APL Acp Capital

 

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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