I was too hopeful, above Rather a disappointing 31/3 quarterly update from CD last night
Comparison with the 31 Dec report shows full asset realisations in the March Q were 2, 0, 2, 2 at CD 1/2/3/4.
CD1 said only that Trivest distributed proceeds re the sale of two of its investments, so a distribution of US$2.0m to LP1. I infer, by comparison with what CD3 said, that LP1 did not transfer any cash to CD during the quarter.
CD2 mentioned Dominion after Q end. Otherwise only matter was Road Capital Partners which called capital to fund a follow-on investment. No suggestion of any cash distribution from LP2 to CD2
CD3 Four follow-on investments made. US$12.7m was paid TO LP3 from asset sales by underlying funds. During the quarter LP3 made a distribution of US$13.3m to its limited partners: CD3’s net share of that was US$9.5m. That’s about A$14.2m and equates to about A$20 cents per unit of CD3.
There was already cash at the top (fund) level of each fund at 31 Dec, but as only CD3 received more cash during the quarter, I'm now less hopeful about CD1 and 2 making distributions soon. I hope that they will announce a major distribution by CD3 soon, based on this, but I’m not hopeful for distributions from CD1 and 2. Perhaps RE won’t say anything until the annual reports are out on 31 May.
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I was too hopeful, above Rather a disappointing 31/3 quarterly...
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