Disposal of investments in IFR and Settlement of IFR Litigation
25 November 2009
ACP Mezzanine Limited ("ACPM": AIM: ACPM) is pleased to announce that it has today sold all of its preference shares in IFR Jersey Limited, a wholly owned subsidiary of IFR Capital plc ("IFR"), including entitlement to accrued dividends, for a total cash consideration of €28.6 million to Textil Romania S.á.r.l. Their book value and accrued dividends as at 30 September 2009 was €21.1 million.
ACPM is also pleased to announce that it has granted an option to sell its D tranche position in IFR's debt, together with all accrued interest from 1 October 2009 until the date of transfer, (the "D Tranche") to Perfina AG by 4 December 2009 for a total cash consideration of €15.0 million. The book value of the D Tranche at 30 September 2009 was €10.1 million.
ACPM will retain its interests in IFR’s A, B and C tranche debt, which as at 30 September 2009 had a book value of €15.5 million.
ACPM is also pleased to announce that it has also today settled all outstanding litigation with IFR without any admission of liability and with each party bearing its own costs.
ACPM will make a further announcement shortly regarding a distribution, comprising all or part of these amounts, in accordance with ACPM’s policy of promptly returning excess cash to shareholders.
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