Further Capital Distribution
May 19 2010 - 5:22AM
UK Regulatory
TIDMACPM
RNS Number : 1836M
ACP Mezzanine Ltd
19 May 2010
19 May 2010
ACP Mezzanine Limited
Further Capital Distribution
ACP Mezzanine Limited (the "Company": AIM: ACPM) today announces a return of
capital of 7.58 eurocents per share, payable on 8 June 2010 to shareholders on
the register on 28 May 2010. The ex-dividend date will be 26 May 2010.
This distribution of approximately EUR17.8 million mainly comprises proceeds from
the disposal of the remaining interests held in IFR Capital Plc's debt (as
announced on 4 May 2010).
Following the sale of these assets, the Company no longer requires the services
of an investment manager. As disclosed in the announcement of 25 January 2010,
the Company gave notice to terminate the investment management agreement, with a
termination date of 3 December 2011. In full satisfaction of this agreement,
the Company has agreed to make a termination payment of approximately EUR1.6
million.
This payment is considered a related party transaction under the AIM Rules. In
accordance with AIM Rule 13, the directors of the Company, having consulted with
the Company's nominated adviser, Collins Stewart Europe Limited, consider the
payment fair and reasonable insofar as the Company's shareholders are concerned.
Following this distribution, the Company has, in the opinion of its directors,
retained funds sufficient to meet its remaining liabilities and the costs of
liquidation. Accordingly shareholders should expect no further distributions.
The Board intends to seek shareholder approval for placing the Company into
liquidation and delisting it from the AIM. A further announcement concerning
these matters will be made in due course.
Enquiries:
+---------------------+---------------------+---------------------+
| Bruce Garrow | Collins Stewart | +44 (0) 207 523 |
| | Europe (Nominated | 8350 |
| | Adviser) | |
+---------------------+---------------------+---------------------+
| | | |
+---------------------+---------------------+---------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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