TIDMACPM
RNS Number : 1783B
ACP Mezzanine Ltd
22 October 2009
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ACP Mezzanine Limited
Trading Update
22 October 2009
ACP Mezzanine Limited (the "Company": AIM: ACPM) today announces its unaudited,
indicative NAV per share as at 30 September 2009 of 30.2 eurocents (30 June
2009: 28.8 eurocents).
The indicative value of the portfolio, together with cash balances, as at 30
September 2009 was as follows:
+---------------------------------------+------------+----------+
| | 30 | 30 June |
| | September | 2009 |
| | 2009 | |
+---------------------------------------+------------+----------+
| Portfolio | EUR'000s |EUR'000s |
+---------------------------------------+------------+----------+
| | | |
+---------------------------------------+------------+----------+
| IFR Senior Facilities | 25,588 | 25,956 |
+---------------------------------------+------------+----------+
| IFR Pref. Equity | 14,942 | 14,942 |
+---------------------------------------+------------+----------+
| IFR Pref. Equity - accrued interest | 6,195 | 5,159 |
+---------------------------------------+------------+----------+
| Other Loans * | 34 | 9,063 |
+---------------------------------------+------------+----------+
| CLOs | 4,367 | 1,666 |
+---------------------------------------+------------+----------+
| CDOs and RMBS | 383 | 443 |
+---------------------------------------+------------+----------+
| Total Portfolio Assets | 51,509 | 57,229 |
+---------------------------------------+------------+----------+
| Cash Balance* | 19,567 | 10,493 |
+---------------------------------------+------------+----------+
The significant event affecting the Company since the 30 June 2009 trading
update was as follows:
*On the 17 August 2009, a subsidiary of Leasecom Group SAS repaid in full the
outstanding loan that had been advanced by the Company of EUR9.029 million.The
cash balance includes EUR15 million at 30 September 2009 (EUR5.971 million at 30
June 2009) held against the undrawn amount of the loan facility committed by the
Company to a direct subsidiary of Leasecom Group SAS.
Indicative prices do not necessarily reflect the realisable value of such
investments.
The Company has no borrowings.
Investment Policy for the purpose of the AIM Rules.
ACP Mezzanine Limited has invested in a portfolio of debt facilities,
collateralised loan obligations and collateralised debt obligations. The
Investing Policy of the Company is to realise its investment portfolio as
opportunities arise and to distribute the net proceeds to shareholders. It is
intended that such distributions will be in the form of capital.
The Company does not take part in the day to day management of the underlying
investments and does not intend to make further investments other than if
required to protect or enhance shareholder value. The Company has no maximum
exposure limits to individual portfolio investments.
Under the Articles, the Company has the power to borrow money in any manner. It
is the current intention of the Directors that the Company 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
END
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