ECIT Eclectic Inv Co

 

TIDMECIT 
 
RNS Number : 5062R 
Eclectic Investment Trust PLC 
30 April 2009 
 

 
 
ECLECTIC INVESTMENT TRUST PLC  ("Company") 
 
 
Portfolio Update 
 
 
On 17 April 2009 the Company announced in its Interim Management Statement that 
Austral Pacific Energy Limited ("Austral Pacific"), a company in which it has an 
investment, was working towards a restructuring with its lender. The Company is 
now disappointed to report that Austral Pacific has today announced that it has 
been placed in receivership. 
 
 
As at 31 March 2009, the date of the Company's last announced NAV per share, the 
investment in Austral Pacific was valued at GBP1.76m, comprising 3.8m 
Convertible Preference Shares at GBP1.71m and 3.1m Ordinary shares at GBP0.05m, 
representing 9.93p per share of the Company.  Although the Company  will seek to 
recover as much value as it can through the receivership, given the uncertainty, 
the investment in Austral Pacific will be written down to nil with immediate 
effect. 
 
 
Had the write-down taken place on 24 April 2009 (the most recent date for which 
an indicative NAV is available), the NAV per share as at that date would have 
been reduced to 67.82p. 
 
 
The Company's NAV per share as at 30 April 2009 will be announced as soon as 
practicable. 
 
 
 
 
 
 
Enquiries: 
 
 
Alastair Moreton, Arbuthnot Securities Limited 020 7012 2000 
 
 
30 April 2009 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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