Further Asset Disposals and Portfolio Update

16 December 2009

Following the recent disposal of its interests in IFR Capital’s ordinary and preference shares as announced on 25 November 2009, the Board of ACP Capital Limited (the “Company” or “ACP”: AIM: APL) is today providing an updated portfolio summary.

The indicative portfolio valuation as at 30 November 2009 was as follows:

Portfolio Company Subsidiary* Total
  GBP’m GBP’m GBP’m
IFR Capital’s A, B, C debt tranches 31.429 7.992 39.421
IFR Hedge (7.617) - (7.617)
Leasecom 18.163 - 18.163
CDOs/CLOs/other 1.923 2.309 4.232
GCI 3.362 - 3.362
  47.260 10.301 57.561
Number of shares in issue 208,341,941
Equivalent portfolio value per share (pence) 27.6

* For the purpose of this update, the summary shows the Company’s pro rata interest of 54.37% in the portfolio of ACP Mezzanine Limited (“ACPM”).

Notes:

  1. Pricing and exchange rates are as at 30 November 2009.
  2. Indicative portfolio valuations exclude accrued income receivable on portfolio investments.
  3. The pricing of IFR Capital’s debt is based on average indicative prices, while quoted investments (such as GCI) are valued on mid market prices. The investment in Leasecom is valued applying private equity valuation principals. Indicative portfolio valuations do not necessarily reflect what would be achieved on the realisation of the assets.

On 14 December 2009, the Company sold its entire portfolio of CDOs and CLOs for £908,000 equivalent. The carrying value of these investments as at 30 September 2009 was £720,000. ACPM has today also announced the sale of its entire portfolio of CDOs, CLOs, and RMBS. The Company’s pro rata interest in ACPM’s disposal proceeds is £2.23 million. Applying the proceeds from these sales by the Company and the pro rata share of the sales by ACPM, the equivalent portfolio value per ACP share would not be materially different to 27.6p.

Net current asset (including cash balances) have been excluded from the above portfolio summary and are believed immaterial given the Company’s projected obligations over the next year. Following the payment of the distribution to Shareholders announced on 7 December 2009 and excluding the proceeds of the sale of CDOs and CLOs by the Company referred to above, the Board believes the Company has retained sufficient cash to meet its current and anticipated liabilities.

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