Gimv invests EUR 27.6 million and divests EUR 13.0 million in the first months of FY 2010-2011
Gimv is holding its General Shareholder’s Meeting and the Extraordinary Shareholders’ Meeting today. The Board of Directors will propose to the shareholders to approve a gross dividend of EUR 2.40 per share (EUR 1.80 net). This dividend will be paid from 8 July 2010. Following the General Shareholders’ Meeting and the Extraordinary Shareholders’ meeting, Gimv will publish a press release on the decisions taken.
In addition, Gimv will also report on the realised investments and divestments in the first months of the financial year. Moreover, Gimv will also comment on the developments within the co-investment funds.
In the first months (1 April 2010 to 28 June 2010) of FY 2010-2011 Gimv has invested EUR 27.6 million and realised exits totalling EUR 13.0 million.
In these first months Gimv has invested EUR 27.6 million EUR (on Gimv’s balance sheet). EUR 13.4 million (49%) of this amount has been invested within Buyouts & Growth (Belgium, Netherlands, France and Germany), EUR 10.8 million (39%) in Venture Capital (Technology, Life Sciences and Cleantech) and the remaining EUR 3.3 million EUR (12%) in co-investment funds (Gimv-XL and DG Infra+). The main investments over the past months were the new investment in RES Software and the follow-on investments in Bananas, Liquavista and Plexxikon. Besides these investments on its balance sheet Gimv also made additional investments within the co-investment funds for an amount of EUR 4.1 million (mainly Belwind).
The divestments (on Gimv’s balance sheet) currently amount to EUR 13.0 million. EUR 12.8 million of this amount (98%) has been achieved within Buyouts & Growth and EUR 0.2 million (2%) within Venture Capital. The main divestments of the past months are ANP and Mondi Foods. Besides these divestments on its own balance sheet Gimv also realised exits in the funds under management for EUR 1.0 million.
Following the dividend payment on 8 July 2010 Gimv will have an expected net cash position of EUR 245 million.
Update on funds under management
Gimv will be reporting today during the General Meeting on the developments within its funds under management.
Recently Gimv announced that together with Dexia it is launching DG Infra Yield, a new infrastructure initiative which is complementary to DG Infra+. As of today several institutional investors have already pledged EUR 80 million. In addition there are also advanced negotiations ongoing with several other Benelux investors who wish to take part in the first closing, which is planned for September 2010. The first investment of DG Infra Yield has also been announced. The fund in formation recently invested EUR 10 million in the mezzanine financing of Belwind, an off-shore windmill park in front of the coast of Zeebrugge.