Hugo Boss surge lifts SVG buyback
Friday 10 February 2012
SVG, the quoted proxy for the mighty Permira private-equity funds, saw its shares leap more than 8 per cent yesterday, after the firm said its first £50m tender to buy back some of its shares is to be priced at around 315p.
The company's shares jumped 19.9p to257.9p on the news that the tender will be at a discount of only 10 per cent to net asset value, which it said rose by 13 per cent to 337.1p a share during 2011.
The star performer was Hugo Boss, the fashion group, where SVG's stake gained £96.1m in value to £260.9m.
The German fashion house, known for its sharp men's suits, yesterday reported a 19 per cent rise in sales and a 34 per cent jump in profits for last year and said that 2012 had also begun strongly, thanks to wealthy Asian buyers' demand for luxury European brands.
Permira has owned Hugo Boss since 2007 and is now well advanced in its turnaround plan for the group, which could mean it may be sold off sooner than expected.
SVG, which is under pressure from shareholders to narrow the share price discount to net asset value, is planning £170m of tenders and buybacks.
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