PLC News 2007
11 December 2007
Net Asset Value Update and Investor Presentation
SovGEM (AIM: SOV.L), the emerging market finance house, announces that the Directors' best estimate of NAV as of close of business on 7 December 2007 is 31.7p per ordinary share. 61.4% of SovGEM's portfolio is quoted, 32% is unquoted and 6.6% is held in cash.
Hugh de Lusignan, CEO of SovGEM, comments:
"We are pleased that during 2007 SovGEM's share price has appreciated 34%, reflecting the strong underlying performance of our portfolio investments.
"We remain confident that in 2008 the Chinese economy, led by ever rising domestic demand and consumption, will continue to grow, particularly with the country's 11th Five-Year Plan for National Economy and Social Development and the extra economic boost that it will receive from hosting the 2008 Beijing Olympic Games.
"A key element of SovGEM's investment strategy is investing in companies that are in the process of undertaking a financial ‘step change'. All of our unquoted investee companies are planning to float during 2008.
"At the end of November we reached our three-year anniversary. During this period we have achieved a CAGR of 36%, a track record that we are proud of and look forward to maintaining."
The Company has also released an updated investment presentation, which can be found on the Company's website www.sovgem.com
For further information:
SovGEM Limited |
|
| Hugh de Lusignan, Chief Executive Officer | Tel: +44 (0) 20 7389 0655 |
| hdelusignan@sovereigngroup.com |
| NOMAD & Broker: Landsbanki |
|
| Tom Hulme | Tel: +44 (0) 20 7426 9000 |
| Tom.Hulme@landsbanki.com |
Media enquiries:
| Abchurch | |
| Quincy Allan | Tel: +44 (0) 20 7398 7710 |
| quincy.allan@abchurch-group.com | www.abchurch-group.com |