TIDMAPL 
 
RNS Number : 1759Q 
ACP Capital Limited 
29 July 2010 
 

                              ACP Capital Limited 
                                 Trading Update 
29 July 2010 
ACP Capital Limited (the "Company" or "ACP" : AIM: APL) today announces its 
unaudited, indicative portfolio values as at 30 June 2010. 
The indicative value of the portfolio, together with the cash balances, as at 30 
June 2010, was as follows: 
+--------------------------------------+------------+----------+------------+ 
|                                      |  30 June   |          |  31 March  | 
|                                      |    2010    |          |    2010    | 
+--------------------------------------+------------+----------+------------+ 
| Portfolio                            |  GBP'000   |          |  GBP'000   | 
+--------------------------------------+------------+----------+------------+ 
|                                      |            |          |            | 
+--------------------------------------+------------+----------+------------+ 
| ACP Mezzanine Limited                |     -      |          |   6,850    | 
+--------------------------------------+------------+----------+------------+ 
| IFR syndicated loans                 |     -      |          |  29,521    | 
+--------------------------------------+------------+----------+------------+ 
| IFR equity                           |     -      |          |    178     | 
+--------------------------------------+------------+----------+------------+ 
| Leasecom equity                      |  16,196    |          |  17,813    | 
+--------------------------------------+------------+----------+------------+ 
| Davenham                             |     -      |          |     -      | 
+--------------------------------------+------------+----------+------------+ 
|                                      |  16,196    |          |  54,362    | 
+--------------------------------------+------------+----------+------------+ 
| Less effect of IFR hedging agreement |     -      |          |  (6,975)   | 
+--------------------------------------+------------+----------+------------+ 
| Total portfolio assets               |  16,196    |          |  47,387    | 
+--------------------------------------+------------+----------+------------+ 
| Cash balance                         |   2,479    |          |   6,667    | 
+--------------------------------------+------------+----------+------------+ 
Significant events since the last quarterly trading update are as follows: 
·    An adverse exchange movement on the Leasecom equity investment of GBP1.62 
million; 
·    The GBP6.85 million reduction in the valuation of ACP Mezzanine Limited 
following the disposal of it's remaining investments and the distribution of 
these funds; and 
·    The disposal of ACP's interests in IFR: 
-     The IFR syndicated loans were sold to Theo Muller Group Secs for total 
cash consideration of GBP34.2 million (EUR39.4 million); 
-     The currency hedge agreement between IFR and ACP has been settled for 
GBP7.6 million; and 
-     The remaining IFR equity of GBP0.2 million. 
·    On 30 June 2010, the management of Davenham Group plc (in which the Company 
has an equity investment of 7.6 million shares that has been valued at nil) 
announced the result of a strategic review, where it was decided that the 
business would stop writing new business and go into 'run-off'.  In view of 
this, the Board of Davenham Group plc considers that there is likely to be no 
value for ordinary shareholders in the Company. 
·    Leasecom is currently performing in line with ACP's expectations.  All of 
consolidated turnover, EBITDA and net profits have significantly increased for 
the audited financial year 2009 compared to the previous financial year 2008. 
The company has also been engaged over the last few months in a process to 
reduce its fixed cost base and continue to improve profitability for the 
shareholders.  For the financial year 2009, ACP Capital has received about EUR3.0 
million of dividends from Leasecom. 
In line with its stated strategy, ACP is pursuing a sale of its stake in 
leasecom.  We will continue to update the shareholders on the process as and 
when necessary. 
During the quarter the Company has made two capital distributions: 
-     4.85 pence per share was paid on 5 May 2010; and 
-     16.75 pence per share was paid on 10 June 2010. 
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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