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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acp Capital | LSE:APL | London | Ordinary Share | GB00B0T9K295 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
In all cases the lowest ranking debt tranches are held for CLO and CDO investments. As such, the Directors consider these investments pose a credit risk, particularly as there is no active market for these assets and underlying portfolio asset defaults are increasing and expected to continue. However as these investments accounted for only 14 percent of the Group's revenue, the Directors believe that the Group's cash flows would not be severely affected if some of the counterparties defaulted on interest payments. To mitigate against potential interest default and loss in value, investments are managed on an ongoing basis as follows: * Review of monthly reports. * Daily monitoring of watch- listed companies in CLO portfolios. * Monthly contact with CLO and CDO managers in particular to determine steps to remedy defaults on covenants and performance of portfolio assets. * Review of quarterly financial covenant compliance certificates. * Regular contact with agent banks or in some instances the borrower directly, to determine covenant compliance, trading status and performance. * Regular contact with CEOs where equity is held. * Attendance at board meetings where equity is held and we have a board seat. However, there is no guarantee that these credit risk management procedures will be able to limit potential loss in investment value or loss of income from counterparties who default on their obligations. If any or the Group's counterparties default on interest payments, the Group's revenues and profitability will be adversely affected. f) Liquidity risk Liquidity risk is the risk that the Group will be unable to meet its financial commitments. During the year the Group repaid its borrowings and at 31 December 2008 the Group had working capital of GBP23.0 million represented by GBP20.6 million of cash, GBP5.1 million of short-term receivables and GBP2.7 million of short-term liabilities. The Group's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due and to budget for a high multiple of operating costs to revenue such that ongoing operating costs are fully covered by the income currently generated by the Group's assets. To monitor liquidity risk, the Board receives rolling 12 month cash flow projections on a quarterly basis as well as information regarding cash balances and indications of any potential defaults on income from its investments. g) Capital risk management policies and objectives Following the EGM on 17 July 2008, the Group's capital management policy and objective is to return capital to shareholders by way of distributions. 7 Other operating expenses Other operating expenses include the following amounts: Services provided by the Group's auditor During the year the Group obtained the following services from the Group's auditors, Kingston Smith LLP and BDO Stoy Hayward LLP: +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ | | | | | | | | | | +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ | | | Group | | Group | | Company | | Company | +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ | | | 2008 | | 2007 | | 2008 | | 2007 | +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ | | | GBP | | GBP | | GBP | | GBP | +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ | Audit services | | | | | | | | | +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ | Statutory audit | | 161,203 | | 37,500 | | 125,745 | | 37,500 | +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ | | | | | | | | | | +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ | Non audit services | | | | | | | | | +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ | Taxation services | | 46,046 | | 13,081 | | 46,046 | | 13,081 | +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ | Other services | | 48,922 | | 15,550 | | 34,426 | | 15,550 | +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ | | | 256,170 | | 66,131 | | 206,217 | | 66,131 | +--------------------------------------+---+----------+--+-----------+--+-----------+--+----------+ Staff costs Staff costs (including Directors) comprise: +--------------------------------------+---+------------+--+------------+ | | | Group | | Group | +--------------------------------------+---+------------+--+------------+ | | | 2008 | | 2007 | +--------------------------------------+---+------------+--+------------+ | | | GBP | | GBP | +--------------------------------------+---+------------+--+------------+ | | | | | | +--------------------------------------+---+------------+--+------------+ | Wages and salaries | | 1,482,045 | | 1,224,323 | +--------------------------------------+---+------------+--+------------+ | Social security costs | | 381,553 | | 150,487 | +--------------------------------------+---+------------+--+------------+ | | | 1,863,598 | | 1,374,810 | +--------------------------------------+---+------------+--+------------+ | | | | | | +--------------------------------------+---+------------+--+------------+ | Number of employees | | 13 | | 12 | +--------------------------------------+---+------------+--+------------+ See note 21 for details of share based payments. Director emoluments +--------------------------------------+---+----------+--+-----------+ | | | Group | | Group | +--------------------------------------+---+----------+--+-----------+ | | | 2008 | | 2007 | +--------------------------------------+---+----------+--+-----------+ | | | GBP | | GBP | +--------------------------------------+---+----------+--+-----------+ | Aggregate emoluments (Directors' | | 462,641 | | 572,000 | | fees) | | | | | +--------------------------------------+---+----------+--+-----------+ The Company had five Directors at 31 December 2008 (2007: nine Directors) Bad debts +--------------------------------------+---+------------+--+-----------+--+------------+--+----------+ | | | Group | | Group | | Company | | Company | +--------------------------------------+---+------------+--+-----------+--+------------+--+----------+ | | | 2008 | | 2007 | | 2008 | | 2007 | +--------------------------------------+---+------------+--+-----------+--+------------+--+----------+ | | | GBP | | GBP | | GBP | | GBP | +--------------------------------------+---+------------+--+-----------+--+------------+--+----------+ | Bad debt expense | | 4,229,019 | | - | | 2,252,080 | | - | +--------------------------------------+---+------------+--+-----------+--+------------+--+----------+ 8 Net finance costs +--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+ | | | Group | | Group | | Company | | Company | +--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+ | | | 2008 | | 2007 | | 2008 | | 2007 | +--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+ | | | GBP | | GBP | | GBP | | GBP | +--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+ | Finance income | | | | | | | | | +--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+ | Interest received on bank deposits | | (2,247,272) | | (2,243,316) | | (968,896) | | (2,243,316) | +--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+ | | | | | | | | | | +--------------------------------------+---+-------------+--+-------------+--+-----------+--+-------------+ | Finance expense | | | | | | | | |
1 Year ACP Capital Chart |
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