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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 |
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ACP Capital Limited
17 September 2007
17 September 2007
ACP Capital Limited
Preliminary interim results for the period ending 30 June 2007
ACP Capital results for the Period are in line with full year trading
expectations
ACP Capital ("ACP Capital" or the "Company"; AIM: APL), a Jersey-incorporated
niche integrated finance and asset management company, today announces its
interim results for the six month period ended 30 June 2007 (The "Period").
Financial Highlights
* Total revenue of #8.4 million.
* Net profit of #6.5 million
* Diluted earnings per share of 4.29p
* NAV of #1.19 per share
* Total dividend target of 3 pence per share as stated in its Secondary
Placing Document dated 20 March 2007 remains the objective
Please refer to Appendix A for a full description of ACP Capital's interim
results.
Derek Vago, Chief Executive Officer said:
"ACP Capital has made strong progress in the period and we believe we remain on
track to becoming a leading integrated finance provider to the SME market in
Europe.
The #150m capital raise in March was designed primarily to assist the Company in
implementing its expansion into its key markets through investments in localised
finance companies such as Leasecom in France and GCI in Germany, which in turn
would enable the Company significantly to increase its origination in its core
markets.
We, therefore, continue to focus on developing and positioning the Company to
become a combined merchant bank and asset manager for the small to mid-cap
sector across continental Europe and the UK.
Furthermore, the Company and ACP Mezzanine are performing in line with our
expectations and have no distressed assets, no exposure to the US sub-prime
market, minimal exposure to the UK mortgage market and no short-term funding
risks.
We note that continued difficult market conditions may impede growth in the
short term given our ongoing requirements for expansionary capital, though we
believe the current market conditions will only strengthen the opportunity/
sectors that ACP Capital focuses on in the long-term."
For further information please contact:
Investor Relations:
Rob Bailhache +44 (0) 207 269 7200
Nick Henderson + 44 (0) 207 269 7114
ACP Capital:
Derek Vago - +44 (0) 84 4800 4530
Website:
www.acpcapital.com
Analyst Presentation:
There will be an analyst presentation to discuss the results at 9.30am on 17
September 2007 at The Brewery, Chiswell Street, London, EC1Y 4SD.
Those analysts wishing to attend are asked to contact Rob Bailhache / Nick
Henderson at Financial Dynamics on +44 20 7269 7200 / +44 20 7269 7114 or at
robert.bailhache@fd.com / nick.henderson@fd.com.
About the Company:
ACP Capital is a Jersey-incorporated niche integrated finance and asset
management company whose shares were admitted to trading on AIM in January 2006.
The Company's strategy is to operate as a combined hybrid merchant bank and
asset manager through an integrated finance approach whereby ACP Capital will
provide funding across the capital structure (senior debt, mezzanine debt and
equity) in the SME sector, thus procuring a flow of assets for its various
managed vehicles, in which it has raised 3rd party capital.
In order to augment origination, the Company may form joint ventures with or
even invest in companies who are active in the markets that ACP Capital
specialises in. These include, for example, mortgage/leasing origination
platforms, specialist debt arrangers and alternative asset managers.
Independent Review Report
Introduction
We have been instructed by ACP Capital Limited to review the financial
information for the six months ended 30 June 2007 which comprises the
Consolidated Income Statement, Consolidated Balance Sheet, Consolidated Cash
Flow Statement, Consolidated Statement of Changes in Shareholders' Equity and
the related notes 1 to 9. We have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.
This report is made solely to the Company in accordance with guidance contained
in Bulletin 1999/4 " Review of interim financial information" issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company, for our work,
for this report, or for the conclusions we have formed.
Directors' Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The AIM Rules
of the London Stock Exchange require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preceding annual accounts except where any changes, and the reasons
for them, are disclosed.
Review Work Performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
"Review of interim financial information" issued by the Auditing Practices
Board. A review consists principally of making enquiries of group management
and applying analytical procedures to the financial information and underlying
financial data and based thereon, assessing whether the accounting policies and
presentation have been consistently applied unless otherwise disclosed. A
review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope than an
audit performed in accordance with International Standards on Auditing (UK and
Ireland) and therefore provides a lower level of assurance than an audit.
Accordingly, we do not express an audit opinion on the financial information.
Review Conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2007.
