Trading Update

24 April 2009

ACP Mezzanine Limited (the "Company": AIM: ACPM) today announces its unaudited, indicative NAV per share as at 31 March 2009 of 28.7 eurocents (31 December 2008: 32.4 eurocents).

The Company today announces a further return of capital on 27 May 2009 of 2.0 eurocents 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 be dependent on the completion of further portfolio realisations.

The indicative value portfolio, together with cash balances, as at 31 March 2009 was as follows:

  31 March 2009 31 December 2008
Portfolio EUR’000s EUR’000s
     
IFR Senior Facilities* 25,610 25,610
IFR Pref. Equity 16,169 16,169
Other Loans 9,063 12,033
CLOs 2,080 9,419
CDOs 238 760
RMBS 144 276
Total Portfolio Assets 53,304 64,267
Cash Balance** 13,800 11,800

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

* 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.

** The committed but undrawn amount of €5.971 million at 31 March 2009 (€9.146 million at 31 December 2008) for the facility ultimately provided to a direct subsidiary of Leasecom Group SAS is included within cash balance.

The Company has no borrowings.

Significant events since the 31 December 2008 trading update are:

  • A cash distribution of 1.5 eurocents per share was paid to shareholders on 3 March 2009;
  • The sale on 15 January 2009 of an investment in GCI Automotive Holding GmbH for €3.27 million;
  • The sale on 4 February 2009 of its participation in the Iceland Foods Group Limited mezzanine loan for €3.9 million; and
  • The continued deterioration in indicative pricing for the CLO, CDO and RMBS structured products which are now indicatively priced at an average of about 5% of par, compared to 20% of par as at 31st December 2008.

Enquiries

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