EQPI Equity Part.Inc

 

TIDMEQPI TIDMEQPC 
 
RNS Number : 9656L 
Equity Partnership Inv Co PLC 
14 May 2010 
 

The following amendment has been made to the 'Interim Management Statement' 
released 13 May 2010 at 16:06 under RNS No 8986L. 
 
The next dividend payment date was incorrectly stated to be 28 May 2010 whereas 
the correct payment date, as announced on 14 April 2010, is 21 May 2010.  The 
corresponding record date is amended from 30 April 2010 to 23 April 2010.  The 
dividend amount is incorrectly stated as 3.127 pence per share whereas the 
correct dividend amount, as announced 14 April 2010, is 3.1217 pence per share. 
 
All other details remain unchanged. 
 
The full amended text is shown below. 
 
 
The Equity Partnership Investment Company PLC 
(Registered in the Isle of Man, registered number 103447C) 
 
Registered Office: 
IOMA House 
Hope Street 
Douglas 
Isle of Man 
IM1 1AP 
__________________________ 
 
 
 
Interim Management Statement - 3 months to 30 April 2010 (unaudited) 
 
This statement has been prepared to provide additional information to 
shareholders as a body to meet the relevant requirements of the UK Listing 
Authority's Disclosure and Transparency Rules. It should not be relied upon by 
any party for any purpose other than as stated above. 
 
The Company is subject to the Companies Acts 1931 to 2004 (Isle of Man). 
 
Material Events 
 
Dividend payment 
On 26 February 2010 the Company paid the second interim dividend payment in 
respect of the year ended 31 July 2010 of 3.1217 pence per share to all eligible 
Income shareholders on the register at 29 January 2010. 
 
On 14 April 2010 the Company declared a third interim dividend payment of 3.127 
pence per share for all eligible Income shareholders at record date 23 April 
2010. The dividend will be paid on 21 May 2010. 
 
Investment Objective 
 
The Company's objective is to provide Income Shareholders with a high starting 
yield (defined as 10.0% with annual rises in line with the Retail Price Index 
("RPI")) and generate long term value for Capital Shareholders in excess of 3% 
per annum over the risk free rate of return (defined as Libor). 
 
Performance Summary 
 
Over the three month period, the Company's net asset value produced a return of 
(10.39)%, net of all fees. The closing net asset value of the Capital Shares as 
at 30 April 2010 was GBP19.29 million or 47.85 pence per share. At the close of 
business on 30 April 2010, the mid market price of the Capital Shares on the 
London Stock Exchange was 20.25 pence per share, representing a discount of 
57.68%. 
 
The Company's Income Shares have paid dividends of 3.1217 pence per share on 26 
February 2010 and declared dividends of 3.1217 pence per share on 14 April 2010. 
The net asset value of the income shares at 30 April 2010 was GBP20.67 million, 
or 99.68 pence per share. At the close of business on 30 April 2010, the mid 
market price of the Income Shares was 82.25 pence per share, representing a 
discount of 17.49%. 
 
The performance of EPIC Plc's NAV per Capital Share for the three months to 30 
April was as follows: 
 
 
    Month                      Performance 
 
February 2010                  (6.10)% 
March 2010                     (0.78)% 
April 2010                     (3.81)% 
 
Market Update & Performance Review 
 
Over the period the Capital Share NAV fell by 10.39% while over the same period 
the FTSE All Share Index rose by 7.62%.  This can be compared with EPIC's UK 
equity portfolio's performance of 9.73%.  The UK equity market has continued its 
recovery led by formerly depressed recovery sectors. 
 
The Private Equity portfolio remains stable. Portfolio company trading 
performance has started to pick up over the last few months as the worst effects 
of the recession recede. The key Private Equity investments, Nexus Industries, 
Palatinate Schools, Indicia and Pinnacle are all performing to expectations. No 
new investments were made during the period. 
 
For full details please see EPIC's October Quarterly Factsheet on the Company's 
website (www.epicip.com). 
 
