TIDMAPL
RNS Number : 4342W
ACP Capital Limited
29 July 2009
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ACP Capital Limited
Trading Update
29 July 2009
ACP Capital Limited (the "Company": AIM: APL) today announces its unaudited,
indicative portfolio values as at 30 June 2009. These indicative values show an
overall increase in value of the portfolio of 0.4% compared to the indicative
portfolio valuations as at 31 March 2009.
The indicative value of the portfolio, together with the cash balances, as at 30
June 2009, was as follows:
+------------------------------------------+------------+-----------+------+
| | 30 June | 31 March | |
| | 2009 | 2009 | |
+------------------------------------------+------------+-----------+------+
| Portfolio | GBP'000s | GBP'000s | |
| | | as | |
| | | restated | |
+------------------------------------------+------------+-----------+------+
| | | | |
+------------------------------------------+------------+-----------+------+
| ACP Mezzanine Limited* | 13,352 | 16,582 | |
+------------------------------------------+------------+-----------+------+
| Other Equity Investments | 31,726 | 27,464 | |
+------------------------------------------+------------+-----------+------+
| IFR Syndicated Loans | 27,516 | 31,576 | |
+------------------------------------------+------------+-----------+------+
| IFR Pref. Equity | 12,706 | 12,406 | |
+------------------------------------------+------------+-----------+------+
| CDO/ CLO and Other Assets | 1,619 | 1,137 | |
+------------------------------------------+------------+-----------+------+
| | 86,919 | 89,165 | |
+------------------------------------------+------------+-----------+------+
| Less effect of IFR hedging agreement** | (5,163) | (7,705) | |
+------------------------------------------+------------+-----------+------+
| Total Portfolio Assets | 81,756 | 81,460 | |
+------------------------------------------+------------+-----------+------+
| Cash Balance | 2,006 | 3,300 | |
+------------------------------------------+------------+-----------+------+
The significant events affecting the Company's asset value since 31 March 2009
are as follows:
* A cash distribution of 1.75 pence per share was paid to shareholders on 29 May
2009;
* Subsequent to 30 June 2009 the Company sold its GBP3.750 million participation
in a loan agreement in George Mezz Limited for a cash consideration of GBP1.612
million. The sale price represented a 23% premium to book value as at 30 June
2009;
* Sterling exchange rates have moved from EUR 1.0782 / GBP to EUR 1.1760 / GBP
between 31 March 2009 and 30 June 2009. As at 30 June 2009, approximately GBP
56.7 million equivalent of the indicative value of portfolio assets were EUR
denominated and unhedged.
* The Company, which owns in excess of 50% of ACP Mezzanine Limited ("ACPM"),
accounted for ACPM as a subsidiary within the consolidated results of the
Company for the year ended 31 December 2008. For the purposes of this quarterly
portfolio update, the Company's investment in ACPM has been included at ACPM's
bid price of 12.0 euro cents per share as at 30 June 2009 (31 March 2009: 14.0
euro cents per share).
** Pursuant to the hedging agreement announced on 29 April 2009, the value of
the IFR Syndicated Loans at 30 June 2009 was reduced by GBP5.163 million (31
March 2009: GBP7.705 million).
Indicative prices do not necessarily reflect the realisable value of such
investments.
Enquiries:
+--------------------------+-------------------------------+--------------------+
| Hugh Field / Bruce | Collins Stewart Europe | +44 (0) 207 523 |
| Garrow | Limited (Nominated Adviser) | 8350 |
+--------------------------+-------------------------------+--------------------+
| Tim McCall / Barnaby Fry | Hogarth Partnership | +44 (0) 207 357 |
| | | 9477 |
+--------------------------+-------------------------------+--------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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