NB Private Equity Partners Limited Valuation Uplift Following Ipo Of Extraction Oil & Gas Inc.
October 13 2016 - 1:01AM
UK Regulatory
TIDMNBPE
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE
UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS
NBPE Announces Valuation Uplift Following IPO of Extraction Oil & Gas
Inc.
13 October 2016
NBPE today announces the valuation impact of the initial public offering
of its portfolio company Extraction Oil & Gas Inc ("Extraction")
(NASDAQ: XOG) which occurred on 11 October 2016. Extraction is a U.S.
based energy company focused on the exploration and production of oil
and gas reserves in the Rocky Mountains. NBPE initially invested in
Extraction in May 2014 and made multiple follow on investments between
June 2014 and April 2016. Prior to NBPE's initial investment, Extraction
had been funded by a sophisticated private equity investor. As of 31
August 2016, Extraction (formerly referred to in NBPE's reporting as
"Oil & Gas Company") was NBPE's largest equity investment by fair value,
being held at a total valuation of $18.8 million. At the IPO price of
$19 per share (above the estimated IPO price range of $15 - $18), NBPE's
position was valued at approximately $31.5 million([1] #_ftn1) . The
valuation increase in this position will result in an uplift of $0.26
per share to NBPE's August monthly portfolio fair value. NBPE did not
sell any shares as part of the initial public offering. On 12 October
2016, the closing share price of Extraction was $21.85 per share.
In NBPE's 30 September 2016 monthly report, which will be issued in the
coming days, the IPO price for Extraction will be used to reflect its
fair value as of 30 September 2016.
[1] Based on the preliminary share count of Extraction, subject to
adjustments.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Neustria Partners +44 20 3021 2580
Nick Henderson
Nick.Henderson@neustriapartners.com
Robert Bailhache
Robert.Bailhache@neustriapartners.com
Charles Gorman
Charles.Gorman@neustriapartners.com
ABOUT NB PRIVATE EQUITY PARTNERS LIMITED
NBPE is a closed-end private equity investment company with class A
ordinary shares admitted to trading on Euronext Amsterdam and the
Specialist Fund Market of the London Stock Exchange. NBPE has 2017 ZDP
shares admitted to trading on the Specialist Fund Market of the London
Stock Exchange and the Daily Official List of The Channel Islands
Securities Exchange Authority Limited and applications have been made
for 2022 ZDP Shares to be admitted to trading on the Specialist Fund
Segment of the Main Market of the London Stock Exchange. NBPE holds a
diversified portfolio of direct income investments, direct equity
investments and fund investments selected by the NB Alternatives group
of Neuberger Berman, diversified across private equity asset class,
geography, industry, vintage year, and sponsor.
ABOUT NEUBERGER BERMAN
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages equities, fixed
income, private equity and hedge fund portfolios for institutions and
advisors worldwide. With offices in 19 countries, Neuberger Berman's
team is approximately 2,000 professionals and the company was named by
Pensions & Investments as a Best Place to Work in Money Management for
three consecutive years. Tenured, stable and long-term in focus, the
firm fosters an investment culture of fundamental research and
independent thinking. It manages $246 billion in client assets as of
June 30, 2016. For more information, please visit our website at
www.nb.com.
This press release appears as a matter of record only and does not
constitute an offer to sell or a solicitation of an offer to purchase
any security.
NBPE is established as a closed-end investment company domiciled in
Guernsey. NBPE has received the necessary consent of the Guernsey
Financial Services Commission and the States of Guernsey Policy Council.
NBPE is registered with the Dutch Authority for the Financial Markets as
a collective investment scheme which may offer participations in The
Netherlands pursuant to article 2:66 of the Financial Markets
Supervision Act (Wet op het financial toezicht). All investments are
subject to risk. Past performance is no guarantee of future returns. The
value of investments may fluctuate. Results achieved in the past are no
guarantee of future results. This document is not intended to constitute
legal, tax or accounting advice or investment recommendations.
Prospective investors are advised to seek expert legal, financial, tax
and other professional advice before making any investment decision.
Statements contained in this document that are not historical facts are
based on current expectations, estimates, projections, opinions and
beliefs of NBPE's investment manager. Such statements involve known and
unknown risks, uncertainties and other factors, and undue reliance
should not be placed thereon. Additionally, this document contains
"forward-looking statements." Actual events or results or the actual
performance of NBPE may differ materially from those reflected or
contemplated in such targets or forward-looking statements.
([1] #_ftnref1) Based on the preliminary share count of Extraction,
subject to adjustments.
Valuation Uplift: http://hugin.info/137843/R/2048729/766036.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: NB Private Equity Partners Limited via Globenewswire
http://www.nbprivateequitypartners.com
(END) Dow Jones Newswires
October 13, 2016 02:01 ET (06:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Nb Private Equity Partners (LSE:NBPE)
Historical Stock Chart
From Apr 2024 to May 2024
Nb Private Equity Partners (LSE:NBPE)
Historical Stock Chart
From May 2023 to May 2024