Better Capital PCC Limited Gardner Aerospace Holdings Limited (1951C)

TIDMBCAP TIDMBC12

RNS Number : 1951C

Better Capital PCC Limited

11 April 2017

Better Capital PCC Limited 2009 Cell

11 April 2017

Gardner Aerospace Holdings Limited

Further to the Company's announcement on 16 November 2016, the Board of Better Capital PCC Limited (the "Company") has today been informed by the general partner to BECAP Fund LP (the "2009 Fund") that it has entered into a Share Sale Agreement (the "SSA") with, amongst others, Ligeance Investments Limited, a wholly owned subsidiary of Shaanxi Ligeance Mineral Resources Co., Ltd. ("SLMR"), for the sale of its interest in Gardner Aerospace Holdings Limited ("Gardner") for GBP326 million on an Enterprise Value basis.

Under the terms of the SSA, completion is conditional upon certain governmental and regulatory approvals. In addition, the transaction also requires approval by SLMR's shareholders at a general meeting. The General Partner of the 2009 Fund anticipates that these approvals will be forthcoming, with completion expected in May or June 2017 with proceeds net of costs, including transaction expenses and carried interest, estimated to be close to 105 pence per share.

The Board further notes that, as part of the final negotiations relating to the SSA, the deposit in escrow has been reduced from US$50 million to US$15 million.

The Company will make a further announcement in due course.

Enquiries:

Better Capital PCC Limited [phone]

Laurence McNairn (Administrator and Company Secretary)

Better Capital LLP [phone]

Bonnie Kraus (Investor Relations)

Powerscourt [phone]

Justin Griffiths

Numis Securities [phone]

Nathan Brown

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLIFVASSILLID

(END) Dow Jones Newswires

April 11, 2017 05:35 ET (09:35 GMT)