Better Capital PCC Limited Everest Valuation at 31st March 2018/SPOT Progress (6101Y)

TIDMBC12 TIDMBCAP

RNS Number : 6101Y

Better Capital PCC Limited

22 August 2018

22 August 2018

Better Capital PCC Limited 2012 Cell

Everest Valuation at 31(st) March 2018/SPOT Progress

BECAP12 GP Limited, as General Partner of BECAP12 Fund LP (the "2012 Fund"), has informed the Board of Better Capital PCC Limited as below.

In the process of finalising the 2017 annual financial statements for the Everest business, it has become clear that the financial data used for the valuation (GBP20m, as of 31(st) March 2018) of this portfolio company was, in part, incorrect. It is likely that, if a more accurate picture had been known, the valuation of Everest would have been reduced by an amount which might have been significant to the valuation of this investment.

The total reported portfolio carrying value of the 2012 Fund as at 31(st) March 2018 was GBP125.1m. The Company has subsequently distributed GBP48.35m to the 2012 Shareholders.

The progress of Spicers-OfficeTeam ("SPOT"), (valued at GBP38.2m, as of 31(st) March 2018), the only other portfolio company in the 2012 Cell following the sale of Northern Aerospace, has been behind expectations during the summer.

 
  Enquiries: 
 Better Capital PCC Limited 
  Norman Amey (Administrator and Company 
  Secretary)                                [phone] 
 Powerscourt 
  Justin Griffiths                          [phone] 
 Numis Securities 
  Nathan Brown                              [phone] 
 

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August 22, 2018 11:30 ET (15:30 GMT)