Disposal of remaining IFR Debt
28 Abril 2010 - 10:56AM
UK Regulatory
TIDMAPL
RNS Number : 9883K
ACP Capital Limited
28 April 2010
ACP Capital Limited
Disposal of remaining IFR Debt
ACP Capital Limited ("ACP"or the "Company": AIM: APL) is pleased to announce
that it has entered into an agreement to sell all of its holding of IFR Capital
plc's ("IFR") Tranche A, Tranche B and Tranche C debt ("IFR Debt") for a total
cash consideration of EUR39.4 million to Theo Müller Group Secs. The aggregate
book value (including accrued interest) as at 31 December 2009 of these holdings
was EUR33.5 million (EUR0.76 million of principal was paid on 31 March 2010). The
sale of the IFR Debt at 95 per cent. of par represents a successful outcome for
the Company (a 20% premium over the latest published book value). Completion of
the transaction is expected to take place on 30 April 2010.
In accordance with ACP's policy of promptly returning excess cash to
shareholders, ACP will make a further announcement shortly regarding a
distribution of these receipts as well as any amounts that may be received from
ACP Mezzanine Limited in connection with the sale of its Tranche A, B and C
positions in IFR's debt, the sale of which, for an aggregate consideration of
EUR18.4 million, is also announced today.
ACP Group's portfolio now principally comprises equity in Leasecom.
Furthermore, there is a currency hedge agreement between IFR and ACP which as at
31 December 2009 represented a potential liability for ACP worth GBP6.7 million.
Enquiries:
+---------------------+---------------------+---------------------+
| Bruce Garrow | Collins Stewart | +44 (0) 207 523 |
| | Europe (Nominated | 8350 |
| | Adviser) | |
+---------------------+---------------------+---------------------+
| Tim McCall/ Barnaby | Hogarth Partnership | +44 (0) 207 357 |
| Fry | | 9477 |
+---------------------+---------------------+---------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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