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(III.L) 3i Group PLC Buy/Sell

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Summary

Buy UK shares FREE until 30 Jun 2010. No hidden charges, admin or inactivity fees

Current Market Information

Time: 05:34 (Market Closed)

Bid	281.30
Ask	281.40
Price	281.35
Previous	281.20
Change	+0.10 (+0.04%)
Last Trade	281.30 (16:35:13)
Trading Vol.	2,206,070
Today's High	282.30
Today's Low	280.60

52 Wk Low	128.59
52 Wk Low	(17/03/2009)
52 Wk High	314.80
52 Wk High	(26/08/2009)
52 Wk Change	+153.02
52 Wk Change	(+119.29%)
4 Wk Volume	64,440,493
ISIN Number	GB00B1YW4409
Currency	GBX

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Recent News
Date/Time	Headline	Source
11-03-10	UPDATE 1-UK's Connaught quashes bid talk	AFX UK Focus
LONDON, March 11 (Reuters) - British support services group Connaught has not received a bid approach, it said on Thursday, confirming what sources had earlier told Reuters. `The brief statement came in response to speculation that private equity firm 3i had made an approach.` `"The board wishes to confirm that the company has received no offer approaches, formal or otherwise," Connaught said.` `The speculation had boosted Connaught's shares on Wednesday and Thursday, but they pared gains to close 2 percent higher at 308.4 pence.` `(Reporting by Victoria Bryan; Editing by Erica Billingham) Keywords: CONNAUGHT/` (victoria.bryan@thomsonreuters.com; +44 207 542 9688; Reuters Messaging: victoria.bryan.thomsonreuters@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
11-03-10	EURO BONDS-Abbey, Stena, Vale, Banque PSA, Barclays, Bk America	AFX UK Focus
LONDON, March 11 (Reuters) - News, details on corporate bond issues in the European markets on Thursday: ABBEY NATIONAL `Issue: UK bank Abbey, owned by Santander, is doing a three-year 1 billion euro ($1.36 billion) UK regulated covered bond, an official at one of the banks managing the sale said. Order books have reached 3.5 billion euros, said bankers familiar with the deal.` `Guidance: Mid-swaps plus 68 basis points, tightened from initial 70-75 basis points.` `Managing banks: Deutsche Bank, HSBC, JP Morgan, Santander and Societe Generale.` STENA `Issue: The Swedish shipping group is doing a 10-year 200 million euro bond, increased from an initial 150 million, a banking source familiar with the deal said.` `Price talk: 8.0-8.25 percent coupon` `Managing banks: Deutsche Bank and JP Morgan.` `Rating: Moody's Ba1, S&P BB+` RENAULT `Issue: The auto company is planning to sell a 7-year benchmark offering today, said an official at one of the banks managing the sale.` `Managing banks: BNP Paribas, HSBC, Natixis` `Rating: Moody's Ba1, S&P BB, Fitch BB` COMMERZBANK `Issue: The German bank is doing a 1 billion euro 7-year senior benchmark bond, as reported by IFR Markets, a Thomson Reuters online news and market analysis service.` `Guidance: Mid-swaps plus 105 basis points, at the tight end of initial mid-swaps plus 105-110 basis points.` `Managing banks: Commerzbank` VALE `Mandate: The Brazilian miner plans an inaugural benchmark euro-denominated bond following a pan-European roadshow, said an official at one of the banks managing the sale. The roadshow is set for London, Germany and Switzerland on March 15 and Paris, London and Netherlands on Tuesday, with a global investor call on Wednesday.` `Managing banks: BNP Paribas, Credit Agricole CIB, HSBC and Santander` `Rating: Moody's Baa2, S&P BBB+, Fitch BBB` RENAISSANCE CAPITAL `Issue: The Russian bank plans a Eurobond roadshow starting March 15, a banking source said.` `Managing banks: Citigroup and Renaissance Capital` `Rating: (Renaissance Capital Holdings) Moodys' B2, S&P B, Fitch B-` BANQUE PSA FINANCE `Mandate: The financing arm of French automaker Peugeot plans a 3.5-year euro benchmark bond, an official at one of the banks managing the sale said.` `Guidance: mid-swaps plus 165-170 bps` `Managing banks: Barclays, Commerzbank and SG CIB.` `Ratings: Moody's Baa1, S&P BBB` BARCLAYS BANK `Issue: The British bank plans a five-year euro senior bond, with pricing due later on Thursday, reported IFR Markets.` `Managing bank: Barclays` `Rating: Moody's Aa3, S&P AA-, Fitch AA-` BANK OF AMERICA `Issue: The U.S. bank plans a seven-year euro benchmark senior bond, with pricing as soon as Thursday, IFR reported.` `Managing bank: Bank of America` `Rating: Moody's A2, S&P A, Fitch A+` 3I GROUP `Issue: The private equity firm plans a seven-year 350 million euro bond, IFR reported.` `Guidance: mid-swaps plus 275 bps, changed from initial guidance of 285 bps area.` `Managing banks: Commerzbank, Lloyds, Royal Bank of Scotland and SG CIB.` `Rating: Moody's Baa1, S&P BBB+` PERNOD RICARD `Issue: Spirits group plans a 6-year euro-denominated bond, an official at one of the banks managing the sale said.` `Guidance: mid-swaps plus 220 to 225 basis points.` `Managing banks: Barclays, HSBC, Mitsubishi UFJ Securities and Natixis.` `Rating: Moody's Ba1, S&P BB+, Fitch BB+` `(London Corporate Finance: +44 207 542 8389)` ($1=.7369 Euro) Keywords: BOND ISSUES/ COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
11-03-10	3i Group PLC - FRN Variable Rate Fix	BZN
`Re: 3i Group PLC` EUR 500000000 `MATURING: 08-Jun-2012` `ISIN: XS0304279556` PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 08-Mar-2010 TO 08-Jun-2010 HAS BEEN FIXED AT 0.854 PCT DAY BASIS: ACTUAL/360 INTEREST PAYABLE VALUE 08-Jun-2010 WILL AMOUNT TO: EUR 2.18 PER EUR 1000 DENOMINATION More
11-03-10	New Issue-3I Group prices 350 mln euro 2017 bond	AFX UK Focus
March 11 (Reuters) -Following are terms and conditions of a bond priced on Thursday. `Borrower 3I Group Plc` `Issue Amount 350 million euro` COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More

