Eastman Advisors, a subsidiary 60 per cent owned by CapMan, owns 70 per cent of ASEF’s management company ScanEast Managing Partner Ltd. The impact of the exit on CapMan Plc Group’s result for 2006 is approx. EUR 1.7 million, of which EUR 1.0 million is minority interest and EUR 0.7 million is the share of the parent company’s owners due to the aforementioned ownership structure. The minority owners of Eastman Advisors Oy are four Finnish industrial companies and the other owner of ScanEast Managing Partner Ltd is Alliance Capital Management Corp.
ASEF has been presented in CapMan Plc’s interim reports among the funds with limited return potential to CapMan. The fund’s transfer to carry is due to recent favourable market value development of its last portfolio company CTC Media.
”CTC Media’s total operating revenues and profitability have clearly grown during the past years. Demand for television advertising has grown strongly thanks to the positive development of Russia’s consumer markets,” says CapMan Senior Partner Petri Saavalainen.
Alliance ScanEast Fund invested in CTC Media in October 1997. The fund made a partial exit from the company already in June 2006, when CTC Media was listed on NASDAQ. Alliance ScanEast Fund’s activities have terminated with the exit and the fund will be closed down by the end of the year.
For further information, please contact:
Petri Saavalainen, Senior Partner, Development Director, CapMan Plc, tel. +358 9 6155 8314 or +358 500 415 911
Olli Liitola, Senior Partner, CFO, CapMan Plc, tel. +358 9 6155 8306 or +358 40 605 040