Gimv invests EUR 30.3 million and divests EUR 8.9 million in first months of FY 2009-2010
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 2.36 per share (EUR 1.77 net). This dividend will be paid from 1 July 2009. Following the General Shareholders’ Meeting and the Extraordinary Shareholders’ meeting, Gimv will publish a press release on the decisions taken.
Gimv also reports on investments and divestments during the first months of FY 2009-2010 (1 April 2009 to 22 June 2009). In addition, Gimv comments on the developments within the Gimv-XL and DG Infra+ funds.
During the first months of FY 2009-2010 (1 April 2009 to 22 June 2009) Gimv has invested EUR 30.3 million and realized exits totaling EUR 8.9 million.
During these first months Gimv has invested EUR 30.3 million on its own balance sheet. EUR 19.5 million (64%) of this amount has been invested in Buyouts & Growth (Belgium, Netherlands, France and Germany), EUR 9.0 million (30%) in Venture Capital (Technology, Life Sciences and Cleantech) and the remaining EUR 1.8 million (6%) in new initiatives (Gimv-XL and DG Infra+). The main investments over the past few months were the new investments in Bananas, Claymount, NovoPolymers and Eclipse and the follow-on investments in Fovea and Nereus. Besides the investments on its own balance sheet Gimv also made additional investments for EUR 2.7 million in the funds it manages.
The divestments on Gimv’s own balance sheet currently amount to EUR 8.9 million. EUR 2.5 millions (28%) of this amount has been achieved by Buyouts & Growth and EUR 6.4 million (72%) by Venture Capital. Besides these divestments on its own balance sheet Gimv also realized exits in the funds it manages for EUR 1.4 million.
Following the dividend payment of 1 July 2009, Gimv will have an expected net cash position of EUR 297 million.
Update on funds under management
Gimv will be reporting today during the General Shareholders’ meeting on the developments within its funds under management.
Gimv recently announced that it has attracted additional resources totaling EUR 60 million from Dexia Bank NV, ING Belgium NV and Ethias NV. The total size of the Gimv-XL fund today amounts to EUR 560 million. In addition, talks with several other investors are being held in view of the fund’s second closing after the summer. With Electrawinds and Vandemoortele Group the fund realized its first two investments for an amount totaling EUR 100 million.
DG Infra+, the investment fund of Dexia and Gimv for infrastructure and PPP projects in the Benelux, has achieved four investments until today. In its portfolio DG Infra+ has two shareholdings operating in renewable energy (Electrawinds and Energie Fleuves). The fund also acquired a share in Shipit (trimodal transportation infrastructure) and Bio-Accelerator (business services centre for biotech companies). Finally a consortium including DG Infra+ has been appointed preferred bidder for the Brabo 1 project (a PPP project for the extension of several tramways around the city of Antwerp). Taking into account all commitments made, about EUR 41 million (30%) of the total fund size of EUR 135 million has already been invested.