EGM Requisition
03 September 2008
ACP Capital Limited (AIM:APL) ("ACP" or "the Company") announces that yesterday it received a requisition from Derek Vago, Rakison Services Limited, Nikolaj Larsen, Forest Nominees Limited (acting as nominee and on the instructions of Nikolaj Larsen who is beneficial owner of 700,000 ordinary shares in the Company held by Forest Nominees Limited) and Eric Youngblood (together, the "Previously Removed Directors"), to convene an extraordinary general meeting of the Company (an "EGM"). The Previously Removed Directors have submitted the requisition in respect of 27,421,118 ordinary shares in the Company, representing approximately 13.16 per cent. of the voting rights in the Company.
The Previously Removed Directors, as persons interested in more than ten percent of the Company's ordinary shares, have requested that resolutions be put to shareholders in the EGM proposing to remove John Chapman, Patrick McCann and James Lowenstein and to replace them with Derek Vago, Eric Youngblood and Nikolaj Larsen as directors of the Company, with immediate effect.
Shareholders will receive further notification from the Company in due course.
As previously announced, the Company was informed on 25 July 2008 that Derek Vago, Eric Youngblood and Nikolaj Larsen had terminated their employment with a subsidiary of the Company with immediate effect and therefore had ceased to be partners of ACP Capital (UK) LLP. Notwithstanding the fact that the previously removed directors had stated that they would refuse to resign voluntarily from group companies, they have subsequently sought to voluntarily resign from all of the material subsidiaries of the group. Their resignation from ACP Mezzanine Limited required the consent of the Jersey Financial Services Commission. ACP Mezzanine Limited has received notice that the consent has been received and accordingly their resignations are effective. As John Chapman has been appointed to the board of ACP Mezzanine, and as announced by ACP Mezzanine on 8 August, the Company confirms that it has withdrawn the EGM requisition for ACP Mezzanine which was announced on 1 August 2008.
Enquiries:
- Chris Wells, Collins Stewart +44 (0) 207 523 8350 (Nominated Adviser)
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.