Trading Update

29 July 2009

ACP Capital Limited (the "Company": AIM: APL) today announces its unaudited, indicative portfolio values as at 30 June 2009. These indicative values show an overall increase in value of the portfolio of 0.4% compared to the indicative portfolio valuations as at 31 March 2009.

The indicative value of the portfolio, together with the cash balances, as at 30 June 2009, was as follows:

  30 June 2009 31 March 2009
Portfolio GBP’000s GBP’000s as restated
     
ACP Mezzanine Limited* 13,352 16,582
Other Equity Investments 31,726 27,464
IFR Syndicated Loans 27,516 31,576
IFR Pref. Equity 12,706 12,406
CDO/ CLO and Other Assets 1,619 1,137
  86,919 89,165
Less effect of IFR hedging agreement** (5,163) (7,705)
Total Portfolio Assets 81,756 81,460
Cash Balance 2,006 3,300

The significant events affecting the Company’s asset value since 31 March 2009 are as follows:

  • A cash distribution of 1.75 pence per share was paid to shareholders on 29 May 2009;
  • Subsequent to 30 June 2009 the Company sold its £3.750 million participation in a loan agreement in George Mezz Limited for a cash consideration of £1.612 million. The sale price represented a 23% premium to book value as at 30 June 2009;
  • Sterling exchange rates have moved from EUR 1.0782 / GBP to EUR 1.1760 / GBP between 31 March 2009 and 30 June 2009. As at 30 June 2009, approximately GBP 56.7 million equivalent of the indicative value of portfolio assets were EUR denominated and unhedged.

* The Company, which owns in excess of 50% of ACP Mezzanine Limited (“ACPM”), accounted for ACPM as a subsidiary within the consolidated results of the Company for the year ended 31 December 2008. For the purposes of this quarterly portfolio update, the Company's investment in ACPM has been included at ACPM's bid price of 12.0 euro cents per share as at 30 June 2009 (31 March 2009: 14.0 euro cents per share).

** Pursuant to the hedging agreement announced on 29 April 2009, the value of the IFR Syndicated Loans at 30 June 2009 was reduced by £5.163 million (31 March 2009: £7.705 million).

Indicative prices do not necessarily reflect the realisable value of such investments.

Enquiries

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