Cash back to ING PEAL
Listed investment company ING Private Equity Access Limited (ING PEAL) has announced its underlying private equity investments will be returning cash to the company.
Quadrant Private Equity said it would sell its investment in Quick Service Restaurants (QSR) for three times the cost. QSR would be bought by Archer Capital Fund 4, which plans further expansion of its brands (Red Rooster, Oporto, Chicken Treat) both in Australia and overseas.
The transaction was at a price 65 per cent above its recent carrying value and would return approximately $3.8 million to ING PEAL, after allowing for the drawdown needed by Archer 4 for its purchase.
ING PEAL managing director Jon Schahinger said the company’s portfolio was in a very promising condition, adding it was pleasing to se the “financial year ending on such a positive note”.
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