Kingston Smith LLP
Chartered Accountants
Devonshire House
60, Goswell Road
London
EC1M 7AD
Dated: 16 September 2007
Consolidated Income Statement (Unaudited)
For the period ended 30 June 2007
6 months ended 6 months Period from
30 June 2007 ended 30 June 30 August
2006 2005 to 31
December 2006
Unaudited Unaudited Audited
# # #
Revenue
Increase in fair value of investments 3,472,814 12,077,832 15,771,223
Interest and dividend income 3,306,932 1,023,040 2,234,929
Fees receivable 2,017,511 342,615 1,798,883
Exchange movements (348,874) 150,286 (804,686)
8,448,384 13,593,773 19,000,349
Interest payable and other related (14,644) - -
financing costs
Equity-settled share-based payments (512,253) (2,138,794) (2,369,867)
Other expenses (1,327,185) (535,774) (1,553,746)
Profit before tax 6,594,302 10,919,205 15,076,736
Income taxes 3 (57,022) - (69,061)
Profit for the period attributable to the 6,537,280 10,919,205 15,007,675
equity shareholders
Earnings per share
Basic 4 4.44p 17.0p 22.92p
Diluted 4 4.29p 16.6p 21.50p
All activities relate to continuing
operations
There are no recognised gains and losses
other than the profit for the period stated
above. Accordingly, a separate consolidated
statement of recognised income and expense
is not presented in these financial
statements.
Consolidated Balance Sheet (Unaudited)
As at 30 June 2007
30 June 30 June 2006 31 December
2007 2006
Unaudited Unaudited Audited
# # #
Assets
Non-current assets
Investments
Equity investments at fair value 102,920,354 14,350,957 62,281,436
through profit and loss account
Loans and receivables 15,594,569 6,396,793 13,588,149
118,514,923 20,747,750 75,869,585
Property, plant and equipment 13,684 22,804 24,787
Trade and other receivables 100,000 - -
Total non-current assets 118,628,607 20,770,554 75,894,372
Current assets
Available for sale financial - 22,950,268 -
assets
Trade and other receivables 1,707,018 511,360 677,759
Cash and cash equivalents 127,723,421 23,799,977 10,769,468
Total current assets 129,430,439 47,261,605 11,447,227
Total assets 248,059,046 68,032,159 87,341,599
Liabilities
Non Current liabilities
Loans and borrowings 8,833,594 - -
Total non current liabilities 8,833,594 - -
Current liabilities
Trade and other payables 1,586,631 302,023 540,495
Current income tax payable 126,083 - 69,061
Total current liabilities 1,712,714 302,023 609,556
Total liabilities 10,546,308 302,023 609,556
Net Assets 237,512,738 67,730,136 86,732,043
Equity & Reserves
Issued share capital 199,531 64,194 77,237
Share premium 216,734,311 54,744,437 69,231,328
Share-based payment reserve 962,107 2,002,300 2,415,803
Retained earnings 19,616,789 10,919,205 15,007,675
Equity Shareholders' funds 237,512,738 67,730,136 86,732,043
Net Asset Value per share 1.19 1.05 1.12
Mr. D Vago Mr. E Youngblood
Chief Executive Officer Chief Financial Officer
Consolidated Statement of Changes in Shareholder's Equity (Unaudited)
For the Period ended 30 June 2007
6 months ended 6 months Period from
30 June 2007 ended 30 June 30 August
2006 2005 to 31
December 2006
Profit for the period 6,537,280 10,919,205 15,007,675
Equity dividends paid (1,994,654) - -
Shares issued in the period 145,725,816 54,808,631 69,308,565
Share-based payments 512,253 2,002,300 2,415,803
Movement in shareholders' equity in the period 150,780,695 67,730,136 86,732,043
Shareholders' equity at start of period 86,732,043 -
-
Shareholders' equity at end of period 237,512,738 67,730,136 86,732,043
Consolidated Cash Flow Statement (Unaudited)
For the period ended 30 June 2007
6 months ended 6 months ended Period from 30
30 June 2007 30 June 2006 August 2005 to
31 December
2006
Unaudited Unaudited Audited
# # #
Cash flow from operating activities
Purchase of investments (51,642,906) (31,547,125) (86,585,723)
Repayments of loan capital 12,866,175 - 26,246,652
Investment income 3,702,227 949,978 1,672,110
Fees received 1,236,675 - 1,140,576
Operating expenses (1,337,922) (388,703) (1,360,322)
Net cash outflow from operations (35,175,750) (30,985,850) (58,886,707)
Cash flow from financing activities
Proceeds from issues of share capital 150,000,000 57,097,009 72,097,009
Amounts received from employees in - - 334,983
respect of shares to be issued
Costs of issues of share capital (4,709,167) (2,288,378) (2,742,508)
Drawdown of loan 8,833,594 - -
Dividends paid (1,994,681) - -
- -
Net cash inflow from financing 152,129,747 54,808,631 69,689,484
activities
Cash flow from investment activities
Purchase of property, plant and - (22,804) (33,309)
equipment
Net cash outflow from investing - (22,804) (33,309)
activities
Net increase in cash and cash 116,953,953 23,799,977 10,769,468
equivalents
Cash and cash equivalents at start of 10,769,468 - -
period
Cash and cash equivalents at end of 127,723,421 23,799,977 10,769,468
period
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2007
1 General Information
ACP Capital Limited (the "Company") and its subsidiaries (together "the Group")
is a company incorporated on 30 August 2005 and registered in Jersey under
registration number 91066. The Company's shares were admitted to trading on AIM
on 6 January 2006. The Company and its subsidiaries carry on business as
investment holding and management companies.
