Disposal
15 January 2009
ACP Capital Limited (AIM:APL) today announces that it has concluded an agreement to sell its 40% shareholding in GCI Automotive Holding GmbH for a cash consideration of €3.75m. The company will receive an initial sum of €2.88m together with two further payments of €434,700 each on 30 June 2009 and 31 December 2009. Including FX gains, the sale price represents a 46 percent premium to book value.
As part of this same transaction, ACP Mezzanine Limited (AIM:ACPM)has agreed to sell its €3.00m debt portion of this investment at par plus accrued interest, which represents a 17.5 percent IRR.
The company further notes that it expects to return to shareholders the proceeds of this disposal as soon as practicable in accordance with company policy of promptly distributing all excess capital to shareholders.
Enquiries
- Hugh Field, Collins Stewart Europe, +44 (0) 207 523 8350 (Nominated Adviser)
- Tim McCall/James Longfield, Hogarth Partnership, +44 (0) 207 357 9477