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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 |
TIDMAPL RNS Number : 4954Z ACP Capital Limited 23 September 2009 ? ACP Capital Limited Interim results for the six month period ended 30 June 2009 ACP Capital Limited ("ACP" or the "Company"; AIM: APL) today announces its interim results for the six month period ended 30 June 2009. The group primarily comprises ACP along with its consolidated subsidiary, ACP Mezzanine ("ACPM"), of which ACP owns 54.37 percent of the issued equity (the "Group"). ACP's strategy continues to be to sell assets at appropriate prices and return the proceeds to shareholders. Financial highlights for the six months ended 30 June 2009: * Proceeds of GBP9.62 million generated from the sale of the Group's interests in GCI Automotive Holding, Iceland Foods Group and PFAFF Industrie Machinen * Cash distributions to shareholders totalling 6.25 pence per ACP share * Earnings per share of 1.80 pence * Net asset value per share as at 30 June 2009 of 52.0 pence * Consolidated cash and cash equivalents as at 30 June 2009 of GBP11.7 million * After the period end, the Group sold its participation in a loan agreement in George Mezz Limited for a cash consideration of GBP1.612 million representing a 23% premium to book value * Subsequent to the period end, Leasecom Group SAS repaid the financing provided to it of EUR9.03 million. Leasecom retains the rights, under agreed conditions, to draw up to EUR15 million under this facility For further information: Hugh Field / Bruce Garrow of Collins Stewart Europe Limited - Tel +44 (0) 207 523 8350 Tim McCall / Barnaby Fry of Hogarth Partnership - Tel +44 (0) 207 357 9477 www.acpcapital.com Letter from the Chairman Dear Shareholders The Group's NAV as of 30 June was 52.0p as compared with 58.7p this past December. The primary drivers of this change are cash distributions of 6.25p per share, the realisations at premiums to book value of three of our assets, asset write downs and a currency loss, primarily the result of the Euro weakening against Sterling. Close to half of the Group's GBP11.7 million cash position as at 30 June 2009 is required to cover ACPM's outstanding loan commitment to Leasecom. Although we believe that the Group's NAV is appropriate from an accounting perspective we do not consider that it is an appropriate liquidation metric for reasons I outlined in letters to shareholders in July in connection with the EGM held on 14 August 2009. Regarding our portfolio, the Group's largest investment remains the debt, preferred shares, and equity in the IFR Group. The Group owns four different tranches of IFR debt. The tranche "A" debt amortizes fully over seven years while the other tranches are interest-only with bullet payments at maturity, commencing approximately eight years from now. IFR has been performing adequately and has met its payment obligations on this debt. The preferred shares are accrual instruments and for 2009 interest will accrue to the Group at 27.5 percent with a step up to 37.5 percent commencing in mid December 2009. IFR has rights to determine when to repay these instruments (together with the accrued interest) while the Group has no right under ordinary circumstances to force repayment. IFR ordinary shares are very thinly traded with management and another shareholder now controlling approximately 74 percent of the outstanding equity. IFR has reported that both of its largest shareholders have been acquiring equity over the last six months. The Group's second largest investment is an advance to a subsidiary of Leasecom Group SAS ("Leasecom"), a privately held French computer leasing broker. Leasecom does not ordinarily retain the leases on its own balance sheet but sells them to third parties and as such has managed to date to largely weather the storm in the financial markets. ACP owns 45 percent of Leasecom's equity, while ACPM has a loan commitment facility to Leasecom of EUR15 million. Leasecom had drawn down EUR9 million under the facility and following the period end has repaid in full that amount, though the commitment facility remains until mid - 2012. The Group's remaining investments primarily comprise equity investments in Davenham, a small Manchester based speciality lender, and GCI, a small Munich based investment company, as well as various structured products. Both Davenham and GCI have seen large falls in their share prices over the last 12 months. This is understandable given Davenham's heavy exposure to UK property and GCI's investments in very small German companies. Whether this diminution in value is permanent or temporary remains to be seen. The Group's structured product investments at the period end were priced about the same as they were at the end of December 2008. Since the period end, we have seen a strengthening in structured product indicative pricing though actual transactions remain rare. Our strategy remains to control costs and sell assets opportunistically at fair value. Because we are mindful of the trust you have placed in us, we have no intention of selling any asset at anything less than what we believe it is worth with full consideration for the risk of the investment. Consequently patience will be required to ensure that you receive the right price for your investment. Respectfully yours, John D. Chapman Chairman 21 September 2009 Portfolio review At 30 June 2009, the Group's portfolio consisted of GBP117.1 million of non-cash investments (including investments shown as current assets).The portfolio comprises: +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | Asset | Value as at | | Value as at | | Value as at | | | 30.06.09 | | 30.06.08 | | 31.12.08 | | | | | (as restated) | | (as restated) | + +-----------------------------------------+ +-----------------+ +-----------------+ | | GBP m | | % of | | GBP m | % of | GBP m | % of | | | | | total | | | total | | total | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | | | | | | | | | | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | Investments measured at fair value through | | | | | | | | profit or loss: | | | | | | | +--------------------------------------------------------------------------+-------+--------+--------+-------+--------+--------+ | IFR senior facilities (Note 1) | 44.4 | 37.9% | | 59.2 | 27.3% | | 48.3 | 36.6% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | IFR Jersey preferred equity | 29.8 | 25.4% | | 40.3 | 18.6% | | 28.2 | 21.4% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | Leasecom equity | 17.0 | 14.5% | | 26.2 | 12.1% | | 19.1 | 14.5% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | IFR equity | 10.4 | 8.9% | | 24.0 | 11.1% | | 4.6 | 3.5% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | GCI Management AG equity | 2.9 | 2.5% | | 8.4 | 3.9% | | 3.6 | 2.7% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | Davenham equity | 1.4 | 1.2% | | 8.9 | 4.1% | | 0.8 | 0.6% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | GCI Automotive equity | - | 0.0% | | - | 0.0% | | 2.8 | 2.1% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | | 105.9 | 90.4% | | 167.0 | 77.1% | | 107.4 | 81.4% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | | | | | | | | | | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | Available-for-sale | | | | | | | | | | investments: | | | | | | | | | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | CLO's | 1.6 | 1.4% | | - | - | | 9.6 | 7.3% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | Other corporate loans | 1.2 | 1.0% | | - | - | | 7.7 | 5.8% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | Leasecom ABS loan | 7.7 | 6.6% | | - | - | | 5.6 | 4.2% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | CDO's | 0.5 | 0.4% | | - | - | | 1.4 | 1.1% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | RMBS | 0.2 | 0.2% | | - | - | | 0.3 | 0.2% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | | 11.2 | 9.6% | | - | 0.0% | | 24.6 | 18.6% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | | | | | | | | | | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | Investments classified as loans and | | | | | | | | | receivables: | | | | | | | | +-----------------------------------------------------------------+--------+-------+--------+--------+-------+--------+--------+ | CLO's | - | - | | 21.0 | 9.7% | | - | - | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | Other corporate loans | - | - | | 9.2 | 4.2% | | - | - | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | Leasecom ABS loan | - | - | | 3.4 | 1.6% | | - | - | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | PFAFF loan | - | - | | 7.1 | 3.3% | | - | - | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | CDO's | - | - | | 3.3 | 1.5% | | - | - | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | GCI Automotive equity | - | - | | 2.3 | 1.1% | | - | - | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | RMBS | - | - | | 3.3 | 1.5% | | - | - | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | | - | 0.0% | | 49.6 | 22.9% | | - | 0.0% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | | | | | | | | | | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | Total investments | 117.1 | 100.0% | | 216.6 | 100.0% | | 132.0 | 100.0% | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ | | | | | | | | | | +--------------------------------+--------------------------------+--------+-------+--------+--------+-------+--------+--------+ Note 1 - Value of IFR senior facilities have been restated in respect of the hedging agreement between ACP and IFR as described in Note 11. Group Statement of Comprehensive Income (Unaudited) for the period ended 30 June 2009 +-------------------------------+-------+----------------+-----------------+------------------+ | | | Six months ended | Year ended | +-------------------------------+-------+----------------------------------+------------------+ | | | 30 June | 30 June | 31 | | | | 2009 | 2008 | December | | | | | | 2008 | +-------------------------------+-------+----------------+-----------------+------------------+ | |Notes | Unaudited | Unaudited | Audited | | | | | (as | (as | | | | | restated-see | restated- | | | | | Note 11) | see Note | | | | | | 11) | +-------------------------------+-------+----------------+-----------------+------------------+ | | | GBP | GBP | GBP | +-------------------------------+-------+----------------+-----------------+------------------+ | Investment income | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Profit/(loss) on investments | | 4,256,756 | (23,725,976) | (88,481,490) | | at fair value through profit | | | | | | or loss | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Dividend and interest income | | 10,461,576 | 7,362,976 | 19,444,903 | +-------------------------------+-------+----------------+-----------------+------------------+ | Fees and other income | | 37,633 | 3,455,542 | 3,773,163 | +-------------------------------+-------+----------------+-----------------+------------------+ | Total investment income | | 14,755,965 | (12,907,458) | (65,263,424) | +-------------------------------+-------+----------------+-----------------+------------------+ | | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Exchange movements | | (259,011) | 10,589,662 | 6,215,010 | +-------------------------------+-------+----------------+-----------------+------------------+ | Impairment of loans and | | - | (9,887,298) | (9,412,455) | | receivables | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Impairment of | | (8,644,823) | - | (32,567,588) | | available-for-sale | | | | | | investments | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Profit on disposal of | | 1,637,222 | - | - | | available-for-sale | | | | | | investments | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Negative goodwill | | - | 1,127,177 | 1,127,177 | +-------------------------------+-------+----------------+-----------------+------------------+ | Equity-settled share-based | | - | (1,896,373) | (6,043,952) | | payments | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Other operating expenses | | (3,770,780) | (3,417,625) | (11,544,344) | +-------------------------------+-------+----------------+-----------------+------------------+ | Operating profit/(loss) | | 3,718,573 | (16,391,915) | (117,489,576) | +-------------------------------+-------+----------------+-----------------+------------------+ | Finance income | | 40,720 | - | 2,247,272 | +-------------------------------+-------+----------------+-----------------+------------------+ | Finance expense | | (708) | (668,514) | (6,903,054) | +-------------------------------+-------+----------------+-----------------+------------------+ | Profit/(loss) before tax | | 3,758,585 | (17,060,429) | (122,145,358) | +-------------------------------+-------+----------------+-----------------+------------------+ | Income taxes | | 8,537 | - | (109,659) | +-------------------------------+-------+----------------+-----------------+------------------+ | Profit/(loss) for the period | | 3,767,122 | (17,060,429) | (122,255,017) | +-------------------------------+-------+----------------+-----------------+------------------+ | | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Other comprehensive income | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Exchange differences on | | (8,148,863) | 162,963 | 23,868,679 | | translating foreign | | | | | | operations | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Total comprehensive loss for | | (4,381,741) | (16,897,466) | (98,386,338) | | the period | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Profit attributable to: | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Owners of the Company | | 3,757,271 | (17,414,359) | (102,266,138) | +-------------------------------+-------+----------------+-----------------+------------------+ | Non-controlling interest | | 9,851 | 353,930 | (19,988,879) | +-------------------------------+-------+----------------+-----------------+------------------+ | | | 3,767,122 | (17,060,429) | (122,255,017) | +-------------------------------+-------+----------------+-----------------+------------------+ | | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Total comprehensive income | | | | | | attributable to: | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Owners of the Company | | (879,137) | (17,629,428) | (89,309,978) | +-------------------------------+-------+----------------+-----------------+------------------+ | Non-controlling interest | | (3,502,604) | 731,962 | (9,076,360) | +-------------------------------+-------+----------------+-----------------+------------------+ | | | (4,381,741) | (16,897,466) | (98,386,338) | +-------------------------------+-------+----------------+-----------------+------------------+ | Earnings/(loss) per share | | | | | | attributable to the owners of | | | | | | the parent during the period | | | | | +-------------------------------+-------+----------------+-----------------+------------------+ | Basic and diluted | 5 | 1.80 | (8.77) | (50.40) | | | | pence | pence | pence | +-------------------------------+-------+----------------+-----------------+------------------+ Group Statement of Financial Position (Unaudited) as at 30 June 2009 +--------------------------------+-------+-----+-----------------+-----------------+-----------------+ | | | 30 June | 30 June | 31 | | | | 2009 | 2008 | December | | | | | | 2008 | +----------------------------------------+-----+-----------------+-----------------+-----------------+ | | Notes | Unaudited | Unaudited | Audited | | | | | (as | (as | | | | | restated- | restated- | | | | | see Note | see Note | | | | | 11) | 11) | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Assets | | GBP | GBP | GBP | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Non-current assets | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Investments measured at fair | 7 | 103,302,561 | 166,452,286 | 105,169,492 | | value through profit or loss | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Investments classified as | | - | 49,608,230 | - | | loans and receivables | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Available-for-sale investments | 8 | 11,118,569 | - | 24,585,894 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Property, plant and equipment | | - | 14,681 | - | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | | | 114,421,130 | 216,075,197 | 129,755,386 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Current assets | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Investments measured at fair | 7 | 2,646,291 | 537,991 | 2,228,496 | | value through profit or loss | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Trade and other receivables | | 6,931,826 | 6,398,107 | 5,105,434 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Cash and cash equivalents | | 11,687,890 | 88,347,308 | 20,621,092 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Total current assets | | 21,266,007 | 95,283,406 | 27,955,022 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Total assets | | 135,687,137 | 311,358,603 | 157,710,408 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Liabilities | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Non-current liabilities | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Loans and borrowings | | - | 53,138,639 | - | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Total non-current liabilities | | - | 53,138,639 | - | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Current liabilities | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Trade and other payables | | 926,783 | 4,386,339 | 2,519,643 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Current income tax payable | | 99,378 | 83,055 | 185,345 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Total current liabilities | | 1,026,161 | 4,469,394 | 2,704,988 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Total liabilities | | 1,026,161 | 57,608,033 | 2,704,988 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Net assets | | 134,660,976 | 253,750,570 | 155,005,420 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Equity and reserves | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Issued capital | 9 | 208,341 | 196,096 | 208,341 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Share premium | | 195,379,261 | 216,734,311 | 208,400,632 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Capital redemption reserve | | 3,435 | 3,435 | 3,435 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Translation reserve | | 8,319,752 | (215,069) | 12,956,160 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Retained earnings | | (95,590,656) | (17,905,685) | (99,347,927) | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Total equity attributable to | | 108,320,133 | 198,813,088 | 122,220,641 | | owners of the Company | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Non-controlling interest | | 26,340,843 | 54,937,482 | 32,784,779 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Total equity | | 134,660,976 | 253,750,570 | 155,005,420 | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | Net asset value per share | | 52.0 | 95.4 | 58.7 | | (pence) | | | | | +--------------------------------+-------------+-----------------+-----------------+-----------------+ | | | | | | +--------------------------------+-------+-----+-----------------+-----------------+-----------------+ The financial statements have been approved by the board on 21 September 2009, and were signed on its behalf by Mr. Stephen Coe. Group Statement of Changes in Equity (Unaudited) for the period ended 30 June 2009 +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | | Issued | Share | Capital |Translation | Retained |Shareholders' |Non-controlling | Total | | | capital | premium |redemption | of foreign | earnings | equity | interest | | | | | | reserve | operations | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | At 31 December | 199,531 | 216,734,311 | - | - | 16,216,521 | 233,150,363 | - | 233,150,363 | | 2007, as | | | | | | | | | | published | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Total | - | - | - | (215,069) | (17,414,359) | (17,629,428) | 731,962 | (16,897,466) | | comprehensive | | | | | | | | | | income for the | | | | | | | | | | period, as | | | | | | | | | | restated | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Buyback and | (3,435) | - | 3,435 | - | (2,881,330) | (2,881,330) | - | (2,881,330) | | cancellation of | | | | | | | | | | shares | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Non-controlling | - | - | - | - | - | - | 54,205,520 | 54,205,520 | | interest on | | | | | | | | | | acquisition of | | | | | | | | | | subsidiary | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Revaluation | - | - | - | - | (7,729,012) | (7,729,012) | - | (7,729,012) | | adjustment on | | | | | | | | | | gaining control | | | | | | | | | | of subsidiary | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Equity-settled | - | - | - | - | 2,585,410 | 2,585,410 | - | 2,585,410 | | share-based | | | | | | | | | | payments | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Shares acquired | - | - | - | - | (1,699,298) | (1,699,298) | - | (1,699,298) | | for Employee | | | | | | | | | | Share Awards | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Dividends paid | - | - | - | - | (6,983,617) | (6,983,617) | - | (6,983,617) | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | At 30 June | 196,096 | 216,734,311 | 3,435 | (215,069) | (17,905,685) | 198,813,088 | 54,937,482 | 253,750,570 | | 2008, as | | | | | | | | | | restated | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Total | - | - | - | 13,171,229 | (84,851,779) | (71,680,550) | (9,808,322) | (81,488,872) | | comprehensive | | | | | | | | | | income for the | | | | | | | | | | period, as | | | | | | | | | | restated | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Equity share | 12,245 | - | - | - | - | 12,245 | - | 12,245 | | options | | | | | | | | | | exercised | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Equity-settled | - | - | - | - | 3,458,542 | 3,458,542 | - | 3,458,542 | | share-based | | | | | | | | | | payments | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Shares acquired | - | - | - | - | (49,005) | (49,005) | - | (49,005) | | for Employee | | | | | | | | | | Share Awards | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Capital | - | (8,333,679) | - | - | - | (8,333,679) | - | (8,333,679) | | distribution | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Distributions | - | - | - | - | - | - | (12,344,381) | (12,344,381) | | to | | | | | | | | | | non-controlling | | | | | | | | | | interest | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | At 31 December | 208,341 | 208,400,632 | 3,435 | 12,956,160 | (99,347,927) | 122,220,641 | 32,784,779 | 155,005,420 | | 2008, as | | | | | | | | | | restated | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Total | - | - | - | (4,636,408) | 3,757,271 | (879,137) | (3,502,604) | (4,381,741) | | comprehensive | | | | | | | | | | income for the | | | | | | | | | | period | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Increase in | - | - | - | - | - | - | 374,936 | 374,936 | | shareholding in | | | | | | | | | | subsidiary | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Capital | - | (13,021,371) | - | - | - | (13,021,371) | - | (13,021,371) | | distribution | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | Distributions | - | - | - | - | - | - | (3,316,268) | (3,316,268) | | to | | | | | | | | | | non-controlling | | | | | | | | | | interest | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | At 30 June 2009 | 208,341 | 195,379,261 | 3,435 | 8,319,752 | (95,590,656) | 108,320,133 | 26,340,843 | 134,660,976 | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ | | | | | | | | | | +-----------------+----------+--------------+------------+-------------+--------------+---------------+-----------------+--------------+ Group Statement of Cash Flows (Unaudited) for the period ended 30 June 2009 +-------------------------------------------+-----------------+-----------------+------------------+ | | Six months ended | Year ended | +-------------------------------------------+-----------------------------------+------------------+ | | 30 June | 30 June | 31 December | | | 2009 | 2008 | 2008 | +-------------------------------------------+-----------------+-----------------+------------------+ | | Unaudited | Unaudited | Audited | | | | (as | (as | | | | restated- | restated- | | | | see Note | see Note | | | | 11) | 11) | +-------------------------------------------+-----------------+-----------------+------------------+ | | GBP | GBP | GBP | +-------------------------------------------+-----------------+-----------------+------------------+ | Cash flow from operating activities: | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Profit/(loss) for the financial period | 3,767,122 | (17,060,429) | (122,255,017) | +-------------------------------------------+-----------------+-----------------+------------------+ | Income tax expense | (8,537) | - | 109,659 | +-------------------------------------------+-----------------+-----------------+------------------+ | | 3,758,585 | (17,060,429) | (122,145,358) | +-------------------------------------------+-----------------+-----------------+------------------+ | Movement in fair value of investments | (4,256,756) | 23,725,976 | 88,481,490 | +-------------------------------------------+-----------------+-----------------+------------------+ | Negative goodwill | - | (1,127,177) | (1,127,177) | +-------------------------------------------+-----------------+-----------------+------------------+ | Finance income | (40,720) | - | (2,247,272) | +-------------------------------------------+-----------------+-----------------+------------------+ | Finance expense | 708 | 668,514 | 6,903,054 | +-------------------------------------------+-----------------+-----------------+------------------+ | Impairment of loans and receivables | - | 9,887,298 | 9,412,455 | +-------------------------------------------+-----------------+-----------------+------------------+ | Impairment of available-for-sale | 8,644,823 | - | 32,567,588 | | investments | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Loss on disposal of property, plant and | - | 12,552 | 17,785 | | equipment | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Profit on available-for-sale investments | (1,637,222) | - | - | +-------------------------------------------+-----------------+-----------------+------------------+ | Exchange rate differences | 259,011 | (10,589,662) | (6,215,011) | +-------------------------------------------+-----------------+-----------------+------------------+ | Equity-settled share-based payments | - | 1,896,373 | 6,043,952 | +-------------------------------------------+-----------------+-----------------+------------------+ | Changes in working capital: | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Decrease/(increase) in trade and other | (1,826,392) | (3,045,498) | (1,455,018) | | receivables | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | (Decrease)/increase in trade and other | (1,592,860) | 368,671 | (1,108,880) | | payables | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Capitalised accrued interest | (2,010,938) | - | - | +-------------------------------------------+-----------------+-----------------+------------------+ | New lending/investment | (2,699,876) | (7,986,836) | (10,257,026) | +-------------------------------------------+-----------------+-----------------+------------------+ | Sale/repayment of investments | 10,310,888 | 3,062,277 | 3,306,860 | +-------------------------------------------+-----------------+-----------------+------------------+ | Net cash flow from operations | 8,909,251 | (187,941) | 2,177,442 | +-------------------------------------------+-----------------+-----------------+------------------+ | | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Cash flow from investing activities | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Payment of tax | (77,430) | - | - | +-------------------------------------------+-----------------+-----------------+------------------+ | Acquisition of subsidiary net of cash | - | 32,938,914 | 32,938,915 | | acquired | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Net cash flow from investing activities | (77,430) | 32,938,914 | 32,938,915 | +-------------------------------------------+-----------------+-----------------+------------------+ | | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Cash flow from financing activities | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Options exercised | - | - | 12,245 | +-------------------------------------------+-----------------+-----------------+------------------+ | Buyback of own shares | - | (2,881,330) | (4,635,581) | +-------------------------------------------+-----------------+-----------------+------------------+ | Repayment of financing | - | (1,058,270) | (56,092,802) | +-------------------------------------------+-----------------+-----------------+------------------+ | Interest paid and other related financing | (708) | (668,514) | (7,904,639) | | costs | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | New bank loans raised | - | 2,522,168 | 5,036,081 | +-------------------------------------------+-----------------+-----------------+------------------+ | Bank interest received | 40,720 | - | 2,268,559 | +-------------------------------------------+-----------------+-----------------+------------------+ | Distributions paid to non-controlling | (3,316,268) | - | (12,344,382) | | interest | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Distributions paid to shareholders of the | (13,021,371) | (6,983,617) | (15,317,296) | | Company | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | | | - | | +-------------------------------------------+-----------------+-----------------+------------------+ | Net cash flow from financing activities | (16,297,627) | (9,069,563) | (88,977,815) | +-------------------------------------------+-----------------+-----------------+------------------+ | | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Effects of exchange rate changes on cash | (1,467,396) | 4,809,939 | 14,626,591 | | and cash equivalents | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Net (decrease)/increase in cash and cash | (8,933,202) | 28,491,349 | (39,234,867) | | equivalents | | | | +-------------------------------------------+-----------------+-----------------+------------------+ | Opening cash and cash equivalents | 20,621,092 | 59,855,959 | 59,855,959 | +-------------------------------------------+-----------------+-----------------+------------------+ | Closing cash and cash equivalents | 11,687,890 | 88,347,308 | 20,621,092 | +-------------------------------------------+-----------------+-----------------+------------------+ | | | | | +-------------------------------------------+-----------------+-----------------+------------------+ Notes to the Unaudited Interim Financial Statements for the period ended 30 June 2009 1General information The Company was incorporated on 30 August 2005 and registered in Jersey under registration number 91066. The Company's shares were admitted to trading on the AIM Market on 6 January 2006. At an EGM held on 17 July 2008, the Company announced that it would seek to dispose of assets on an orderly basis and return the proceeds to shareholders by way of distributions. 2 Basis of preparation The unaudited interim financial statements have been prepared on the basis of the accounting policies set out in note 3. The interim financial statements and the comparative information for the periods ended 30 June 2008 and 31 December 2008 do not constitute statutory financial statements within the meaning of the Companies (Jersey) Law 1991. The Report and Financial Statements for the period ended 31 December 2008 have been filed appropriately and contained an unqualified audit report and the audit report did not contain any statement of matters that needed to be brought to the attention of the members. The 2008 comparatives have been restated for a prior year adjustment as explained in note 11. The interim financial statements were authorised for issue by the Directors on 21 September 2009. 