2 Basis of preparation
The unaudited interim financial statements have been prepared on the basis of
the accounting policies set out in the Group's Report and Financial Statements
for the period ended 31 December 2006.The interim financial statements comply
with IAS 34 "Interim Financial reporting". The interim financial statements and
the comparative information for the periods ended 30 June 2006 and 31 December
2006 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 2006 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 interim financial statements were authorised for issue by the Directors on
16 September 2007
3 Taxation
The income tax charge represents UK Corporation tax charged at standard rate of
30% on the Group's share of profits arising in ACP Capital (UK) LLP, a limited
partnership in which the subsidiary, ACP Capital (UK) Limited, is the
controlling partner. The company and a number of the subsidiaries are registered
in Jersey as exempt companies and are, therefore, not liable to Jersey income
tax on profits derived outside Jersey. Confirmation has been obtained from the
Comptroller of Income Tax in Jersey that, by concession, the companies will be
liable to tax in Jersey only in respect of income, other than bank interest
income, arising in Jersey. During the period no income, other than bank interest
income, arose in Jersey. The subsidiaries resident in Cyprus had no income
subject to Cyprus company taxes in the period.
4 Earnings per share
6 months to 6 months to Period from
30 June 2007 30 June 2006 30 August
2005 to 31
December 2006
The calculation of the basic earnings and diluted
earnings per share attributable to the equity
shareholders of the Company is based on the following data:
# # #
Earnings
Earnings for the purposes of basic earnings per
share being profit attributable to equity
shareholders
of the Company 6,537,280 10,919,205 15,007,675
Number of shares
Weighted average number of ordinary shares 147,108,737 64,194,018 65,479,704
for the purposes of basic earnings per share
Effect of dilutive
potential ordinary shares
Share options 5,109,838 1,450,272 4,313,953
Weighted average number of ordinary shares for 152,218,575 65,644,290 69,793,657
the purposes of diluted earnings per share
5 Segment Reporting
The group operates only one business and geographical segment. Accordingly, no
additional segment analysis is disclosed.
6 Dividend
A dividend in respect of the period ended 31 December 2006 of 3 pence per share,
amounting to a total dividend of #1,994,654 was paid in the period.
7 Share Issues
On 12 February 2007, 200,000 ordinary shares of 0.1p were issued at a price of
50p per share to Mr E Youngblood, for total proceeds of #100,000
On 20 March 2007, 120,000,000 ordinary shares of 0.1p were issued at a price of
125p each in an equity placing, for total proceeds of #150,000,000 before
placing costs.
On 20 March 2007, 2,094,444 ordinary shares of 0.1p were issued under the ACP
Capital Employee Share Award Plan. The amount paid by employees in respect of
these shares was #334,983
8 Related Party Transactions
During the period, ACP Investment Management Limited, a subsidiary company,
provided investment management services to ACP Mezzanine Limited, a company in
which ACP Capital Limited holds a share interest of 46%.The fees earned from
those services amounted to #590,290
Under the provisions of a service agreement, the group has provided a loan of
#100,000 to Mr E Youngblood to enable the purchase of 200,000 ordinary shares of
0.1p in the company at a price of 50p each. The loan is not repayable until
February 2009 and is subject to interest at Libor rate + 1%
9 Post Balance Sheet Event
On 30 May 2007, the Company entered into a commitment to provide Euro142 million
finance for the acquisition of Homann Chilled Food Gmbh by IFR Capital plc. The
funding was completed on 3 July 2007 from bank facilities available to the
Company. The Euro142 million advanced will be accounted for as an investment held
at fair value through profit or loss by the Company.
