APL Acp Capital

 

TIDMAPL 
 
RNS Number : 0922S 
ACP Capital Limited 
03 September 2010 
 

3 September 2010 
                              ACP Capital Limited 
 
          Interim results for the six month period ended 30 June 2010 
 
ACP Capital Limited ("ACP" or the "Company"; AIM: APL) today announces its 
interim results for the six month period ended 30 June 2010.  The group 
primarily comprises ACP along with its consolidated subsidiary, ACP Mezzanine 
("ACPM"), of which ACP owns 54.37 percent of the issued equity (the "Group"). 
ACP Mezzanine Limited was placed into liquidation on 15 July 2010. 
 
ACP's strategy continues to be to sell assets at appropriate prices and return 
the proceeds to shareholders. 
 
Financial highlights for the six months ended 30 June 2010: 
·      The Group's various interests in IFR have been disposed of in the period: 
-     The IFR syndicated loans were sold to Theo Muller Group Sec for GBP50.2 
million; 
-     The currency hedge agreement between IFR and ACP was settled for GBP7.6 
million; and 
-     The remaining IFR equity was sold for GBP0.2 million. 
·      On 24 March 2010 the Group sold all of its 5.7 million ordinary shares in 
GCI Management AG ("GCI") for a total consideration of GBP2.2 million (or 
approximately GBP0.39 per share); 
·      ACP currently has two remaining investments: 
Leasecom 
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 
approximately GBP3 million of dividends from Leasecom. 
In line with its stated strategy, ACP is engaged in discussions with various 
parties interested in purchasing its stake in Leasecom. 
During the period the value of the investment has reduced by GBP1.5 million, due 
to an adverse exchange movement; 
Davenham 
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. 
·      During the period the Group terminated the investment management 
agreement between ACPM and ACP Investment Management Limited ("ACPIM"), this has 
resulted in ACPM paying ACPIM a break fee of GBP1.4 million. 
·      During the period the Company has made two capital distributions: 
-     4.85 pence per share was paid on 5 May 2010; and 
-     16.76 pence per share was paid on 10 June 2010. 
·      During the period the ACPM has made two capital distributions: 
-     2.2 eurocents (1.91 pence) per share was paid on 30 April 2010; and 
-     7.58 eurocents (6.25 pence) per share was paid on 8 June 2010. 
 
For further information: 
·      Bruce Garrow of Collins Stewart Europe Limited - Tel +44 (0) 207 523 8350 
·      www.acpcapital.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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