TIDMAPL
RNS Number : 0865R
ACP Capital Limited
24 April 2009
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ACP Capital Limited
Trading Update
24 April 2009
ACP Capital Limited (the "Company": AIM: APL) today announces its unaudited,
indicative portfolio values as at 31 March 2009. These indicative values show an
overall decline in value of the portfolio of 18.8% compared to the indicative
portfolio valuations as at 31 December 2008. Indicative prices do not
necessarily reflect the realisable value of such investments.
The Company today announces a further return of capital on 29 May 2009 of 1.75
pence per share payable to shareholders on the share register on 8 May 2009. It
is likely that the payment of any additional distributions for the current
financial year will depend on the completion of further portfolio realisations.
As at 31 March 2009, the Company's portfolio was carried as follows:
+-------------+----------+-----------+--+
| | 31 March | 31 | |
| | 2009 | December | |
| | | 2008 | |
+-------------+----------+-----------+--+
| Portfolio | GBP'000s | GBP'000s | |
| | | | |
+-------------+----------+-----------+--+
| | | | |
+-------------+----------+-----------+--+
| ACP | 16,582 | 30,518 | |
| Mezzanine | | | |
| Limited* | | | |
+-------------+----------+-----------+--+
| Other | 27,464 | 30,847 | |
| Equity | | | |
| Investments | | | |
+-------------+----------+-----------+--+
| IFR | 31,576 | 32,544 | |
| Syndicated | | | |
| Loans** | | | |
+-------------+----------+-----------+--+
| IFR | 12,406 | 12,786 | |
| Pref. | | | |
| Equity | | | |
+-------------+----------+-----------+--+
| CDO/ CLO | 1,136 | 3,166 | |
| and | | | |
| Other | | | |
| Assets | | | |
+-------------+----------+-----------+--+
| Total | 89,164 | 109,861 | |
| Portfolio | | | |
| Assets | | | |
+-------------+----------+-----------+--+
| Cash | 3,300 | 9,300 | |
| Balance | | | |
+-------------+----------+-----------+--+
+----------+--------------+
| * | Because |
| | the |
| | Company |
| | owns in |
| | excess |
| | of 50% |
| | of ACP |
| | Mezzanine |
| | Limited |
| | ("ACP |
| | Mezzanine"), |
| | that company |
| | is accounted |
| | for as a |
| | subsidiary |
| | within the |
| | consolidated |
| | results of |
| | ACP Capital |
| | Limited for |
| | the year |
| | ended 31 |
| | December |
| | 2008. The |
| | decline in |
| | value of the |
| | Company's |
| | interest in |
| | ACP |
| | Mezzanine |
| | during the |
| | first |
| | quarter of |
| | 2009 is |
| | primarily a |
| | function of |
| | a decline in |
| | the |
| | indicative |
| | prices of |
| | ACP |
| | Mezzanine's |
| | structured |
| | investments |
| | during that |
| | period. |
+----------+--------------+
| ** | No |
| | indicative |
| | pricing |
| | was |
| | available |
| | from the |
| | Company's |
| | normal |
| | sources |
| | for IFR |
| | Senior |
| | Facilities |
| | as at 31 |
| | March |
| | 2009. |
| | However, |
| | the |
| | Company is |
| | not aware |
| | of any |
| | trading |
| | having |
| | taken |
| | place in |
| | this debt |
| | during the |
| | quarter |
| | ended 31st |
| | March 2009 |
| | and |
| | accordingly |
| | has |
| | included |
| | its debt |
| | holdings at |
| | the |
| | indicative |
| | prices |
| | received as |
| | at 31st |
| | December |
| | 2008. The |
| | Company |
| | will review |
| | these |
| | valuations |
| | for the |
| | interim |
| | financial |
| | statements |
| | as at 30 |
| | June 2009. |
+----------+--------------+
Significant events affecting the Company's asset value since 31st December 2008
include:
* A cash distribution of 4.50 pence per share was paid to shareholders on 6 March
2009;
* The unlisted equity investment in GCI Automotive Holding GmbH was sold on 15
January 2009 for EUR 3.75million;
* There has been a continuing decline in indicative prices for the CDO and CLO
structured investments;
* Prices for quoted equity investments have continued to fall; and
* Sterling exchange rates have moved from EUR 1.0461 / GBP to EUR 1.0782 / GBP
between 31 December 2008 and 31 March 2009. As at 31 March 2009 approximately
GBP 87.4 million equivalent of the indicative value of portfolio assets were EUR
denominated. The Company does not hedge its foreign currency positions.
Enquiries
* Hugh Field, Collins Stewart Europe, +44 (0) 207 523 8350 (Nominated Adviser)
* Tim McCall/James Longfield, 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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