3i Is To Acquire De-List Quoted Fund

3i will acquire the assets of its listed fund 3i Quoted Private Equity (3i QPEP). The vehicle is valued at 355 million and 3i expects a net cash inflow of approximately 110 million on completion of the transaction. 3i currently

By None

3i will acquire the assets of its listed fund 3i Quoted Private Equity (3i QPEP). The vehicle is valued at 355 million and 3i expects a net cash inflow of approximately 110 million on completion of the transaction.

3i currently owns 44.9% of the issued share capital of 3i QPEP. If the acquisition is effected, shareholders in 3i QPEP, excluding 3i, will receive cash and new 3i Shares for their interests.

The move follows 3i’s sale of seven per cent of 3i Infrastructure. Both moves will serve to boost the troubled firm’s cash flow.

“Since the onset of the dislocation to the credit markets in autumn 2007, 3i QPEP’s share price has traded at a significant discount to its NAV. 3i is offering independent shareholders the opportunity to realise their investment in 3i QPEP,” the firm says in a statement.

The terms of the scheme value each 3i QPEP share at 88.8 pence. This is equal to the NAV per 3i QPEP share as at 19 February 2009. The entire issued share capital of 3i QPEP is valued at 355.2 million, which represents a premium of 32.6% to its closing price on 19 February 2009.

Shareholders will be entitled to 50 pence for each 3i QPEP share and 0.1706 of a new 3i share.

3i QPEP was listed on the London Stock Exchange in 2007.

D.C.

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