Better Capital PCC Limited Everest Valuation at 31st March 2018/SPOT Progress (6101Y)
August 22 2018 - 11:30AM
UK Regulatory
TIDMBC12 TIDMBCAP
RNS Number : 6101Y
Better Capital PCC Limited
22 August 2018
22 August 2018
Better Capital PCC Limited 2012 Cell
Everest Valuation at 31(st) March 2018/SPOT Progress
BECAP12 GP Limited, as General Partner of BECAP12 Fund LP (the
"2012 Fund"), has informed the Board of Better Capital PCC Limited
as below.
In the process of finalising the 2017 annual financial
statements for the Everest business, it has become clear that the
financial data used for the valuation (GBP20m, as of 31(st) March
2018) of this portfolio company was, in part, incorrect. It is
likely that, if a more accurate picture had been known, the
valuation of Everest would have been reduced by an amount which
might have been significant to the valuation of this
investment.
The total reported portfolio carrying value of the 2012 Fund as
at 31(st) March 2018 was GBP125.1m. The Company has subsequently
distributed GBP48.35m to the 2012 Shareholders.
The progress of Spicers-OfficeTeam ("SPOT"), (valued at
GBP38.2m, as of 31(st) March 2018), the only other portfolio
company in the 2012 Cell following the sale of Northern Aerospace,
has been behind expectations during the summer.
Enquiries:
Better Capital PCC Limited
Norman Amey (Administrator and Company
Secretary) +44 (0) 1481 742 742
Powerscourt
Justin Griffiths +44 (0) 20 7250 1446
Numis Securities
Nathan Brown +44 (0) 20 7260 1426
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END
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