APL Acp Capital

TIDMAPL

RNS Number : 8030U

ACP Capital Limited

22 October 2010

ACP Capital Limited

Trading Update

22 October 2010

ACP Capital Limited (the "Company" or "ACP" : AIM: APL) today announces its unaudited, indicative portfolio values as at 30 September 2010.

The indicative value of the portfolio, together with the cash balances, as at 30 September 2010, was as follows:

 
                                               30 June 
                               30 September      2010 
                                2010 GBP'000    GBP'000 
 
 Leasecom equity                  17,216        16,196 
 Davenham                            -            - 
                              --------------  --------- 
 Total portfolio assets           17,216        16,196 
                              --------------  --------- 
 
 Group cash and receivables        2,192        2,479 
                              --------------  --------- 
 

Significant events since the last quarterly trading update are as follows:

-- A favourable exchange movement on the Leasecom equity investment of GBP1.02 million.

-- Leasecom is currently performing in line with ACP's expectations. Consolidated turnover, EBITDA and net profits have significantly increased for the financial year 2009 compared to the previous financial year. The company has also been endeavouring to reduce its fixed cost base and continue to improve profitability. 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 engaged in discussions to sell its stake in Leasecom. We will continue to update the shareholders on the process as appropriate.

-- 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 that company's ordinary shareholders.

-- Mr Patrick McCann retired from the board of the Company on 22 July 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) 207 523 
                 Limited (Nominated Adviser)              8350 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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