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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 : 1759Q ACP Capital Limited 29 July 2010 ACP Capital Limited Trading Update 29 July 2010 ACP Capital Limited (the "Company" or "ACP" : AIM: APL) today announces its unaudited, indicative portfolio values as at 30 June 2010. The indicative value of the portfolio, together with the cash balances, as at 30 June 2010, was as follows: +--------------------------------------+------------+----------+------------+ | | 30 June | | 31 March | | | 2010 | | 2010 | +--------------------------------------+------------+----------+------------+ | Portfolio | GBP'000 | | GBP'000 | +--------------------------------------+------------+----------+------------+ | | | | | +--------------------------------------+------------+----------+------------+ | ACP Mezzanine Limited | - | | 6,850 | +--------------------------------------+------------+----------+------------+ | IFR syndicated loans | - | | 29,521 | +--------------------------------------+------------+----------+------------+ | IFR equity | - | | 178 | +--------------------------------------+------------+----------+------------+ | Leasecom equity | 16,196 | | 17,813 | +--------------------------------------+------------+----------+------------+ | Davenham | - | | - | +--------------------------------------+------------+----------+------------+ | | 16,196 | | 54,362 | +--------------------------------------+------------+----------+------------+ | Less effect of IFR hedging agreement | - | | (6,975) | +--------------------------------------+------------+----------+------------+ | Total portfolio assets | 16,196 | | 47,387 | +--------------------------------------+------------+----------+------------+ | Cash balance | 2,479 | | 6,667 | +--------------------------------------+------------+----------+------------+ Significant events since the last quarterly trading update are as follows: · An adverse exchange movement on the Leasecom equity investment of GBP1.62 million; · The GBP6.85 million reduction in the valuation of ACP Mezzanine Limited following the disposal of it's remaining investments and the distribution of these funds; and · The disposal of ACP's interests in IFR: - The IFR syndicated loans were sold to Theo Muller Group Secs for total cash consideration of GBP34.2 million (EUR39.4 million); - The currency hedge agreement between IFR and ACP has been settled for GBP7.6 million; and - The remaining IFR equity of GBP0.2 million. · On 30 June 2010, the management of Davenham Group plc (in which the Company has an equity investment of 7.6 million shares that has been valued at nil) announced the result of a strategic review, where it was decided that the business would stop writing new business and go into 'run-off'. In view of this, the Board of Davenham Group plc considers that there is likely to be no value for ordinary shareholders in the Company. · Leasecom is currently performing in line with ACP's expectations. All of consolidated turnover, EBITDA and net profits have significantly increased for the audited financial year 2009 compared to the previous financial year 2008. The company has also been engaged over the last few months in a process to reduce its fixed cost base and continue to improve profitability for the shareholders. For the financial year 2009, ACP Capital has received about EUR3.0 million of dividends from Leasecom. In line with its stated strategy, ACP is pursuing a sale of its stake in leasecom. We will continue to update the shareholders on the process as and when necessary. During the quarter the Company has made two capital distributions: - 4.85 pence per share was paid on 5 May 2010; and - 16.75 pence per share was paid on 10 June 2010. Indicative prices do not necessarily reflect the realisable value of such investments. The Company has no borrowings. Enquiries: +---------------------+--------------------------+----------------+ | Bruce Garrow | Collins Stewart Europe | +44 (0) 207 | | | Limited (Nominated | 523 8350 | | | Adviser) | | +---------------------+--------------------------+----------------+ | | | | +---------------------+--------------------------+----------------+ This information is provided by RNS The company news service from the London Stock Exchange END TSTSELFEUFSSEIW
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