd announces indicative NAV per share for Q4 2014 of approximately CHF 37.50

Zug, 2 February 2015 – APEN Ltd. (ticker symbol “APEN”) today released NAV guidance for 31 December 2014.


APEN’s Net Asset Value (“NAV”) after accounting for all transaction-related impacts linked to the sale of its legacy portfolio at year-end 2014 is estimated to be approximately CHF 37.50 per share, according to preliminary unaudited figures as per 31 December 2014.

 

Given that the Company has changed its accounting and reporting from CHF to USD as of 1 January 2015 the resulting starting value for this year’s NAV in USD is estimated to be approximately USD 37.70 per share.


All quoted values are subject to change depending on the finalization of the financial accounts and the audit. The publication of the full results and of the audited NAV is scheduled to be made towards the end of March 2015.


For further information, please contact:
Dr. Guido Cornella
Phone: +41 44 578 50 50
Email: guido.cornella@gpadvisors.com

 

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January 8, 2015

APEN Ltd announces resignation of Mr. Alvaro Lopes da Silva Neto as member of the Board of Directors and proposes election of Mr. Fersen Lamas Lambranho as A new member of the Board of Directors

Zug, 8 January 2015 – APEN Ltd (“APEN”), the private equity investment company listed on the SIX Swiss Exchange, announced today that Mr. Alvaro Lopes da Silva Neto will resign as a member of the Board of Directors as per the date of the Extraordinary General Meeting to be held on 26 February 2015. The Board of Directors proposes to the Extraordinary General Meeting to elect Mr. Fersen Lamas Lambranho as a new member of the Board of Directors for a term of office until the next annual general meeting.


Mr. Lambranho is a member of the board and Chairman of GP Investments. He joined the firm in 1998 and became a managing director in 1999. Prior to joining GP, Mr. Lambranho was CEO of Lojas Americanas, where he worked for 12 years and was a board member from 1998 to 2003. Currently, he is Chairman of the Board of Magnesita and LBR. He has served as Chairman of the Boards of Oi, Contax, Gafisa and ABC Supermercados. Mr. Lambranho serves on the Boards of Centauro, BHG, BRZ Investimentos and GP Advisors. He previously served on the Boards of BRMalls, San Antonio, Estácio, Allis, Tele Norte Leste Participações, São Carlos Empreendimentos e Participações, Playcenter, Shoptime, Farmasa, BR Properties and Americanas.com. He is a board member of several non-profit entities, such as Fundação Bienal de São Paulo e COPPEAD-UFRJ.

 

Mr. Lambranho holds a Bachelor’s Degree in Civil Engineering from the Universidade Federal do Rio de Janeiro and a M.Sc. degree in Business Administration from COPPEAD-UFRJ. He also completed the Owner President Management Program at Harvard Business School.


For further information, please contact:
Dr. Guido Cornella
Phone: +41 44 578 50 50
Email: guido.cornella@gpadvisors.com

 

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January 4, 2015

APEN Ltd Divests “Legacy Portfolio” to Strategic Partners Fund Solutions for USD 192.0 Million

APEN Ltd announced today the divestment of its entire “legacy portfolio” for USD 192.0 million (CHF 190.0 million as of the closing date) to funds managed by Strategic Partners Funds Solutions, the secondary private equity and fund solutions division of Blackstone. The transaction also comprises the transfer of APEN's loan obligations resulting in a full deleveraging of APEN. This allows APEN much sooner than expected to concentrate on the pursuit of its new emerging markets-focused investment strategy and to adopt a simplified and more transparent corporate structure. As a result of the transaction, APEN Ltd will change its name to Spice Private Equity Ltd and switch the reporting currency from CHF to USD.

 

Press Release, Zug, 4 January 2015 – APEN Ltd (“APEN”), the private equity investment company listed on the SIX Swiss Exchange, announced today that it completed a major transaction on 31 December 2014, marking a significant step forward in the pursuit of its new emerging markets-focused investment strategy and the simplification of its corporate structure, increasing transparency and investor attractiveness. The company divested its entire “legacy portfolio” for USD 192.0 million (CHF 190.0 million as of the closing date) to funds managed by Strategic Partners Funds Solutions (“Strategic Partners”), the secondary private equity and fund solutions division of Blackstone, a global asset manager.

 

“Working successfully with Strategic Partners through this complex structured secondary transaction, we have now fully exited our historical non-core portfolio in a single transaction. We have achieved a simplified financial and legal structure resulting in a more transparent corporate structure, which is easier to understand for both current and future investors in APEN,” said Eduardo Leemann, Chairman of APEN. The legacy portfolio was disposed of through a structured transaction involving the sale of two APEN subsidiaries, APEN Faith Media Holdings LLC and APEN Holdings LLC, to a Strategic Partners acquisition vehicle. The transaction also transferred to Strategic Partners the APEN subsidiaries' USD 95 million loan obligation (as of 30 June 2014), resulting in the full deleveraging of APEN Ltd.

 

"We are now in a position to seize attractive investment opportunities in emerging markets with significant means," emphasizes David Salim, CEO of APEN’s investment advisor GP Advisors, affiliate of the leading Latin American alternative investment firm GP Investments. “This divestment will enable us much sooner than expected to implement at full speed our new investment strategy of focusing on Emerging Markets investments,” continued Salim.

 

The reference date for the transaction is 30 June 2014. The transaction price of CHF 190.0 million represents a discount of 3.4% (14% in USD terms) to the value of the portfolio at the reference date. Additionally, the purchaser will purchase from APEN a USD 7.8 million loan obligation from APEN Faith Media Holdings, LLC leading to a total transaction value of USD 199.7 million. After purchase price adjustments of USD 12.9 million for distributions already received by the seller between the reference and closing dates, the final consideration to be paid amounts to USD 186.9 million and will be paid in five equal installments commencing on the closing date and in nine-month intervals thereafter, with the last payment to be received at year-end 2017. Campbell Lutyens, the leading private equity and private infrastructure adviser, acted as financial advisers to APEN on the transaction.

 

APEN becomes Spice Private Equity

To emphasize the transformation of the company and the implementation of its new emerging markets-focused investment strategy, the Board of Directors has decided to change the name of the company to Spice Private Equity Ltd (new SIX symbol: SPCE). The name change is subject to shareholder approval at an extraordinary shareholders meeting which will be held on 26 February 2015. The registration deadline for participation at the extraordinary shareholders meeting is 16 January 2015, 5:00 pm.


Spice Private Equity will switch reporting currency from CHF to USD
To better reflect the performance of the underlying investments in the financial statements of the company the Board of Directors has decided to switch the reporting currency from CHF to USD as of 1 January 2015. With the first publication of the company financials in USD (Interim Report as of 31 March 2015) the quoting currency at the SIX Swiss Exchange will also be switched from CHF to USD (expected in May 2015).


For further information, please contact:
Dr. Guido Cornella
Phone: +41 44 578 50 50
Email: guido.cornella@gpadvisors.com

 

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