Sale of TDG Limited (9530W)
29 Noviembre 2010 - 4:25AM
UK Regulatory
TIDMVCF TIDMDBAY
RNS Number : 9530W
Value Catalyst Fund Limited (The)
29 November 2010
The Value Catalyst Fund Limited
Sale of TDG Limited, major asset of DouglasBay Capital Plc
The Directors of The Value Catalyst Fund Limited ("VCF") note
the announcement issued this morning by DouglasBay Capital plc
("DBAY"), one of VCF's largest portfolio holdings, worth GBP25.6m
as at the 18th November, 2010 - 42.6% of VCF's portfolio.
DBAY announced the disposal of TDG Limited, its major investment
holding to Norbert Dentressangle SA for an initial consideration of
approximately GBP205m in cash with the precise amount dependent
upon the date that closing occurs and closing adjustments. The
disposal is conditional only upon competition clearance by the
European Commission. Approval and completion of the transaction is
expected between mid January and mid February 2011.
If completed, DBAY estimates that following repayment of group
debt facilities and transaction costs the company will have cash
funds of approximately GBP185m, equivalent to 14.3 pence per DBAY
share. Post the transaction, DBAY still retains ex-TDG real estate
assets worth approximately 2 pence per share. VCF carries DBAY at
cost - 10 pence per share - and the disposal would imply a value
uplift of VCF's holding in DBAY in excess of 60%.
DBAY is an Isle of Man based investment holding company listed
on AIM, majority owned (97.08%) by funds managed by Laxey Partners.
In October 2008 it merged with The Laxey Investment Trust PLC a
listed vehicle also managed by Laxey Partners and simultaneously
acquired TDG Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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