Subsequent to 30 June 2007, the company acquired a 45% stake in Leasecom Group
SAS for approximately #22 million in cash. (Euro33 million)
Appendix - The content of investor presentation
Slide 1: Front page
Slide 2: Disclaimer
* The information contained in these slides and this presentation is
being supplied to you by ACP Capital Limited ("ACP Capital" or the "Company")
solely for your information and may not be reproduced or redistributed in whole
or in part to any other person. The information in this document may be
incomplete and is subject to updating, completion, revision, verification and
amendment. In particular, in preparing parts of this document, reliance has been
made, inter alia, on unverified information.
* This document does not constitute, or form part of, any offer or
invitation to sell, allot or issue, or any solicitation of any offer to purchase
or subscribe for any securities, nor shall it (or any part of it) or the fact of
its distribution form the basis of, or be relied upon in connection with, or act
as any inducement to enter into, any contract or commitment for securities
whatsoever. No reliance whatsoever may be placed by recipients for any purpose
whatsoever on the information or opinions contained in this document or on its
completeness.
* No undertaking, representation, warranty or other assurance, express
or implied, is made or given by or on behalf of ACP Capital or any of its
respective directors, officers, partners, employees, agents or advisers or any
other person as to the accuracy or completeness of the information or opinions
contained in this document and no responsibility or liability is accepted by any
of them for any such information or opinions. Many figures in the document are
goals and no assurance is or can be given that the objectives will be reached
* This document should not be distributed, published, reproduced or
otherwise made available, in whole or in part, or disclosed by recipient to any
other person.
* This document is being provided to recipients on the basis that it
keeps confidential any information contained herein or otherwise made available
to recipients, whether oral or in writing, in connection with ACP Capital or in
connection with any of its plans or prospects. This document is confidential
and must not be copied, reproduced, distributed or passed to others at any time
without the prior written consent of ACP Capital.
Slide 3: Table of contents
* Key highlights and business update
* Interim Results
* Appendix - Key Management and Board of Directors
Slide 4: Key highlights
* Total revenue of #8.4 million (#5.5 million of which is recurring
interest, dividends and fees) and net profit of #6.5 million
* Dividend target of 3p per share stated in the Secondary Placing
Document dated 20 March is achievable
* In March 2007, placed 120 million new ordinary shares at #1.25 per
share, raising #150 million (pre-costs)
* Strategic platforms initiative is well underway
- In June 2007, acquired c. 20% of GCI Management AG, a Deutsche
Borse-listed private equity company focused on SME sector in German-speaking
Europe for c. Euro19 million
- In June 2007, agreed to acquire a 45% stake in Leasecom Group SAS, the
holding company for France's leading independent IT lease broker Leasecom
SAS and its subsidiaries for c. Euro33 million (transaction completed in July).
ACP Capital has agreed to put in place a funding line of Euro100m for this
business, expected to close at the end of October
- The above two strategic platforms have been established in line with
ACP Capital's focus on its key Continental European markets including
France, Germany and Italy (these markets continue to show strong and
improving economic conditions)
- Currently in advanced discussions to invest in or form an alliance
with a debt origination platform in Germany and two strategic platforms in
Italy
* The Senior Debt Underwriting business has been launched with the
bridge loan for IFR Capital
- In June 2007, ACP Capital committed to underwrite Euro142m of senior
debt for IFR Capital's acquisition of Homann GmbH, alongside Euro75m bridge
provided by ACP Mezzanine (representing leverage multiples of c. 3.0x for
senior debt and c. 4.2x for mezzanine)
- The refinancing of this bridge is underway with equivalent leverage
multiples and is expected to close in November
Slide 5: Key highlights (cont'd)
* Market conditions
* The June 30 NAV of #1.19 per share is in line with growth from a
position of #0.85 at IPO and #1.12 at 31 December 2006, with management's
assessment of current fair value being in excess of this value. It should also
be noted that Derek Vago bought ACP Capital shares at a price of #1.29 in July
2007, acquired just prior to the closed period
* It should be noted that ACP Capital and ACP Mezzanine have no
distressed assets, no credit losses, no exposure to US sub - prime markets and
negligible exposure to the UK real estate market
* ACP Group has no short- term funding lines - they are all 5 year term
facilities.