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Date/Time	Subject	Author
04-03-10	Re: Concerned	alphatracker	1


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	I looked at it after the right issue last year but I wasn't tempted (too sheepish, wrong with my math or both). This time round I bought into. (+) Conservative method by 3i to value investee companies (previous post) should lead to solid uplift. Moving away from downbeat forecast to better-than-expected outcome. (+) Recent comments from banks that provisions for bad loan have peaked. (+) Improved Buy-Out marke (SVG Capital statement) (+) Divergence in performance between private equity stocks and stock markets (Blackstone, etc,...) (+) Impact on a full year basis of staff cuts; positive impact of net long dollar exposure (-) Trades at a narrow discount (5%) to last published NAV. (-) Large exposure to UK economy (-) Low redeployment of cash into new investment so far this year - are they missing the train or just disciplined? There still seems to be too much cash chasing to few targets (-) Requirement for more equity into future deals may cap potential returns for investors. (-) More write-down to be expected? (-) Would be hit hard in case of double-dip recession. Watch out for UK Q1 GDP number on 23rd April. On balance, a buy IMHO Assuming a NAV up by 20% by end of March (SVG NAV uplift in calendar H2 would suggest a minimum of 15% uplift for 3i in Fiscal H2 (rough calculation). 3i used to trade up to 30% premium to NAV in the boom years, althought with a higher gearing at the plc level and within the investee companies. I'll be happy with a target discount of 5%, that gives a 20% price uplift e.g. 325 at today's close. I don't have access to brokers/analysts' research. More \| View thread (4) \| Respond \| Login to Vote up
03-03-10	Re: Concerned	alphatracker


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	‘Golden Era’ May Elude Private-Equity Investors as Prices Rise March 01, 2010, 3:02 AM EST More From Businessweek * Brazil Buyout Firms’ $9 Billion in ‘Dry Powder’ Ready for Deals * TPG, KKR Said to Near Purchase of CICC Stake in China (Update1) * Carlyle’s Rubenstein Sees Exits Beyond IPOs for Private Equity * Blackstone IPOs Show Barriers to Returning Fund Cash (Update1) * Edcon’s Net Loss Widens in Fiscal Third Quarter as Taxes Surge Story Tools * e-mail this story * print this story * digg this * save to del.icio.us By Anne-Sylvaine Chassany and Cristina Alesci March 1 (Bloomberg) -- Private-equity firms tell investors that the years following recessions offer the best opportunity to make money. This time may be different. Prices paid in leveraged buyouts last year, at the tail of the worst financial crisis in more than seven decades, are about 25 percent higher on average than in 2001 after the dot-com bubble burst, according to Standard & Poor’s Leveraged Commentary & Data. Some transactions in the past three months are valued at levels not seen since the peak of the market in 2007. In addition, buyout firms are using more equity in their deals, which may further limit returns for investors. Firms are eager to invest a record $507 billion in cash raised before the crisis, triple the comparable figure in December 2001, according to London-based researcher Preqin Ltd. That so-called dry powder, combined with a scarcity of assets for sale and recovering equity markets, means bargains are hard to find, executives at some buyout firms say. Those seeing another “golden era” are talking “nonsense,” said Christopher O’Brien, New York-based president for the U.S. and Europe at Investcorp Bank BSC, a buyout, hedge-fund and real estate firm that manages $17.6 billion. “There’s a lot of pressure to put investors’ money to work now, and valuations are still high. It’s a seller’s market.” Blackstone, Carlyle Buyout firms such as Blackstone Group LP and Carlyle Group are pointing to returns achieved in the years following previous recessions to appeal to investors. Funds that started investing in 1992, after the U.S. savings-and-loan crisis, delivered a median 21.2 percent annual rate of return, and those that began in 2001, after the dot-com market sell-off, yielded 24.5 percent, according to data compiled by Preqin. The best-performing 2001 funds had annual rates of return of up to 40 percent, a fivefold increase of their backers’ investments in five years. Yields went as low as 6.9 percent in 1998. The 2007 funds, with 34 percent of capital invested, are showing a 17 percent annual rate of loss, according to Preqin. It’s “a wonderful time to buy assets,” Blackstone Chief Executive Officer Stephen Schwarzman said in an interview at the World Economic Forum in Davos, Switzerland, in January. His New York-based firm is seeking to raise $10 billion for a new global buyout fund, according to a person familiar with the effort. “Valuations cycle up and down,” Schwarzman said. “They get as low as around five times cash flow. In the most frothy period that can get up to 10 times. There were some silly deals done at 12 times, and right now we’re in the five-to-seven-times zone,” he said. Higher Valuations U.S. private-equity-led transactions in 2009 were valued at 7.7 times earnings before interest, tax, depreciation and amortization, the usual benchmark for valuation in the private- equity world, according to S&P. That compares with six times Ebitda in 2001, when the technology bubble burst, and is more than in 2004. In Europe, buyout firms paid 8.9 times Ebitda last year compared with seven times in 2001. The European multiples are about the same as they were in 2006. Prices in Europe are “almost as high as they’ve ever been,” Blackstone President Tony James said on a call with reporters Feb. 25. “When there’s something in the right range, it’s very . . . Read Full Message More \| View thread (4) \| Respond \| Login to Vote up
03-03-10	Re: Concerned	alphatracker


