Disposal of shareholding in Leasecom
03 Noviembre 2010 - 7:18AM
UK Regulatory
TIDMAPL
RNS Number : 5593V
ACP Capital Limited
03 November 2010
ACP Capital Limited
Disposal of shareholding in Leasecom
3 November 2010
ACP Capital Limited ("ACP") is pleased to announce that it has sold its entire
45% investment in Leasecom Group SAS ("Leasecom") to Crédit Mutuel Arkéa, a
French regional bank.
In consideration for this sale, ACP has received EUR17 million in cash out of an
expected cash price of approximately EUR22.5 million, the precise amount depending
on post-closing adjustments. The book value of Leasecom as at 30 September 2010
was GBP17.2 million, and the profit attributable to the Leasecom investment for
the 2009 financial year was a dividend payment of EUR3.1 million received in
January 2010.
ACP expects to make final cash distributions to ACP shareholders from the
proceeds of sale of Leasecom currently estimated at between, in aggregate, 9.5
and 10 pence per ACP share before ACP is put into liquidation. The precise
amount of the final cash distributions may vary from these figures and will
primarily depend on the calculation of the post closing adjustments and the
Euro: Sterling exchange rate at the date the cash from the post-closing
adjustment is received since ACP does not hedge its Euro exposure. The
post-closing adjustment is expected to be made before the end of the year.
In accordance with ACP's policy of promptly returning excess cash to
shareholders, ACP will make a further announcement shortly regarding final cash
distributions, the liquidation process and de-listing from AIM.
Enquiries:
Bruce Garrow, Collins Stewart Europe, +44 (0) 207 523 8350 (Nominated Adviser)
This information is provided by RNS
The company news service from the London Stock Exchange
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