PRIVATE EQUITY INVESTOR PLC
The Company announces that the Net Asset Value as at 31 December 2013,
incorporating the unaudited Revenue Reserves to 31 December 2013 and the
Limited Partnerships portfolio revaluations as detailed below was:
Per Ordinary Share (including current period deficit and adjusted for the
Directors' valuation of Twitter*): 228.17 pence (US 377.92 cents).
*Details of the Company's interest in Twitter were announced on 11 November
2013, and a copy of this announcement appears below.
The exchange rate at which this was calculated was £=US$1.656250
Revaluation dates of Limited Liability Partnerships:
APV Technology Partners III 30 September 2013
Crescendo IV 30 September 2013
Dawntreader Fund II 30 September 2013
Draper Fisher Jurvetson ePlanet Ventures 30 September 2013
Draper Fisher Jurvetson Fund VI 30 September 2013
Draper Fisher Jurvetson Fund VII 30 September 2013
Draper Fisher Jurvetson Gotham Venture Fund 30 September 2013
Draper Fisher Jurvetson Gotham Venture Fund Expansion 30 September 2013
Unit
Focus Ventures II 30 September 2013
Francisco Partners II 30 September 2013
Institutional Venture Partners XII 30 September 2013
New Enterprise Associates 9 30 September 2013
New Enterprise Associates 10 30 September 2013
New Enterprise Associates 12 30 September 2013
Oak Investment Partners X 30 September 2013
Sprout Capital IX 30 September 2013
TCV IV 30 September 2013
Vanguard VII 30 September 2013
Vantagepoint Venture Partners IV 30 September 2013
Vantagepoint 2006 Fund 30 September 2013
Vector Capital IV 30 September 2013
Zone Venture Fund II 30 September 2013
Zone Venture Fund II Annex 30 September 2013
Original Market Release Regarding Twitter - 11 November 2013
Private Equity Investor PLC
Private Equity Investor PLC (the "Company") is pleased to announce the initial
public offering (IPO) of one of its underlying holdings, Twitter, Inc.,
(www.twitter.com), a leading global social media company. The Company's
interest
in Twitter is through its investment in Institutional Venture Partners XII,
L.P. Twitter priced its IPO on 6 November 2013 at $26 per share, and began
trading on the New York Stock Exchange (NYSE) on 7 November under the ticker
TWTR. As at 8 November 2013, the latest price available, Twitter's stock price
closed at $41.65, representing an uplift of over 60% from its IPO price.
The Company's reported Net Asset Value ("NAV") is based on the aggregate net
asset values of the funds in which it has invested (the "Funds"). These Funds
report quarterly and it has not been the Company's practice or policy to make
interim revaluations of holdings in the Funds. However, the Company notes that
the value of Twitter, at the 8 November 2013 closing price of $41.65, could be
significant in relation to the Company's current NAV. There are a number of
factors that complicate the calculation of the Company's underlying interest in
Twitter and prevent an accurate valuation. The Directors estimate, however,
that the current approximate increase in NAV per share from its latest
published NAV of 219.58p per share, released on 7 November 2013, at the
prevailing exchange rate, Twitter's price of $41.65 per share and after making
allowance for the lack of marketability of its shares, would be 7.6p per share.
A more precise valuation of the Twitter holding will be reported to the Company
in the future by IVP XII L.P. and, thereafter, the Company expects to revert to
its normal valuation and reporting policy. Until that time, and provided that
the value of the investment continues to be material, the Company will adjust
its published NAV, which is announced monthly, to reflect the Directors'
valuation of the Company's interest in Twitter.
08 January 2014