Trading Statement
April 30 2010 - 2:00AM
UK Regulatory
TIDMAPL
RNS Number : 0903L
ACP Capital Limited
30 April 2010
ACP Capital Limited
Trading Update
30 April 2010
ACP Capital Limited (the "Company" or "ACP" : AIM: APL) today announces its
unaudited, indicative portfolio values as at 31 March 2010.
The indicative value of the portfolio, together with the cash balances, as at 31
March 2010, was as follows:
+--------------------------+--------------+----------+---------------+
| | 31st March | | 31st December |
| | 2010 | | 2009 |
+--------------------------+--------------+----------+---------------+
| Portfolio | | | |
+--------------------------+--------------+----------+---------------+
| | GBP'000 | | GBP'000 |
+--------------------------+--------------+----------+---------------+
| ACP Mezzanine Limited * | 6,850 | | 7,390 |
+--------------------------+--------------+----------+---------------+
| IFR syndicated loans | 29,521 | | 29,758 |
+--------------------------+--------------+----------+---------------+
| IFR equity | 178 | | 167 |
+--------------------------+--------------+----------+---------------+
| Leasecom equity | 17,813 | | 17,738 |
+--------------------------+--------------+----------+---------------+
| Other equity investments | | | 3,843 |
+--------------------------+--------------+----------+---------------+
| | 54,362 | | 58,896 |
+--------------------------+--------------+----------+---------------+
| Less effect of IFR | (6,975) | | (6,708) |
| hedging agreement ** | | | |
+--------------------------+--------------+----------+---------------+
| Total portfolio assets | 47,387 | | 52,188 |
+--------------------------+--------------+----------+---------------+
| Cash balance | 6,667 | | 5,145 |
+--------------------------+--------------+----------+---------------+
These indicative values show an overall reduction in value of the portfolio of
9.2% compared to the indicative portfolio valuations as at 31 December 2009.
The 9.2% reduction in the portfolio valuation relates to:
· On 24 March 2010 the Company sold all of its 5.7 million ordinary shares
in GCI Management AG ("GCI") for a total consideration of EUR2.5 million (or
approximately EUR0.44 per share)- (31 December 2009: EUR3.82 million);
· The value of the investment in ACP Mezzanine Limited ("ACPM") reduced by
GBP0.54 million; and
· The decision by the Board that a full write down be made to the equity
investment of GBP0.5 million in Davenham. This follows the statement released by
the directors of Davenham stating that "Whilst the strategic review process is
yet to be concluded, the Board considers it likely that there will be little or
no value remaining for ordinary shareholders in the company".
The Company will be making a capital distribution, payable on 15 May 2010 of
4.85 pence per share as announced on 15 April 2010.
On 28 April 2010 the Company made the following announcement:
"ACP Capital Limited is pleased to announce that it has entered into an
agreement to sell all of its holding of IFR Capital plc's ("IFR") Tranche A,
Tranche B and Tranche C debt ("IFR Debt") for a total cash consideration of
EUR39.4 million to Theo Müller Group Secs. The aggregate book value (including
accrued interest) as at 31 December 2009 of these holdings was EUR33.5 million
(EUR0.76 million of principal was paid on 31 March 2010). The sale of the IFR
Debt at 95 per cent. of par represents a successful outcome for the Company (a
20% premium over the latest published book value). Completion of the
transaction is expected to take place on 30 April 2010.
In accordance with ACP's policy of promptly returning excess cash to
shareholders, ACP will make a further announcement shortly regarding a
distribution of these receipts as well as any amounts that may be received from
ACP Mezzanine Limited in connection with the sale of its Tranche A, B and C
positions in IFR's debt, the sale of which, for an aggregate consideration of
EUR18.4 million, is also announced today.
ACP Group's portfolio now principally comprises equity in Leasecom.
Furthermore, there is a currency hedge agreement between IFR and ACP which as at
31 December 2009 represented a potential liability for ACP worth GBP6.7
million."
* The Company, which owns in excess of 50% of ACPM, accounted for ACPM as a
subsidiary within the consolidated results of the Company for the year ended 31
December 2009. For the purposes of this quarterly portfolio update, the
Company's investment in ACPM has been included at ACPM's bid price of 6.0 euro
cents per share as at 31 March 2010 (31 December 2009: 6.5 euro cents per
share).
** Pursuant to the hedging agreement announced on 29 April 2009, the value of
the IFR Syndicated Loans at 31 March 2010 was reduced by GBP6.975 million (31
December 2009: GBP6.708 million).
Indicative prices do not necessarily reflect the realisable value of such
investments.
The Company has no borrowings.
Enquiries:
+---------------------+--------------------------+----------------+
| Bruce Garrow | Collins Stewart Europe | +44 (0) 207 |
| | Limited (Nominated | 523 8350 |
| | Adviser) | |
+---------------------+--------------------------+----------------+
| | | |
+---------------------+--------------------------+----------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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