Disposal of shareholding in Leasecom

 

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, [phone] (Nominated Adviser) 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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