ACP Capital Bonus Awards
2 April 2008
The board (“the Board”) of ACP Capital Limited (“ACP Capital” or the “Company”: APL.LN) has the discretionary authority to award annual cash bonuses of up to 3 times base salaries, with no vesting requirements (as detailed on pages 25/26 of the Company's Admission Document of 20 December 2005 which is available on the Company's website). The Board has, therefore, awarded the equivalent of circa 2 times base salaries for the Company's 2007 performance, structured as described below.
The Board has authorised the Company to purchase circa 2 million of its own ordinary shares of 0.1 pence each (the "Shares") for a total consideration of £1.7 million (at an average price per share of £0.85) which will be awarded to certain employees of ACP Capital Limited and ACP Capital UK LLP, its advisory subsidiary, in lieu of cash bonuses. These shares will be subject to a vesting period expiring on 31 December 2008. This includes £400,000 for Derek Vago, £350,000 for Nikolaj Larsen and £350,000 for Eric Youngblood, each of whom is an executive director of the Company. The shareholdings of the directors in the Company following these acquisitions will be as follows:
| Director | Shares purchased on behalf of Director |
Resultant interest in the Company (1) |
Resultant stake in ACP Capital (1) |
| Derek Vago | 470,588 | 13,697,588 | 6.865 % |
| Nikolaj Larsen | 411,765 | 1,111,765 | 0.557 % |
| Eric Youngblood | 411,765 | 1,121,765 | 0.562 % |
| (1) subject to vesting of the Shares as outlined above | |||
Following the purchase of the Shares in the period from 11 to 12 March 2008, the Company will hold 2,000,915 shares in treasury in order to satisfy the vesting requirements for employee stock awards, representing its total holding of treasury shares and will have a total of 197,531,026 shares in issue (excluding these treasury shares). The total number of voting rights in the Company is therefore 197,531,026 until the vesting date stated above.
Enquiries:
Rob Bailhache & Nick Henderson, Financial Dynamics (Media Relations) +44 (0) 207 269 7200
Sacha Macintosh, ACP Capital UK LLP +44 (0) 844 800 4530
Chris Wells, Stewart Wallace, Collins Stewart +44 (0) 207 523 8350
For further information on ACP Capital, please visit www.acpcapital.com.
About ACP Capital
ACP Capital (LSE AIM: APL) is a Jersey-incorporated specialist integrated finance and asset management company focused on providing equity and debt products to European small and medium sized enterprises (the “SMEs”). ACP Capital aims to benefit from opportunities generated from the strong growth in SME demand for integrated finance, combined with the reduced appetite for SME lending among traditional banks owing to higher regulatory capital requirements. In order to better serve the SME markets directly, ACP Capital is establishing localised operating platforms (the "Platforms") in its key markets of Germany, France and the United Kingdom. These include to-date Leasecom, a leading SME finance provider in France, and GCI, a specialist private equity firm for the German SME market. Further Platforms are being evaluated currently to serve the remaining key markets.