Disposal of investments in IFR and Settlement of IFR Litigation
25 November 2009
ACP Capital Limited ("ACP": AIM: APL) is pleased to announce that it has today sold all of its preference shares, including its entitlement to accrued dividends, in IFR Jersey Limited, a wholly owned subsidiary of IFR Capital plc ("IFR") to Textil Romania S.á.r.l, and 58,562,862 ordinary shares in IFR to BHVG Beteiligungs & und Vermögensverwaltungsgesellschaft mbH for a total combined cash consideration of €36.2 million. Their aggregate book value as at 30 September 2009, including accrued dividends, was €28.3 million.
ACP is also pleased to announce that the ACP group, including its subsidiary, ACP Mezzanine Limited ("ACPM"), has also today settled all outstanding litigation with IFR without any admission of liability and with each party bearing its own costs.
In accordance with ACP’s policy of promptly returning excess cash to shareholders, ACP will make a further announcement shortly regarding a distribution of these receipts as well as any additional amounts that may be received from ACPM for its sale of IFR preference shares and the option to sell its D tranche position in IFR’s debt for an aggregate consideration of €43.6 million, which have also been announced today.
John D Chapman, ACP’s Chairman stated: "The disposal of ACP’s interest in IFR’s preference shares and ordinary shares marks an important milestone in the shareholders’ decision to place ACP in runoff. The ACP group portfolio now principally comprises interests in IFR’s senior debt and equity in Leasecom as well as several smaller investments. We will continue to endeavour to realise these assets but only at appropriate prices".
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