Result of General Meeting and Board Changes
17 July 2008
ACP Capital ("the Company" or "ACP Capital") announces that all resolutions relating to the removal from office as a director of the Company of each of Derek Vago, Eric Youngblood, Nikolaj Larsen, Francois Georges, Alan Braxton and Daniele Discepolo, and the appointment as a director of the Company of each of John Chapman, Patrick McCann and James Lowenstein were duly passed by shareholders at the EGM held today. All board changes become effective immediately.
Mr Chapman is a lawyer and member of the New York State Bar and Chartered Financial Analyst. He is currently a director of Central Asia Regional Growth Fund plc, a Dublin domiciled investment fund, the Black Sea Property Fund Limited and the Ottoman Fund Limited, both domiciled in Jersey, and Muni Funding Company of America LLC, a limited liability company domiciled in Delaware.
Mr McCann has been a practising barrister at the Irish Bar since 1987. Between 2002 and 2003 he was the Secretary General of the International Federation for European Law (FIDE). Mr. McCann is a director of Central Asia Regional Growth Fund Plc and Eurobananacanarias S.A..
Mr Lowenstein served as US ambassador to Luxembourg from 1977 to 1981 and was Principal Deputy Assistant Secretary of State for European Affairs from 1974 to 1977, with particular responsibility for NATO. Mr Lowenstein was formerly chairman of both Baltic Investments S.A., and formerly chairman of the Ukraine Fund Limited. He was also a member of the advisory board of the Foreign and Colonial American Major Companies Fund. Mr Lowenstein has been decorated with the Legion of Honor (France) and the Grand Croix de al Courenne de Chene (Luxembourg).
The newly constituted board of ACP Capital intends to carry out an in-depth review of the assets and businesses of ACP Capital over the course of the coming weeks with a view to minimising or curtailing future spending on new acquisitions and in due course, subject to the necessary regulatory requirements, to initiate a gradual realisation of assets as opportunities arise. It is also intended that any net proceeds received by ACP Capital on the disposal of any assets will be returned to shareholders over time.
Further information specified by paragraph (g) in Schedule Two to the AIM Rules will form part of a subsequent announcement.
Enquiries:
- Rob Bailhache & Nick Henderson, Financial Dynamics (Media Relations) +44 (0) 20 7269 7200
- Sacha Macintosh, ACP Capital UK LLP +44 (0) 844 800 4530
- Clayton Bush / Simon Stilwell, Liberum Capital Ltd +44 (0) 203 100 2000
- Philip Secrett, Grant Thornton Capital Markets +44 (0) 207 383 5100
About ACP Capital
ACP Capital is a Jersey-incorporated specialist integrated finance and asset management company, quoted on AIM and 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.