* There have been some margin calls, requiring temporary cash
collateral only, on certain bond assets in the leverage facilities with Deutsche
Bank arising from market spread widening on these assets
* In management's view, prospects in the SME lending market have never
been better - banks, particularly in Germany (e.g. IKB) are increasingly
conservative but the SME sector continues to be stronger - thus creating great
opportunities for ACP Capital
* However, market conditions may impede growth in terms of access to
future identified expansion capital
* Growth for ACP Capital and achievement of the targets set out at the
time of the capital raise in March 2007 is dependant on availability of
expansion capital - including the following planned capital raisings:
* Secondary equity placing for ACP Mezzanine Limited
* Corporate debt facility for ACP Capital
* Potentially further equity placing for ACP Capital in order to
achieve drawdown requirements for the corporate debt and as part of move to main
listing
* Intended IPOs of new managed vehicles: ACP Senior High Yield, ACP
Infrastructure, ACP Strategic Equity
Slide 6: Key highlights (cont'd)
* ACP Capital's first managed vehicle ACP Mezzanine has performed well,
assets for ACP Senior High Yield are being warehoused, and plans for further
vehicles are progressing
* Citigroup has been appointed as joint-broker alongside Collins
Stewart
* ACP Capital, with the assistance of Citigroup, is progressing with
its review of a move to the Official List of the London Stock Exchange
* ACP Capital hiring has continued as previously stated with searches
pending for a Group Financial Controller, Head of Italy, Head of Syndication,
Head of Strategic Equity and Head of Risk Management
Slide 7: Development of strategic platforms ("SPs") - update
Targets Equity Investments Current Status Targeted debt
origination flow
generated through
the SPs
UK Finance c. #30 m c. #25 m invested ACP Capital has not pursued c.#100 million first
Businesses discussions to invest in Beacon (UK year of operations -
residential mortgage platform) TBD
ACP Capital holds 29.19% c. #250 million
shareholding in Davenham Group plc second year of
(as of September 2007). Discussions operations - TBD
with management held
Italian Finance c.Euro20m c.Euro50m expected In due diligence stage with Italian c. Euro50 million first
Businesses company regarding forming a joint year of operations -
venture to focus primarily on on track
private equity / asset management
c. Euro125 million
In parallel, in discussion to second year of
invest in and develop a debt operation - on track
origination platform
In preliminary discussions on a
joint venture to buy a small
financial institution
French Finance c.Euro20 m c.Euro33m invested ACP Capital acquired a 45% stake in c. Euro150 million
Businesses debt platform Leasecom Group SAS first year of
operations - on
Leasecom funding line of Euro100m has track
been agreed
c. Euro275 million
In preliminary discussion with a second year of
potential private equity joint operation - on track
venture partner for French SME
markets
German Finance c.Euro50m c. Euro19 m invested ACP Capital acquired a c. 20% stake c. Euro250 million
Businesses in equity platform GCI Management first year of
c. Euro20 m expected AG operations -
reviewed to Euro150m
In advanced discussions with
another German party to invest in c. Euro500 million
and develop a debt origination second year of
platform, which may become vehicle operations -
for investment grade funding line reviewed to Euro300m
and potentially Pfandbrief issuance
Note: Many of the figures contained above are estimated and represent the
Company's targets at the time of its Secondary Placing. These figures are
targets and no assurance is or can be given that these targets will be reached
Slide 8: Development of senior debt funding facilities
Senior Debt
Senior Debt Underwriting Vehicle Investment Grade Funding Vehicle Pfandbrief - Investment Grade Real
Estate
Launched senior debt underwriting Offers funding lines for The principal funding instrument
business by underwriting Euro142m of diversified pools of assets to used by German mortgage banks
senior debt bridge for IFR Capital's the strategic platforms, such as
acquisition of Homann, alongside Euro equipment leasing or container/
75m bridge provided by ACP railcar leasing
Mezzanine. This debt is expected to
be refinanced in November 2007
Negotiating with the banks for Agreed funding line of Euro100 May be achieved through the launch
funding lines tailored for this million to fund new lease of a proposed German debt platform
business origination for French strategic which is currently under discussion
platform Leasecom SAS and which is seeking appropriate
licences
May be transferred into proposed
German debt platform which is
