Replacement Trading Update
January 25 2010 - 6:02AM
UK Regulatory
TIDMACPM
RNS Number : 0556G
ACP Mezzanine Ltd
25 January 2010
ACP Mezzanine Limited
Trading Update and Termination of Investment Management Agreement
25 January 2010
The following has been issued to replace RNS 0529G released today at 10:29am.
The table showing indicative value of the portfolio has been inserted.
ACP Mezzanine Limited (the "Company" or "ACPM": AIM: ACPM) today announces its
unaudited, indicative NAV per share as at 31 December 2009 of 9.5 eurocents (30
September 2009: 30.2 eurocents).
As a result of the disposal of a majority of the portfolio in the period and the
cancellation of the Leasecom facility, the Company has made two capital
distributions since 30 September 2009 totalling EUR62.6 million, equivalent to
26.55 eurocents per ACPM share.
The indicative value of the portfolio, together with cash balances, as at 31
December 2009 was as follows:
+------------------------------+----------------+----------------+
| | 31 December | 30 September |
| | 2009 | 2009 |
+------------------------------+----------------+----------------+
| | Euro '000 | Euro'000 |
+------------------------------+----------------+----------------+
| Portfolio | | |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| IFR syndicated loans | 15,691 | 25,588 |
+------------------------------+----------------+----------------+
| IFR pref equity | - | 14,942 |
+------------------------------+----------------+----------------+
| IFR pref equity - accrued | - | 6,195 |
| interest | | |
+------------------------------+----------------+----------------+
| Other loans | - | 34 |
+------------------------------+----------------+----------------+
| CLOs | - | 4,367 |
+------------------------------+----------------+----------------+
| CDOs and RMBS | - | 383 |
+------------------------------+----------------+----------------+
| Total portfolio assets | 15,691 | 51,509 |
+------------------------------+----------------+----------------+
| Cash balance | 5,717 | 19,567 |
+------------------------------+----------------+----------------+
Note: Indicative prices do not necessarily reflect the realisable value of such
investments.
The reduction in the portfolio valuation reflects the disposal in the period of
70% of the ACPM portfolio held at 30 September 2009.
ACPM's portfolio now comprises only its investment in IFR Capital's A, B and C
debt tranches, which showed a favourable valuation movement of EUR0.4 million
(0.84%) over the period.
The significant events since the 30 September 2009 trading update are summarised
below:
* On 6 November 2009, the Company concluded an agreement to cancel its EUR15 million
commitment to Leasecom Financial Assets SAS, a subsidiary of Leasecom Group SAS.
* On 12 November 2009, the Company sold two of its CLO investments (Dalradian
European and Cadogan Square) for EUR2.2 million in cash. The carrying value of
these investments at 30 September 2009 was EUR1.3 million.
* On 25 November 2009, a return of capital of 7.05 eurocents per share was made to
shareholders;
* On 25 November 2009, the Company sold all of its preference shares in IFR Jersey
Limited, a wholly owned subsidiary of IFR Capital plc ("IFR"), for EUR28.6 million
in cash. Their book value and accrued dividends as at 30 September 2009 amounted
to EUR21.1 million;
* On 25 November 2009, ACPM settled all outstanding litigation with IFR without
any admission of liability and with each party bearing their own costs;
* On 4 December 2009, the Company sold 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") for EUR15.0 million in cash. The book value of the D
Tranche at 30 September 2009 was EUR10.1 million;
* On 14 December 2009, the Company sold its remaining portfolio of CDOs, CLOs, and
RMBS for EUR4.5 million in cash. The carrying value of these assets at 30
September 2009 was EUR3.55 million.
* On 22 December 2009, a return of capital of 19.50 eurocents per share was made
to shareholders;
The Company has no borrowings.
Notice of termination of the Investment Management Agreement
The Company has given the requisite minimum notice period to ACP Investment
Management Limited (the "Investment Manager") to terminate the Investment
Management Agreement dated 20 July 2006 between the parties (the "IMA"). The
IMA will therefore terminate on 3 December 2011 (the "Termination Date").
The decision to give such notice reflects the reduction in the portfolio held by
the Company.
Under the terms of the IMA, the Company may terminate the IMA prior to the
Termination Date by payment of a termination fee to the Investment Manager equal
to twice the four most recent quarterly performance related and management fees
paid to the Investment Manager by the Company.
Enquiries:
+--------------------------+-------------------------------+--------------------+
| Hugh Field / Bruce | Collins Stewart Europe | +44 (0) 207 523 |
| Garrow | Limited (Nominated Adviser) | 8350 |
+--------------------------+-------------------------------+--------------------+
| Tim McCall / Barnaby Fry | Hogarth Partnership | +44 (0) 207 357 |
| | | 9477 |
+--------------------------+-------------------------------+--------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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