3i buys out ‘Postman Pat’ investment fund

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Floated less than two years ago on the watch of deposed 3i chief executive Phil Yea, 3i Quoted Private Equity raised £400 million issuing shares, at 100p each, with a plan to invest in smaller quoted companies.

As the crisis began to unfold, 3iQPE's shares never got above the float price and investments in companies such as Postman Pat-marketer Character Group, explorer Salamander Energy and financial adviser Jelf have all cratered. Now 3i has called time on the fund, offering investors 50p in cash and roughly a sixth of one 3i share, valuing its offer at 88.8p per 3iQPE share.

That represents a 32% premium to where the shares were and is 75% higher than where they were at the start of the year, before word broke 3i might buy out 3iQPE.

The cost of buying out the minority shareholders is less than 3iQPE's unspent cash balances, so 3i will get its own hands on around £110 million.