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	Digging back at the H1 results, two interesting bits (from the FT): Michael Queen, who took over as chief executive in January, said 3i’s performance typically lagged behind any recovery as it used the lowest of either historic earnings or forward forecasts as the basis for its valuations. “You won’t see the full impact of what is happening ... until March 2010,” Mr Queen said. So March 2010 the low point then? Hmm, that deserves a bit more digging and DYOR. PS: the FTSE100 spike over the last two weeks is in no small part driven by the miners, where 3i has little exposure. More \| View thread (4) \| Respond \| Login to Vote up
03-03-10	Re: Realisations/Exits	alphatracker


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	Lenders seize equity of two 3i companies By Martin Arnold and Anousha Sakoui Published: March 1 2010 20:18 \| Last updated: March 1 2010 20:18 Ultralase has suffered as the economic downturn hit demand for laser surgery 3i has lost control of two of the 20 biggest companies in its buy-out portfolio, after lenders seized the equity of Global Garden Products, the Italian lawnmower maker, and Ultralase, the UK laser eye surgery chain. EDITOR’S CHOICE 3i Group battered as fish importer sinks - Feb-25 3i sells Ambea to Triton in €850m deal - Feb-23 British Seafood cracks as credit is withdrawn - Feb-24 In depth: Private equity - Feb-03 The buy-out group had already written off both investments last year. But their takeover by creditors is still a blow, especially after 3i lost its £79m ($118m) minority stake in British Seafood, the importer of fish from Asia that went into administration recently. 3i has written at least nine of the 55 companies in its buy-out portfolio down to zero owing to difficulties with their banking covenants. But Global Garden Products is 3i’s biggest loss from a single buy-out deal. 3i invested €260m (£181m) of equity when it bought the maker of Mountfield, Stiga, Alpina and Castelgarden brands of lawnmowers, chainsaws and other powered garden tools for €730m in October 2007. Europe’s largest lawnmower manufacturer said on Monday that it had reached a deal with lenders – including Credit Agricole, Halcyon, Intesa Sanpaolo, Lloyds, Nordea, SEB, BNP Paribas and Royal Bank of Scotland – for them to take it over and wipe out 3i’s stake. Lenders agreed to nearly halve Global Garden Products’ debt, from €487.7m to €257.1m. Senior lenders wrote off 40 per cent of their debt and second lien debt holders wrote off €43m of claims. Together they will own 85 per cent. Ultralase, which operates 17 laser eye clinics across the UK, was bought by 3i for £174m in February 2008. The private equity group invested about £100m of equity in the Leeds-based company with plans to roll-out more clinics. But the economic downturn hit demand for laser eye surgery, a luxury that some consumers have put off until the economic uncertainty clears. From the FT Administrators at KPMG were appointed to the holding company for Ultralase, Ultralase Finance Ltd, on February 18 and then sold it on the same day to a vehicle backed by its four-strong lender group, including RBS, Barclays and Bank of Ireland. Meanwhile, British Seafood’s administrator said on Monday that a sixth subsidiary had gone into administration. Matt Smith, partner at Deloitte, said Grimsby-based Five Star Fish, which employs 332 people, was “a sound, profitable business” that was hit by “concerns over the financial position of the wider British Seafood group”. “We are hopeful that a successful sale of the business as a going concern can be achieved in a relatively short timeframe,” he said. More \| View thread (3) \| Respond \| Login to Vote up

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