A change in structure for Siparex Croissance

On 19 April 2005, the management team of Siparex Croissance, listed on the Eurolist of Euronext (compartiment C), together with the administrative team of Siparex Associés, approved plans to modify the terms and conditions of Siparex Croissance. The proposals involve altering the structure of Siparex Croissance to be more in line with other listed private equity funds of limited duration. As a consequence, shareholders should see marked improvements in returns and in liquidity. The modifications involve Siparex Croissance's lifespan being reduced to 10 years, to match the norm of FCPR funds. Shareholders will also be entitled to yearly cash payments generated by portfolio returns and exits. The fund's lifespan will be subdivided into two parts; in a shorter period Siparex Croissance will invest its remaining liquidity, and in a second period the fund will stop making new investments and will concentrate on portfolio exits. The French regulatory authorities (AMF) deemed that it would not be necessary to implement a delisting. According to the group's good performance, a dividend of around E1.52 per share, or E1.672 for shareholders entitled to loyalty bonuses, represented a 69% increase compared to last year. Exit capital gains have been particularly high over Q1 2005, reaching E8.27, while E12.52 was the equivalent for the entire year of 2004.Finally, the supervisory board has acknowledged a new capital growth and buyout fund launched by Sigefi, another of Siparex's management groups. Siparex Mid Cap is an FCPR, with a target of E120m, which has already reached subscriptions equivalent to half of its target value.

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• GPs
• France