Trading Update
21 October 2008
ACP Mezzanine Limited (the "Company": AIM: ACPM) today announces its unaudited NAV per share as at 30 September 2008 of 54.5 eurocents (30 June 2008: 64.8 eurocents) and subject to necessary regulatory and shareholder approvals a distribution to shareholders of 10.65 eurocents per share.
Assets have been valued at fair value on the basis of an average of indicative prices received from market sources. Indicative prices do not necessarily reflect the realisable value of such investments.
Significant events affecting the decline in NAV since the 30 June 2008 results are:
- The repayment in full of the Deutsche Bank AG facility;
- The write down to nil of the investment in Pfaff Industrie Maschinen AG, from an original cost of EUR 9.46 million;
- The continued deterioration in indicative pricing for structured products.
These events have all been previously announced and discussed in detail in the Chairman’s statement to the interim results released last month. With the repayment of the Deutsche Bank facility the Company has no borrowings and is net cash.
The Company’s Board of Directors has today approved a cash distribution to shareholders of 10.65 eurocents per share. The payment will be made following regulatory and shareholder approval, which is anticipated before year end.
Enquiries
- Chris Wells, Collins Stewart (Nominated Adviser) +44 (0) 207 523 8350
- Tim McCall/James Longfield, Hogarth Partnership, +44 (0) 207 357 9477