BCAP Better Capital Pcc Limited

TIDMBC12 TIDMBCAP

RNS Number : 8813V

Better Capital PCC Limited

26 July 2018

26 July 2018

Better Capital PCC Limited 2012 Cell

Distribution of Capital

Further to Better Capital PCC Limited's (the "Company") announcement on 23 July 2018, the General Partner (the "GP") of BECAP12 Fund LP (the "2012 Fund") informed the Board that the sale of Northern Aerospace Limited to Gardner Aerospace Holdings Limited completed successfully during the course of 23 July.

Having contemplated the future requirements of the 2012 Fund and its remaining investee companies, the GP has authorised a GBP48.85 million repayment to the Company's 2012 Cell from the proceeds of the Northern Aerospace disposal and the proceeds from the CAV Aerospace Limited warranty claim.

Having considered the working capital requirements of the 2012 Cell, the directors of the Company today announced a fourth distribution of capital of 16.0 pence per ordinary share to the 2012 Shareholders. In line with the previous distributions, this distribution of GBP48.35 million will be treated by the Company as a reduction of share capital paid out of monies attributed to the "share capital account".

The four capital distributions (reductions of share capital) announced to date for the 2012 Cell total GBP96.72 million / 27.2 per cent. of funds raised.

It is hoped that a further distribution will be feasible in 2019 as uncertainties on cash needs diminish.

Details of the distribution are as follows:

 
                           2 August 2018 
       *    Ex-date         3 August 2018 
                            10 August 2018 
 
        *    Record date 
 
 
        *    Paid date 
 

For further information, please contact:

 
 Better Capital PCC Limited 
  Norman Amey (Administrator and Company 
  Secretary)                                +44 (0)1481 742 742 
 Numis Securities Limited 
  Nathan Brown                              +44 (0)20 7260 1000 
 

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END

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July 26, 2018 06:00 ET (10:00 GMT)

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