Share value set at $9.83
MONTREAL, Aug. 19 /CNW Telbec/ - Following its meeting, the Board of
Directors of Capital régional et coopératif Desjardins announced that at the
end of the first half of 2008, the Company posted a net loss of $4.5 million
compared with a net loss of $19.7 million at the same date last year. Due to
these results, share value posted a decline of 0.6%, to $9.83. As the
Company's shares are currently available throughout the Desjardins caisse
network in Québec, note that the new value goes into effect at noon today.
"Adopting an overall strategy to diversify the portfolio turned out to be
the right thing to do because the instability of the North American economy
could have hit us a lot harder. We're pleased to say that our companies
operating in the traditional sectors, particularly those in the resource
regions, were able to pull through relatively unscathed in spite of very
up-and-down conditions," said Louis L. Roquet, President and Chief Operating
Officer of Desjardins Venture Capital, the Company's manager. "Besides the
stock market fluctuations, the fragility of the economic conditions and the
strength of the Canadian dollar continued to negatively impact the value of
certain companies in our investment portfolio. The biotechnology and
technology industries have had to deal with a persistently difficult context,"
Subscription and shareholders
Since the provincial income tax credit was returned to 50% last November,
more than $160 million has been subscribed to purchase shares of Capital
régional. Over the first half of 2008, share sales totalled $111 million,
raising net assets to $838.1 million as at June 30, 2008, compared with
$732.5 million at the end of 2007. The number of shareholders rose to more
than 123,000 as at June 30, 2008.
The value announced today means that investors who purchased shares in
November 2001 will enjoy an annually compounded after-tax return of close to
9.6%, if shares are redeemed in November 2008.
Investments impacting on the Québec economy
The Company continued to fulfil its statutory mandate of fostering
regional and cooperative development across Québec through its investment
activities. In that respect Mr. André Lachapelle, the Company's Chairman of
the Board, was proud that the Company continues to surpass its statutory
obligations both in terms of investing in eligible entities and investing in
resource regions and in cooperatives. In carrying out investment activities,
commitments of $31 million in 33 businesses were made during the first half.
As at June 30, 2008, the Company had commitments totalling $467 million in 199
companies and funds helping to retain close to 30,000 jobs in different
regions of Québec.
Capital régional et coopératif Desjardins
Founded in 2001, Capital régional et coopératif Desjardins is a publicly
traded company managed by Desjardins Venture Capital. With over 123,000
shareholders, the Company contributes to Québec's economic development while
driving the growth of cooperatives and the resource regions. Capital régional
et coopératif Desjardins currently supports close to 200 companies and
cooperatives in various industries spanning all Québec regions.
For further information:
For further information: Danièle Routhier, Manager, Public Affairs,
Desjardins Venture Capital, (514) 281-2211,