Second Closing of Sigma Sustainable Energy Fund II at £45 Million Investment in Sigma by Elsina Limited And Trading Update
Sigma Capital Group plc (AIM:SGM), the specialist asset management and advisory group, is pleased to announce:-
* A second closing of the Sigma Sustainable Energy Fund II (the "Fund"), at £45 million; and
* An investment of approximately £0.9 million into the Company by Elsina Limited, advised by Vincent Tchenguiz's Consensus Business Group.
Graham Barnet, Chief Executive of Sigma said "We are delighted to announce a second close of the Sigma Sustainable Energy Fund II, particularly as we have been able to attract such a significant investor as Elsina Limited to both the Fund and as a major shareholder in Sigma. We believe the profile of the Fund's investors demonstrates the commitment of UK businesses to supporting the drive to find renewable energy solutions. We also see the recent addition of Elsina Limited and West Coast Capital as significant shareholders in Sigma as a positive step in the continued development of the Sigma business."
Sigma Sustainable Energy Fund II
Sigma is pleased to announce a second closing of the Sigma Sustainable Energy Fund II at £45 million with a limited partner commitment of £10 million from Elsina Limited. This brings the current number of investors in the Fund to five, the other four being Scottish and Southern Energy plc(1) (£10 million), Bank of Scotland Corporate(2) (£12.5 million), West Coast Capital(3)(£10 million) and Sigma Technology Investments Limited (£2.5 million). The Fund remains open to limited partners until 13 June 2008 and Sigma expects to admit additional limited partners during that period.
Investment in Sigma by Elsina Limited
In addition, Sigma is pleased to announce that Elsina Limited has agreed to invest £982,724.46 in Sigma. Sigma has agreed to allot 1,724,078 new ordinary shares of £0.01 each (the "Placing Shares") at a price of 57p per share to Elsina Limited. This follows the investment of £2,429,148.50 in Sigma by TBH Investments Limited, a subsidiary of West Coast Capital, which was approved at an extraordinary general meeting of the Company held on 10 July 2007. The Placing Shares will rank pari passu with the existing ordinary shares of the Company in issue and application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. Dealings are expected to commence in the Placing Shares on 1 August 2007.
Following the issue and admission to trading on AIM of the Placing Shares, the Company will have 45,163,935 ordinary shares of £0.01 each ("Ordinary Shares") in issue, of which Elsina Limited will in aggregate be beneficially interested in 4,224,078 ordinary shares, representing approximately 9.35 per cent of the enlarged issued share capital of the Company.
Trading Update
Since the announcement of our preliminary results on 24 April 2007, Sigma's private equity funds under management have increased by over 155% to #74 million. The Company's latest private equity fund, the Sigma Sustainable Energy Fund II, currently stands at #45 million of funds under management. We are confident of attracting further investors to this fund which has a target of £100 million of funds under management.
As a result of the two placings of in aggregate 6,582,375 new Ordinary Shares, we will have strengthened our balance sheet by approximately £3.4 million and gained two significant shareholders, namely TBH Investments Limited, a subsidiary of West Coast Capital, and Elsina Limited.
We are active across all sectors in our business and, as previously reported, the property subsidiary completed its sixth property limited partnership in the first half generating gross fees of £4 million. In particular, we are pleased with the significant strengthening to our business model that the increase in private equity funds under management brings together with the increased profile and opportunities that arise from working with such active and credible investors and partners. This is evidenced by the quality of the Limited Partners in the Fund: SSE, HBOS, Sir Tom Hunter and Vincent Tchenguiz. We expect opportunities to arise for the benefit of all Sigma shareholders by working with these partners and investors and the networks they bring to us across all our business sectors, renewable energy, University IP and property. We view the rest of the year with confidence.
Notes
(1) Investment via subsidiary SSE Venture Capital Limited
(2) Investment via subsidiary Uberior Oil & Gas Limited
(3) Investment via subsidiary TBH Investments Limited
ENDS
Contact Sigma Capital Group plc
Graham Barnet, Chief Executive Officer
+44 131 220 9444
Buchanan Communications
Diane Stewart/Isabel Podda
+44 207 466 5000
Arbuthnot Securities
Tom Griffiths/Neil Kirton
+44 207 012 2000
NOTES TO EDITORS
About Sigma Capital Group plc
Sigma Capital Group plc is an AIM-listed UK asset management group. Sigma's business divisions focus on Specialist Fund Management in particular in the sustainable energy sector, Commercialisation of University IP and Property.
www.sigmacapital.co.uk
About Consensus Business Group
The Consensus Business Group provides advisory services on numerous assets, investments and business opportunities to the trustees of a family trust which is its ultimate beneficial owner.
Consensus covers all aspects of advice from the identification of strategic areas of business; the acquisition, financing (including structured and complex financing) and development of specific opportunities; long term business development and growth; management techniques and incentivisation; and through to the realization of benefits for all stakeholders.
Consensus Business Group recommend investment opportunities in a broad range of synergistic activities. The core business includes the acquisition, management and development of commercial and residential real estate and a substantial investment portfolio focused on new technologies and technology start-ups. Consensus also actively recommends investments in renewable energy and sustainable development.
More information is available at www.consensusbusiness.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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