still failing to see the downside on this one..OverviewDefensive...

still failing to see the downside on this one..


Overview

Defensive portfolio of companies performing well in deteriorating economic environment

– Proportional underlying EBITDA increased 48% over prior comparable period (“pcp”)(although enhanced by full period ownership of iSOFT by IBA Health in 1H09)

– No impairment of three major investments required

– Earliest external debt maturity in portfolio companies is 30 June 2011, no recourse debt to Allco Equity Partners Limited (“AEP”) balance sheet

Solid financial performance:

– Net profit after tax of $5.2m

– Interim dividend of 4.0 cents per share fully franked

– Net assets per share of $5.98 as at 31 December 2008 based on asset carrying values


Further on-market share buyback commenced in 1H09

Net cash position of AEP as at 31 December 2008 of $68.9m

AEP appealing to the Court of Appeal of the NSW Supreme Court:
– Appealing the Court’s ruling that the Management Agreement has not been validly terminated
– Directions Hearing set for 19 March 2009

Board strategic review assisted by UBS announced on 10 December 2008 still being completed