Annual General Meeting
At the Annual General Meeting of 3i Group plc at 11:00 this morning, Baroness Hogg, Chairman of 3i, will comment:
"3i achieved a strong overall performance in the year to 31 March 2004. I would like to thank Brian Larcombe for his great contribution to 3i not just last year but over 30 years, five of them as Finance Director and seven of them as Chief Executive. I am also delighted to welcome Philip Yea to 3i who starts as Chief Executive today. Philip brings a wealth of relevant experience to lead the business going forward."
Brian Larcombe, retiring Chief Executive, will comment that:
"Realisations have continued to be strong since the year end although new investment has started slowly. We have a good pipeline of new investment opportunities and I would expect investment levels to strengthen through the year. 3i is in great shape and well positioned to grow value for our shareholders."
3i also announced that it will be disposing of its quoted fund management activities as these are no longer a core part of 3i's strategy. In the year to 31 March 2004 3i's quoted fund management business, including its pension fund, generated £3.5 million of fee income for 3i. Discussions are taking place with the boards of the Trusts and substantial asset management groups as to the future ownership. 3i's unquoted fund management activity remains a core part of the group.
Philip Yea, who is also attending the meeting today, comments:
"I am very much looking forward to building on 3i's success. It's a great business in an exciting sector."
For information please contact:
|Patrick Dunne, Group Communications Director||020 7975 3283|
|Philip Gawith, The Maitland Consultancy||020 7379 5151|
Notes to Editors
3i is a world leader in private equity and venture capital. We focus on buy-outs, growth capital and venture capital and invest across Europe, in the United States and in Asia Pacific. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. It underpins the value that we deliver to our portfolio and to our shareholders.
3i's buy-out business concentrates on the mid and smaller buy-out markets in Europe and Asia Pacific. In the year to 31 March 2004 3i invested £492m. Our growth capital business invests in high growth companies expanding organically or through acquisition. In the year to 31 March 2004, 3i invested £313m. 3i's venture capital business invested £174m in the year to 31 March 2004 in early stage technology companies.
In the year to 31 March 2004 3i had £330 million of quoted funds under management and £270m in respect of the 3i Group pension plan, which together generated £3.5 million in fee income for 3i. The quoted trusts are 3i Bioscience, 3i European Technology Trust and 3i Smaller Quoted Companies.
Philip Yea will receive a base salary of £600,000 and will be eligible for discretionary bonuses and long term incentives as outlined in the 2004 Remuneration Report of 3i's Annual Accounts. Mr Yea will join the 3i Group Pension Plan on the standard terms for new employees. In light of Mr Yea's age and the fact that the Inland Revenue pension cap will apply to his membership of the 3i Group Pension Plan, Mr Yea will receive additional payments of £200,000 per annum (subject to tax and employee national insurance contributions) to enable him to make additional pension provision.