TIDMAPL
RNS Number : 1781B
ACP Capital Limited
22 October 2009
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ACP Capital Limited
Trading Update
22 October 2009
ACP Capital Limited (the "Company" or "ACP" : AIM: APL) today announces its
unaudited, indicative portfolio values as at 30 September 2009.
Sterling exchange rates have moved from EUR 1.1760 / GBP to EUR 1.0917 / GBP
between 30 June 2009 and 30 September 2009. As at 30 September 2009,
approximately GBP 60.7 million equivalent of the indicative value of portfolio
assets were EUR denominated and unhedged. During the three month period, there
was a favourable net foreign exchange movement of GBP4.1 million.
The indicative value of the portfolio, together with the cash balances, as at 30
September 2009, was as follows:
+------------------------------------------+------------+----------+------+
| | 30 | 30 June | |
| | September | 2009 | |
| | 2009 | | |
+------------------------------------------+------------+----------+------+
| Portfolio | GBP'000s | GBP'000s | |
| | | | |
+------------------------------------------+------------+----------+------+
| | | | |
+------------------------------------------+------------+----------+------+
| ACP Mezzanine Limited* | 16,438 | 13,352 | |
+------------------------------------------+------------+----------+------+
| IFR Syndicated Loans | 30,287 | 27,516 | |
+------------------------------------------+------------+----------+------+
| IFR Pref. Equity | 13,687 | 12,706 | |
+------------------------------------------+------------+----------+------+
| IFR Equity | 6,609 | 10,353 | |
+------------------------------------------+------------+----------+------+
| Leasecom Equity | 18,320 | 17,007 | |
+------------------------------------------+------------+----------+------+
| Other Equity Investments | 5,563 | 4,366 | |
+------------------------------------------+------------+----------+------+
| CDO/ CLO and Other Assets | 720 | 1,619 | |
+------------------------------------------+------------+----------+------+
| | 91,624 | 86,919 | |
+------------------------------------------+------------+----------+------+
| Less: effect of IFR Syndicated Loans | (7,577) | (5,163) | |
| hedging agreement** | | | |
+------------------------------------------+------------+----------+------+
| Total Portfolio Assets *** | 84,047 | 81,756 | |
+------------------------------------------+------------+----------+------+
| Cash Balance | 3,897 | 2,006 | |
+------------------------------------------+------------+----------+------+
On 10 July 2009, the Company sold its GBP3.750 million participation in a loan
agreement in George Mezz Limited for GBP1.612 million. The sale price
represented a 23% premium to book value as at 30 June 2009.
*The Company owns 54.37% of ACP Mezzanine Limited ("ACPM") and 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 14.0 euro
cents per share as at 30 September 2009 (30 June 2009: 12.0 euro cents per
share).
** Pursuant to the syndicated loan hedging agreement announced on 29 April 2009,
the value of the IFR Syndicated Loans at 30 June 2009 was reduced by GBP7.577
million (30 June 2009: GBP5.163 million).
*** Excludes accrued interest and income.
Indicative prices do not necessarily reflect the realisable value of such
investments.
Investment Policy for the purpose of the AIM Rules.
ACP manages and holds investments and funds/vehicles in niche product sectors.
The Investing Policy of the Company and its subsidiary (together the "Group") is
to realise the Group's investment portfolio as opportunities arise and to
distribute the net proceeds arising to shareholders. It is intended that such
distributions will, where possible, be in the form of capital.
The Group does not take part in the day to day management of the underlying
investments and does not intend to make further investments other than current
portfolio companies in order to seek to protect or enhance the Company's
shareholder value. The Group has no maximum exposure limits with respect to
individual portfolio investments.
Under the Articles, the net borrowings of the Group must not exceed an amount
equal to three times the "adjusted equity shareholders' funds" (as defined in
the Articles). It is the current intention of the Directors that Group
companies will not take on borrowings. However, portfolio investments themselves
may be leveraged.
The Company has no other investment restrictions.
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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