currently under discussion
Slide 9: Development of managed vehicles
ACP Senior High Yield ACP Strategic Equity ACP Infrastructure
Now designing the structure Intention to hold strategic equity Equity holdings in infrastructure
investments in companies and assets, in sectors such as renewable
vehicles, such as IFR Capital energy, shipping containers,
railcars etc
Intention to focus predominantly on Co-investment approach through ACP Non-binding heads of terms signed
senior debt loan assets through ACP Capital and its partners with an international operator in
Capital's integrated finance including, for example, GCI the shipping container and railcar
activities as well as through sectors; transaction still pending
secondary market
ACP Capital is presently warehousing Generally more flexible investment In discussions with strategic
c. #16 million of assets intended parameters than private equity, partner in Italy to jointly invest
for ACP Senior High Yield, and capable of taking longer term and finance wind and solar projects
intends to warehouse further assets investments and / or minority across Europe
before launch shareholding positions
Scheduled for 2007 launch if market Originally scheduled for 2007 ACP Capital intends to warehouse
conditions permit launch, however now expected in assets prior to launch
2008
Tremendous opportunity arising from Alexander Koch hired with primary
further retrenchment in bank / hedge responsibilities for infrastructure
fund market
Leverage ACP Capital's asset-backed
expertise
Scheduled for 2008 launch
Slide 10: Update on the use of placing proceeds
* Secondary placing
* Total #150 million was raised in March 2007 with identified potential
use of proceeds
* Further funding
* The Company intends to raise corporate debt to fund its intended
development plans and has appointed Close Brothers to arrange
* Initial plan was to have access to corporate facility in parallel
with additional equity raise, however some further equity raise may now be
required in advance to allow further growth until corporate debt is in place and
can be drawn down (subject to recurring revenue generation, etc.)
* Such funding does not anticipate any extraordinary acquisitions
Illustrative Sources of Funds Planned Achieved
Cash on the balance sheet #10m #10m
Net proceeds from Secondary Placing #144m #145m
Repayment of loans #14m #14m
Corporate Debt #72-92m #0m
Leverage Facility #9m
Total Sources of Funds #240-260m c.#178m
Illustrative Uses of Funds Planned Achieved
Equity investments in Strategic Platforms #100-115m #57m
Equity investments in Managed Vehicles (including #70-80m #16m
warehousing of assets pre - launch)
Equity to funding lines #70-80m #96m
Cash #9m
Total Uses of Funds #240-275m c.#178m
Slide 11: ACP Capital -Staffing
* The Company has established an office in Munich
* Nikolaj Larsen, Head of Strategic Investments, is in the process of
relocating to Munich office
* The Company is in discussions with further individuals with the goal
of building a 4-5 person team in Munich by the end of 2007
* ACP Capital is considering an additional office location, including
Milan or Geneva
* Lyndon Miles hired as Head of Finance, responsible for debt
origination
* Emmanuel Pezier hired as Head of Equity Capital Markets, responsible
for capital raising strategies
* Alexander Koch hired as Head of the Infrastructure and focusing on
the German market
* Outstanding senior positions to be filled: Head of Syndication, Head
of Risk Management, Head of Italy, Head of Strategic Equity and Group Financial
Controller
* Total staff is expected to be 20-25 by the end of 2007, although this
may be reviewed as a result of current market environment
Slide 12: Conclusion
* At present, and subject to market conditions, ACP Capital continues
with its intended development plans and notes the following:
* 2007 Interim revenue of #8.4 million, diluted earnings per share of
4.29p and net profit of #6.5 million (1)
* Dividend targets of 3p per share for 2007 and 5p per share for 2008
remain target
* June 30 NAV #1.19 per share is in line with growth; management
believes that current fair value is in excess of this value
* Strategic platform initiatives well underway
* No credit losses or distressed assets
* No short-term credit lines - all term loans
* Market conditions may impede growth in terms of access to future
identified expansion capital
* However, management believes there has never been a better time to be
a lender to the SME sector and take advantage of the opportunity to create a
leading independent pan-European SME focused merchant bank and asset manager
Slides 13-16: Interim results
Slides 17-22: Appendix - Management and Board
This information is provided by RNS
The company news service from the London Stock Exchange
END
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