Trading Update

24 April 2009

ACP Capital Limited (the "Company": AIM: APL) today announces its unaudited, indicative portfolio values as at 31 March 2009. These indicative values show an overall decline in value of the portfolio of 18.8% compared to the indicative portfolio valuations as at 31 December 2008. Indicative prices do not necessarily reflect the realisable value of such investments.

The Company today announces a further return of capital on 29 May 2009 of 1.75 pence per share payable to shareholders on the share register on 8 May 2009. It is likely that the payment of any additional distributions for the current financial year will depend on the completion of further portfolio realisations.

As at 31 March 2009, the Company’s portfolio was carried as follows:

  31 March 2009 31 December 2008
Portfolio GBP’000s GBP’000s
     
ACP Mezzanine Limited* 16,582 30,518
Other Equity Investments 27,464 30,847
IFR Syndicated Loans** 31,576 32,544
IFR Pref. Equity 12,406 12,786
CDO/ CLO and Other Assets 1,136 3,166
Total Portfolio Assets 89,164 109,861
Cash Balance 3,300 9,300

* Because the Company owns in excess of 50% of ACP Mezzanine Limited (“ACP Mezzanine”), that company is accounted for as a subsidiary within the consolidated results of ACP Capital Limited for the year ended 31 December 2008. The decline in value of the Company’s interest in ACP Mezzanine during the first quarter of 2009 is primarily a function of a decline in the indicative prices of ACP Mezzanine’s structured investments during that period.

** No indicative pricing was available from the Company’s normal sources for IFR Senior Facilities as at 31 March 2009. However, the Company is not aware of any trading having taken place in this debt during the quarter ended 31st March 2009 and accordingly has included its debt holdings at the indicative prices received as at 31st December 2008. The Company will review these valuations for the interim financial statements as at 30 June 2009.

Significant events affecting the Company’s asset value since 31st December 2008 include:

  • A cash distribution of 4.50 pence per share was paid to shareholders on 6 March 2009;
  • The unlisted equity investment in GCI Automotive Holding GmbH was sold on 15 January 2009 for EUR 3.75million;
  • There has been a continuing decline in indicative prices for the CDO and CLO structured investments;
  • Prices for quoted equity investments have continued to fall; and
  • Sterling exchange rates have moved from EUR 1.0461 / GBP to EUR 1.0782 / GBP between 31 December 2008 and 31 March 2009. As at 31 March 2009 approximately GBP 87.4 million equivalent of the indicative value of portfolio assets were EUR denominated. The Company does not hedge its foreign currency positions.

Enquiries

  • Hugh Field, Collins Stewart Europe, +44 (0) 207 523 8350 (Nominated Adviser)
  • Tim McCall/James Longfield, Hogarth Partnership, +44 (0) 207 357 9477