3Accounting policies Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2008, as described in those annual financial statements. The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2009. i. IAS 1 (revised), 'Presentation of financial statements'. The revised standard prohibits the presentation of items of income and expenses (that is 'non-owner changes in equity') in the statement of changes in equity, requiring 'non-owner changes in equity' to be presented separately from owner changes in equity. All 'non-owner changes in equity' are required to be shown in a performance statement. Entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income). The Group has elected to present one statement: a statement of comprehensive income. The interim financial statements have been prepared under the revised disclosure requirements. ii. IFRS7 (amendment), 'Financial instruments: Disclosures'. This amendment requires the analysis of each class of financial asset and financial liability, into a three level fair value measurement hierarchy. It requires additional disclosures in respect of those financial instruments classified as Level Three (namely those that are measured using a valuation technique which uses inputs that are not based on observable market data). It also implements some changes to the definition of, and disclosures associated with, liquidity risk. This standard will lead to a change in disclosures relating primarily to the Group's investments in the 31 December 2009 financial statements. Notes to the Unaudited Interim Financial Statements for the period ended 30 June 2009 (Continued) 3Accounting policies (continued) The following new standards, amendments to standards and interpretations are mandatory for the first time for the financial year beginning 1 January 2009, but are not currently relevant for the Group. * IFRS 8, 'Operating segments'. * IFRIC 13, 'Customer loyalty programmes'. * IFRIC 15, 'Agreements for the construction of real estate'. * IFRIC 16, 'Hedges of a net investment in a foreign operation'. * IAS 39 (amendment), 'Financial instruments: Recognition and measurement'. * IAS 32 & IAS 1, 'Puttable Financial Instruments and Obligations Arising on Acquisition'. * IFRS 1 & IAS 27, 'Cost of an Investment in a Subsidiary, Jointly-Controlled Entity or Associate'. * Amendment to IFRS 2, 'Share Based payments: Vesting Conditions and Cancellations'. The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial year beginning 1 January 2009 and have not been adopted early: i.IFRS 3 (revised), 'Business combinations and consequential amendments to IAS 27, 'Consolidated and separate financial statements, IAS 28, 'Investments in associates and IAS 31, 'Interests in joint ventures, effective prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009. Management is assessing the impact of the new requirements regarding acquisition accounting, consolidation and associates on the Group. The Group does not have any joint ventures. ii.The revised standard continues to apply the acquisition method to business combinations, with some significant changes. For example, all payments to purchase a business are to be recorded at fair value at the acquisition date, with contingent payments classified as debt subsequently re-measured through the statement of comprehensive income. There is a choice on an acquisition-by-acquisition basis to measure the minority interest in the acquire either at fair value or at the minority interests proportionate share of the acquirees net assets. All acquisition-related costs should be expensed. The Group will apply IFRS 3 (revised) to all business combinations from 1 January 2010, subject to endorsement by the EU. iii.IFRIC 17, 'Distributions of non-cash assets to owners, effective for annual periods beginning on or after 1 July 2009. This is not currently applicable to the group, as it has not made any non-cash distributions. iv.IFRIC 18, 'Transfers of assets from customers, effective for transfers of assets received on or after 1 July 2009. This is not relevant to the group, as it has not received any assets from customers. v. IAS 27, 'Consolidated and Separate Financial Statements (effective for accounting periods beginning on or after 1 July 2009). Notes to the Unaudited Interim Financial Statements for the period ended 30 June 2009 (Continued) 4Taxation The income tax charge represents UK corporation tax at a standard rate of 30 percent chargeable on the profits arising in ACP Capital (UK) Limited, the controlling partner of the Group's adviser, ACP Capital UK LLP. With effect from the 2009 year of assessment, Jersey abolished the exempt company regime for existing companies. Profits arising in the Group for the 2009 year of assessment and future periods will be subject to tax at the rate of 0%. In the prior year the Group was exempt from taxation under the provisions of Article 123A of the Income Tax (Jersey) Law 1961 as amended. 5Earnings per share The calculation of the basic earnings and diluted earnings per share attributable to the owners of the Company is based on the following data: +--------------------------------+--+---------------+--+-----------------+--+------------------+ | | | Six months ended | | Year ended | +--------------------------------+--+------------------------------------+--+------------------+ | | | 30 June | | 30 June | | 31 December | | | | 2009 | | 2008 | | 2008 | +--------------------------------+--+---------------+--+-----------------+--+------------------+ | | | Unaudited | | Unaudited | | Audited | | | | | | (as | | (as | | | | | | restated- | | restated- | | | | | | see Note | | see Note | | | | | | 11) | | 11) | +--------------------------------+--+---------------+--+-----------------+--+------------------+ | | | GBP | | GBP | | GBP | +--------------------------------+--+---------------+--+-----------------+--+------------------+ | Profit/(loss) for the purposes | | 3,757,271 | | (17,414,359) | | (102,266,138) | | of basic earnings per share | | | | | | | | being profit attributable to | | | | | | | | owners of the Company | | | | | | | +--------------------------------+--+---------------+--+-----------------+--+------------------+ | | | | | | | | +--------------------------------+--+---------------+--+-----------------+--+------------------+ | Number of shares | | | | | | | +--------------------------------+--+---------------+--+-----------------+--+------------------+ | Weighted average number of | | | | 198,529,632 | | 202,905,796 | | ordinary shares for the | | 208,341,941 | | | | | | purposes of basic earnings per | | | | | | | | share | | | | | | | +--------------------------------+--+---------------+--+-----------------+--+------------------+ | Effect of dilutive potential | | | | | | | | ordinary shares | | | | | | | +--------------------------------+--+---------------+--+-----------------+--+------------------+ | Share options | | - | | - | | - | +--------------------------------+--+---------------+--+-----------------+--+------------------+ | | | | | | | | +--------------------------------+--+---------------+--+-----------------+--+------------------+ | Weighted average number of | | | | 198,529,632 | | 202,905,796 | | ordinary shares for the | | 208,341,941 | | | | | | purposes of diluted earnings | | | | | | | | per share | | | | | | | +--------------------------------+--+---------------+--+-----------------+--+------------------+ 6Segment reporting The Group operates only one business and in one geographical segment. Accordingly, no additional segment analysis is disclosed. Notes to the Unaudited Interim Financial Statements for the period ended 30 June 2009 (Continued) 7Investments measured at fair value through profit or loss +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | | | Six months ended | | Year ended | +--------------------------------+--+--------------------------------------+--+-----------------+ | | | 30 June | | 30 June | | 31 | | | | 2009 | | 2008 | | December | | | | | | | | 2008 | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | | | GBP | | GBP | | GBP | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | Opening balance | | 107,397,988 | | 164,938,048 | | 164,938,048 | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | Additions | | - | | 7,216,647 | | 8,498,225 | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | Interest income accrued | | 2,010,938 | | - | | 199,966 | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | Fair value of investments of | | - | | 46,600,479 | | 46,600,479 | | subsidiary on acquisition | | | | | | | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | Write back of brought forward | | - | | (31,054,816) | | (31,054,816) | | parent company investment in | | | | | | | | subsidiary on acquisition | | | | | | | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | Disposals | | (3,448,665) | | - | | (3,306,858) | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | Movement in fair value of | | (11,409) | | (20,710,081) | | (78,477,056) | | investments | | | | | | | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | Closing balance | | 105,948,852 | | 166,990,277 | | 107,397,988 | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | | | | | | | | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | | | | | | | | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | Disclosed in current assets | | 2,646,291 | | 537,991 | | 2,228,496 | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | Disclosed in non-current | | 103,302,561 | | 166,452,286 | | 105,169,492 | | assets | | | | | | | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | | | 105,948,852 | | 166,990,277 | | 107,397,988 | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ | | | | | | | | +--------------------------------+--+-----------------+--+-----------------+--+-----------------+ The opening balances and movement in fair value of investments for the period ended 30 June 2008 and 31 December 2008 have been restated as described in note 11. 8Available-for-sale investments +--------------------------------+--+----------------+--+-----------+--+-----------------+ | | | Six months ended | | Year ended | +--------------------------------+--+-------------------------------+--+-----------------+ | | | 30 June | | 30 June | | 31 | | | | 2009 | | 2008 | | December | | | | | | | | 2008 | +--------------------------------+--+----------------+--+-----------+--+-----------------+ | | | GBP | | GBP | | GBP | +--------------------------------+--+----------------+--+-----------+--+-----------------+ | Opening balance | | 24,585,894 | | - | | - | +--------------------------------+--+----------------+--+-----------+--+-----------------+ | Transfer from loans and | | - | | - | | 47,416,660 | | receivables | | | | | | | +--------------------------------+--+----------------+--+-----------+--+-----------------+ | Additions | | 2,699,875 | | - | | 1,520,190 | +--------------------------------+--+----------------+--+-----------+--+-----------------+ | Disposals | | (5,225,000) | | - | | 38,644 | +--------------------------------+--+----------------+--+-----------+--+-----------------+ | Impairment of | | (8,644,823) | | - | | (32,567,588) | | available-for-sale investments | | | | | | | +--------------------------------+--+----------------+--+-----------+--+-----------------+ | Exchange differences on | (2,297,377) | | - | | 8,177,988 | | translating foreign operations | | | | | | +-----------------------------------+----------------+--+-----------+--+-----------------+ | Closing balance | | 11,118,569 | | - | | 24,585,894 | +--------------------------------+--+----------------+--+-----------+--+-----------------+ | | | | | | | | +--------------------------------+--+----------------+--+-----------+--+-----------------+ Notes to the Unaudited Interim Financial Statements for the period ended 30 June 2009 (Continued) 9Share capital +----------+----+----------------+-----------------+--+-------------+ | | | | No. | | GBP | +----------+----+----------------+-----------------+--+-------------+ | | | | | | | +----------+----+----------------+-----------------+--+-------------+ | Authorised ordinary shares of | | | 350,000 | | 0.1 pence | 350,000,000 | | | +--------------------------------+-----------------+--+-------------+ | | | | | | | +----------+----+----------------+-----------------+--+-------------+ | | | | | | | +----------+----+----------------+-----------------+--+-------------+ | Issued and fully paid ordinary | | | | | shares of 0.1 pence | | | | +--------------------------------+-----------------+--+-------------+ | | | | | | | +----------+----+----------------+-----------------+--+-------------+ | As at 1 | | 199,531,941 | | 199,531 | | January 2008 | | | | | +---------------+----------------+-----------------+--+-------------+ | | | | | | | +----------+----+----------------+-----------------+--+-------------+ | Buyback of | | (3,435,000) | | (3,435) | | shares | | | | | +---------------+----------------+-----------------+--+-------------+ | | | | | | | +----------+----+----------------+-----------------+--+-------------+ | As at 30 June | | 196,096,941 | | 196,096 | | 2008 | | | | | +---------------+----------------+-----------------+--+-------------+ | | | | | | | +----------+----+----------------+-----------------+--+-------------+ | Share options exercised | 12,245,000 | | 12,245 | +--------------------------------+-----------------+--+-------------+ | | | | | | | +----------+----+----------------+-----------------+--+-------------+ | As at 31 December 2008 and 30 | 208,341,941 | | 208,341 | | June 2009 | | | | +----------+----+----------------+-----------------+--+-------------+ 10Dividend +--------------------------------+--+------------+--+--------------+--+-------------+ | | | Dividend | | Capital | | Per share | | | | | |distribution | | equivalent | +--------------------------------+--+------------+--+--------------+--+-------------+ | | | GBP | | GBP | | pence | +--------------------------------+--+------------+--+--------------+--+-------------+ | | | | | | | | +--------------------------------+--+------------+--+--------------+--+-------------+ | Year ended 31 December 2007 - | | 6,983,617 | | - | | 3.50 | | paid March 2008 | | | | | | | +--------------------------------+--+------------+--+--------------+--+-------------+ | Paid December 2008 | | - | | 8,333,679 | | 4.00 | +--------------------------------+--+------------+--+--------------+--+-------------+ | Paid March 2009 | | - | | 9,375,387 | | 4.50 | +--------------------------------+--+------------+--+--------------+--+-------------+ | Paid May 2009 | | - | | 3,645,984 | | 1.75 | +--------------------------------+--+------------+--+--------------+--+-------------+ 11Prior year adjustment The prior year adjustment relates to a hedging agreement (the "Agreement") between ACP and IFR Capital Plc ("IFR") underwhich ACP's (but not
ACPM's) Euro denominated investment in IFR's senior debt (the "Senior Facilities") was fixedinto Sterling by reference to the
Euro-Sterling exchange rate on 20 December 2007. The effect of the Agreement is that to theextent that ACP makes foreign exchange gains or losses
on the Senior Facilities then ACP is due to pay such gain to, or receive such loss from, IFR on the date that ACP 's total debt commitments to IFR are reduced to zero. The Group's financial statements as at 30 June 2008 and 31 December 2008 did not reflect this Agreement, and treated the debt as a foreign denominated monetary asset. Accordingly, in prior periods the Group has incorrectly recognised gains and losses on the translation of these loans at the balance sheet dates. Notes to the Unaudited Interim Financial Statements for the period ended 30 June 2009 (Continued) 11Prior year adjustment - continued The effect that this has had on the previously published financial statements is: +-----------------------------------------+----------------+---------------+ | | Year ended | Six months | | | 31 December | ended | | | 2008 | 30 June 2008 | +-----------------------------------------+----------------+---------------+ | | GBP | GBP | +-----------------------------------------+----------------+---------------+ | Income statement | 8,574,017 | 3,205,924 | | Increase in losses on investments at | | | | fair value through profit or loss and | | | | Group loss attributable to owners of | | | | the Company | | | +-----------------------------------------+----------------+---------------+ | Balance sheet | 8,574,017 | 3,205,924 | | Reduction in asset value for | | | | investments measured at fair value | | | | through profit or loss and Group net | | | | assets (excluding non-controlling | | | | interest) | | | | | | | +-----------------------------------------+----------------+---------------+ | Earnings per share | 4.28 pence | 1.68 pence | | Basic (increase in loss per share) | 4.26 pence | 1.66 pence | | Diluted (increase in loss per share) | | | +-----------------------------------------+----------------+---------------+ 12 Litigation On 26 May 2009 the Company announced that IFR has served it with a summons and order of justice alleging that the Company (i) failed to perform its obligations under an Advisory Services Agreement dated 8 November 2006 and (ii) breached alleged fiduciary duties ancillary to that agreement. The action relates to events which occurred between November 2006 and March 2008 and seeks damages of an unspecified amount in excess of EUR28 million, which allegedly continue to accrue at a daily rate of approximately EUR50,000. The action is pending in the Royal Court of Jersey. The Company intends to defend the action vigorously. 13 Post balance sheet events The Company sold its GBP3.750 million participation in a loan agreement in George Mezz Limited for a cash consideration of GBP1.612 million. The sale price represented a 23% premium to book value as at 30 June 2009. 14 Commitments On 11 June 2008, ACP Mezzanine Limited ("ACPM"), a subsidiary of the Company, made a commitment to a subsidiary of Leasecom Group SAS to provide financing of up to EUR15 million until mid 2012. As at 30 June 2009, ACPM had advanced EUR9.03 million under this commitment. Directors and Advisors Directors: Mr. John Chapman Mr. Stephen Coe Mr. Antony Gardner-Hillman Mr. James Lowenstein Mr. Patrick McCann Registered Office: 22-24 Seale Street St Helier, Jersey, JE2 3QG Channel Islands Secretary: SJ Secretaries Limited 22-24 Seale Street St Helier, Jersey, JE2 3QG Channel Islands Registrars: Computershare Investor Services (Channel Islands) Limited Ordnance House 31 Pier Road St Helier, Jersey, JE4 8PW Channel Islands Bankers: Deutsche Bank International Limited PO Box 727 St Paul's Gate New Street St Helier, Jersey, JE4 8ZB Channel Islands Royal Bank of Scotland International Royal Bank House 71 Bath Street St Helier, Jersey, JE4 8PJ Channel Islands Nominated Adviser and Broker: Collins Stewart Europe Limited 9th Floor 88 Wood Street London, EC2V 7QR Auditor: BDO Stoy Hayward LLP 55 Baker Street London, W1U 7EU Legal Advisers: Travers Smith LLP 10 Snow Hill London, EC1A 2AL Ozannes PO Box 733 29 Esplanade St Helier, Jersey, JE4 0ZS Channel Islands This information is provided by RNS The company news service from the London Stock Exchange END IR FGGZLVZRGLZM
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