GIMV sells two thirds of its stake in Barco and realizes net capital gains of 127,3 million euro
GIMV announces today that it has realized a successful private placement of 2.500.000 shares in Barco, which represents two thirds of its participation in Barco. GIMV owned 3.674.921 shares in Barco, representing a total participation of 29,6%. After today's transaction GIMV retains a participation of 9,5% in Barco.
The shares have been sold at an average price of 66,5 euro per share or 166,3 million euro for the total of 2,5 million shares. With this share GIMV realizes net capital gains for a total of 127,3 million euro. GIMV's net asset value is positively impacted by 31 million euro or 1,34 euro per GIMV share, compared to the most recently published net asset value of 9 April 2004. This is a consequence of the discount that is applied by GIMV on all listed participations for calculating the net asset value in accordance with the EVCA rules (*). By selling the shares this discount is of course no longer applicable.
After today's transaction GIMV retains 1.174.921 shares in Barco, which is a participation of 9,5%. As a result of this the free float of the Barco share increases up to 90,5%.
The shares have been placed spread in the market with well-established Belgian and foreign institutional investors by Petercam and KBC Securities as joint bookrunners. In the framework of this transaction GIMV has agreed with the joint bookrunners not to plan any further sale of Barco shares before the end of 2004.
(*) In accordance with the EVCA guidelines of March 2001 for calculation of the net asset value GIMV is applying a discount to the market price of the shares of its listed participations as a function of liquidity. The discount applied as a function of the liquidity is dependent on the quarterly trading volume of the share concerned and on the number of shares held by GIMV. If the number of shares held comes to less than 10 percent of the quarterly volume, no discount is applied. Where the number of shares held amounts to between 10 and 30 percent of the quarterly volume, a discount of 15 percent is applied. In all other cases, a discount of 25 percent is applied.
For further information, please contact: Mr. Dirk Boogmans - CEO GIMV - Tel: +32 3 290 21 84