SVG Capital reports rise in net assets per share

In its preliminary results for the 45 weeks to 9 December, SVG Capital reported 10% growth in net assets per share to 719p, underpinned by a continued strong performance from the investment portfolio and the sale of the investment to HarbourVest.

In the six months to July 2016, the company's investment portfolio continued to build on the strong performance of recent years reporting a total return of 13%. This was driven by a favourable exit market and strong revenue and earnings growth across the investment portfolio, as well as the positive currency benefit of a weak pound in the aftermath of the EU referendum last June.

The sale of the investment portfolio and return of value was approved by shareholders in December 2016 and SVG expects to have returned £1.05bn to shareholders at a share price of 715p by the end of April 2017, crystallising a 45% gain since 31 January 2016.

The winding up of the company will complete the return of value to shareholders with liquidation distributions expected to be made from the third quarter of this year.

Chairman Andrew Sykes said: "Following shareholder approval of the sale of the investment portfolio and return of value in December 2016, we have worked hard to deliver on our commitment to return £1.05bn to shareholders at a share price of 715p by the end of April 2017. This has made good progress, with the first tender offer of £350m completed on 16 December 2016.

"The SVG Capital management team have worked extremely hard since the financial crisis, at first returning the company to a position of strength and thereafter driving a strategy of selective investment in high quality and sought after opportunities. It is absolutely in their character that they have completed their roles by ensuring that value was maximised for all shareholders with the sale of the investment portfolio at a premium to net asset value. We wish them all the very best in whatever they go on to do."

At 1600 GMT, the shares were up 0.3% to 714p.