Trading Update
29 July 2009
ACP Mezzanine Limited (the "Company": AIM: ACPM) today announces its unaudited, indicative NAV per share as at 30 June 2009 of 28.8 eurocents (31 March 2009: 28.7 eurocents).
The indicative value of the portfolio, together with cash balances, as at 30 June 2009 was as follows:
| 30 June 2009 | 31 March 2009 | |
| Portfolio | EUR’000s | EUR’000s |
| IFR Senior Facilities | 25,956 | 25,610 |
| IFR Pref. Equity | 14,942 | 13,376 |
| IFR Pref. Equity – accrued interest | 5,159 | 3,700 |
| Other Loans | 9,063 | 9,063 |
| CLOs | 1,666 | 2,080 |
| CDOs | 285 | 238 |
| RMBS | 158 | 144 |
| Cash Balance* | 10,493 | 13,800 |
Indicative prices do not necessarily reflect the realisable value of such investments.
* The cash balance includes €5.971 million at 30 June 2009 (€5.971 million at 31 March 2009) being the undrawn amount of the loan facility committed by the Company to a direct subsidiary of Leasecom Group SAS.
The Company has no borrowings.
Significant events since the 31 March 2009 trading update are as follows:
- A cash distribution of 2.0 eurocents per share was paid to shareholders on 27 May 2009;
- The sale of all the Company’s shareholding in PFAFF Industrie Machinen AG (“PFAFF”) for €0.693m. These shares were pledged as security under the €9 million loan facility provided to PFAFF by the Company in June 2008. PFAFF filed for insolvency in September 2008, but its shares have continued to be listed and traded on the Frankfurt Stock Exchange. The €0.693 million represents a 7.7% recovery.
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