Further Asset Disposals and Portfolio Update
15 Dicembre 2009 - 6:37PM
UK Regulatory
TIDMAPL
RNS Number : 1789E
ACP Capital Limited
15 December 2009
15 December 2009
ACP Capital Limited
Further Asset Disposals and Portfolio Update
Following the recent disposal of its interests in IFR Capital's ordinary and
preference shares as announced on 25 November 2009, the Board of ACP Capital
Limited (the "Company" or "ACP": AIM: APL) is today providing an updated
portfolio summary.
The indicative portfolio valuation as at 30 November 2009 was as follows:
+-----------+-----------------+---------------+-----------+--------------+----------------+
| Portfolio | | Company | Subsidiary* | Total |
+-----------+-----------------+---------------------------+--------------+----------------+
| | | GBP'm | GBP'm | GBP'm |
+-----------+-----------------+---------------------------+--------------+----------------+
| | | | | |
+-----------+---------------------------------+-----------+--------------+----------------+
| IFR Capital's A, B, C debt tranches | 31.429 | 7.992 | 39.421 |
+---------------------------------------------+-----------+--------------+----------------+
| | | | | |
+-----------+-----------------+---------------------------+--------------+----------------+
| IFR Hedge | (7.617) | - | (7.617) |
| | | | |
+-----------------------------+---------------------------+--------------+----------------+
| Leasecom | 18.163 | - | 18.163 |
+-----------------------------+---------------------------+--------------+----------------+
| | | | | |
+-----------+-----------------+---------------------------+--------------+----------------+
| CDOs/CLOs/other | 1.923 | 2.309 | 4.232 |
+-----------------------------+---------------------------+--------------+----------------+
| | | | | |
+-----------+-----------------+---------------------------+--------------+----------------+
| GCI | | 3.362 | - | 3.362 |
+-----------+-----------------+---------------------------+--------------+----------------+
| | | | | |
+-----------+-----------------+---------------------------+--------------+----------------+
| | | 47.260 | 10.301 | 57.561 |
+-----------+-----------------+---------------------------+--------------+----------------+
| | |
+------------------------------------------------------------------------+----------------+
| Number of shares in issue | 208,341,941 |
+------------------------------------------------------------------------+----------------+
| | |
+------------------------------------------------------------------------+----------------+
| Equivalent portfolio value per share (pence) | 27.6 |
+-----------+-----------------+---------------+-----------+--------------+----------------+
* For the purpose of this update, the summary shows the Company's pro rata
interest of 54.37% in the portfolio of ACP Mezzanine Limited ("ACPM").
Notes:
* Pricing and exchange rates are as at 30 November 2009.
* Indicative portfolio valuations exclude accrued income receivable on portfolio
investments.
* The pricing of IFR Capital's debt is based on average indicative prices, while
quoted investments (such as GCI) are valued on mid market prices. The investment
in Leasecom is valued applying private equity valuation principals. Indicative
portfolio valuations do not necessarily reflect what would be achieved on the
realisation of the assets.
On 14 December 2009, the Company sold its entire portfolio of CDOs and CLOs for
GBP908,000 equivalent. The carrying value of these investments as at 30
September 2009 was GBP720,000. ACPM has today also announced the sale of its
entire portfolio of CDOs, CLOs, and RMBS. The Company's pro rata interest in
ACPM's disposal proceeds is GBP2.23 million. Applying the proceeds from these
sales by the Company and the pro rata share of the sales by ACPM, the equivalent
portfolio value per ACP share would not be materially different to 27.6p.
Net current asset (including cash balances) have been excluded from the above
portfolio summary and are believed immaterial given the Company's projected
obligations over the next year. Following the payment of the distribution to
Shareholders announced on 7 December 2009 and excluding the proceeds of the sale
of CDOs and CLOs by the Company referred to above, the Board believes the
Company has retained sufficient cash to meet its current and anticipated
liabilities.
Enquiries:
+--------------------------+--------------------------+--------------------------+
| Hugh Field / Bruce | Collins Stewart Europe | +44 (0) 207 523 8350 |
| Garrow | (Nominated Adviser) | |
+--------------------------+--------------------------+--------------------------+
| Tim McCall / Barnaby Fry | Hogarth Partnership | +44 (0) 207 357 9477 |
+--------------------------+--------------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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