IFR Ifr Capital

 

TIDMAPL TIDMIFR 
 
RNS Number : 1009D 
ACP Capital Limited 
25 November 2009 
 

25 November 2009 
ACP Capital Limited 
Disposal of investments in IFR and Settlement of IFR Litigation 
ACP Capital Limited ("ACP": AIM: APL) is pleased to announce that it has today 
sold all of its preference shares, including its entitlement to accrued 
dividends, in IFR Jersey Limited, a wholly owned subsidiary of IFR Capital plc 
("IFR") to Textil Romania S.á.r.l, and 58,562,862 ordinary shares in IFR to BHVG 
Beteiligungs & und Vermögensverwaltungsgesellschaft mbH for a total combined 
cash consideration of EUR36.2 million. Their aggregate book value as at 30 
September 2009, including accrued dividends, was EUR28.3 million. 
ACP is also pleased to announce that the ACP group, including its subsidiary, 
ACP Mezzanine Limited ("ACPM"), has also today settled all outstanding 
litigation with IFR without any admission of liability and with each party 
bearing its own costs. 
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 additional amounts that may be 
received from ACPM for its sale of IFR preference shares and the option to sell 
its D tranche position in IFR's debt for an aggregate consideration of EUR43.6 
million, which have also been announced today. 
John D Chapman, ACP's Chairman stated: "The disposal of ACP's interest in IFR's 
preference shares and ordinary shares marks an important milestone in the 
shareholders' decision to place ACP in runoff. The ACP group portfolio now 
principally comprises interests in IFR's senior debt and equity in Leasecom as 
well as several smaller investments. We will continue to endeavour to realise 
these assets but only at appropriate prices". 
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     | 
+--------------------------+--------------------------+--------------------------+ 
 
 
Additional Information: 
The dividends attributable to ACP's holding of preference shares in IFR Jersey 
Limited in the year ended 31 December 2008 were approximately GBP 2.6 million. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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