 
Top 15 Holdings (shown as % of portfolio) 
 
+---------------------------------------------+------------+------------+---------+ 
| Largest Investments as at 30 April 2010     |       Cost |       Fair |       % | 
|                                             |            |      Value |         | 
+---------------------------------------------+------------+------------+---------+ 
|                                             |            |            |         | 
+---------------------------------------------+------------+------------+---------+ 
| Pinnacle Regeneration Group Limited         |  4,920,717 |  4,921,008 |   7.82% | 
+---------------------------------------------+------------+------------+---------+ 
| Nexus Industries Limited*                   |  6,470,830 |  4,548,446 |   7.23% | 
+---------------------------------------------+------------+------------+---------+ 
| Alpha Real Estate GmBH 8% February 2010*    |  3,446,137 |  4,343,256 |   6.90% | 
+---------------------------------------------+------------+------------+---------+ 
| Indicia*                                    |  4,281,889 |  4,281,889 |   6.80% | 
+---------------------------------------------+------------+------------+---------+ 
| Diploma Plc                                 |  1,950,654 |  4,256,060 |   6.76% | 
+---------------------------------------------+------------+------------+---------+ 
| Palatinate Schools*                         |  4,250,000 |  4,250,000 |   6.75% | 
+---------------------------------------------+------------+------------+---------+ 
| Lupus Capital Plc                           |  5,600,723 |  3,579,904 |   5.69% | 
+---------------------------------------------+------------+------------+---------+ 
| EEA Life Settlement Fund (USD)              |  1,579,269 |  2,811,397 |   4.47% | 
+---------------------------------------------+------------+------------+---------+ 
| Dialight Plc                                |  2,257,691 |  1,785,398 |   2.84% | 
+---------------------------------------------+------------+------------+---------+ 
| Matchtech Group Plc                         |  1,846,705 |  1,754,500 |   2.79% | 
+---------------------------------------------+------------+------------+---------+ 
| Evolving Media Limited*                     |  2,011,908 |  1,715,116 |   2.73% | 
+---------------------------------------------+------------+------------+---------+ 
| Bighead Holdings Limited*                   |  1,501,674 |  1,501,674 |   2.39% | 
+---------------------------------------------+------------+------------+---------+ 
| Jupiter Hyde Park Hedge Fund Limited        |    976,294 |  1,144,708 |   1.82% | 
+---------------------------------------------+------------+------------+---------+ 
| Pharmacy 2U Limited                         |     96,342 |  1,140,245 |   1.81% | 
+---------------------------------------------+------------+------------+---------+ 
| HMV Group Plc                               |  1,482,886 |  1,043,346 |   1.66% | 
+---------------------------------------------+------------+------------+---------+ 
| Total of Largest 15 Holdings                | 42,673,720 | 43,076,946 |  68.46% | 
+---------------------------------------------+------------+------------+---------+ 
| Other investments                           | 29,331,328 | 12,839,732 |  20.39% | 
+---------------------------------------------+------------+------------+---------+ 
| BGI Sterling Liquidity Fund and Cash        |  7,019,461 |  7,019,461 |  11.15% | 
| deposits                                    |            |            |         | 
+---------------------------------------------+------------+------------+---------+ 
|                                             | 79,024,509 | 62,936,140 | 100.00% | 
+---------------------------------------------+------------+------------+---------+ 
| * - denotes debt instruments, principal. Epic Plc classifies debt               | 
| instruments separately from equity and interest owing to the differing          | 
| risk characteristics and security of these asset classes. Epic Plc may          | 
| also hold equity in these companies.                                            | 
|                                                                                 | 
|                                                                                 | 
|                                                                                 | 
+---------------------------------------------+------------+------------+---------+ 
 
 
 
 
 
For further information contact: 
 
Cynthia Edwards 
Tel: +44 (0) 1624 681250 
IOMA Fund and Investment Management Limited 
 
 
 
Nathan Brown 
Tel: +44 (0) 207 260 1000 
Numis Securities Limited 
 
END 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IMSKKQDDNBKDPPD 
 

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