Better Capital PCC Limited Preliminary NAV views as at 30 September 2018 (5832F)
29 Ottobre 2018 - 6:00PM
UK Regulatory
TIDMBC12 TIDMBCAP
RNS Number : 5832F
Better Capital PCC Limited
29 October 2018
Better Capital PCC Limited 2009 Cell and 2012 Cell
29 October 2018
Preliminary NAV views as at 30 September 2018
The General Partners of BECAP Fund LP ("Fund I") and BECAP12
Fund LP ("Fund II") have undertaken a review of the underlying
assets within Funds I and II as at 30 September 2018 and have
informed the board of Better Capital PCC Limited (the "Company") of
the following:
Better Capital 2009 Cell
Omnico closed its year to 30 September 2018 materially below
budget. Despite the financial disappointment, the business is
profitable and has a strong order book and pipeline. The challenge
for the current year is to deliver its new products in a timely
manner and within budget.
M-hance is trading broadly in line with expectations.
Fund I's minority holding in Spicers-OfficeTeam ("SPOT") has
also suffered a diminution in value as a consequence of trading
underperformance. This is further described below.
Early indications are that the 2009 Cell NAV per share will be
written down in the region of 30 per cent. from the last published
NAV at 31 March 2018 of 114.6p, largely due to the underperformance
in Omnico.
Better Capital 2012 Cell
Over the summer, Fund II concluded the sale of Northern
Aerospace which enabled the distribution of GBP48.3 million to the
2012 Shareholders. The General Partner also successfully concluded
all aspects of the CAV Aerospace warranty claim in October 2018.
Total receipts in relation to Northern Aerospace and the warranty
claim were in line with the valuation at 31 March 2018 of GBP60.0
million.
Further to the Company's announcement on 22 August 2018, Everest
and SPOT have continued to underperform.
The operational challenges at Everest have been frustrating, not
least because in a weak market place the sales and marketing
functions have performed particularly well with the business
recording unfulfilled orders of GBP47 million at the time of
writing. Since the announcement of 22 August, significant effort
has been injected in driving installation levels which is the
critical issue. The trajectory in installations is improving,
leading to reasonable expectations of converting the over-full
order book into revenue and improving results.
Whilst remaining profitable, profits at SPOT have been lower
than expected over the summer, leading to an expectation of a
significantly lower valuation at 30 September 2018. SPOT is
conducting an internal balance sheet reconstruction between
existing parties which will see Fund I receiving an offer for its
minority holding in the business from Fund II.
2012 Cell NAV was GBP138.1 million at 31 March 2018. This
corresponded to a NAV per share of 43.4p. The effect of the
distribution of capital paid on 10 August and the 2012 Shares
buyback and cancellation transaction on 19 June, together with
on-going running costs and follow-on funding was to reduce the 2012
Cell NAV to GBP82 million. Further expected downward reductions in
valuation takes this figure to approximately GBP58 million or 19.2
pence per share.
Interim Results publication
The Company expects to release its Interim Results for the
period to 30 September 2018 on 3 December.
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
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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