TIDMAPL 
 
RNS Number : 4830M 
ACP Capital Limited 
30 January 2009 
 
ACP Capital Limited 
Trading Update 
 
 
ACP Capital Limited (the "Company": AIM: APL) today announces its unaudited 
portfolio value as at 31 December 2008, which shows an overall decline in value 
of 27.7% in the three months since 30 September 2008. 
 
+------------------------------+------------------+----------------+ 
|                              | 31 December 2008 | 30 September   | 
|                              |                  | 2008           | 
+------------------------------+------------------+----------------+ 
| Portfolio assets             | GBP'000s         | GBP'000s       | 
+------------------------------+------------------+----------------+ 
| ACP Mezzanine Limited*       | 30,518           | 50,001         | 
+------------------------------+------------------+----------------+ 
| Other investments at fair    | 76,176           | 97,089         | 
| value**                      |                  |                | 
+------------------------------+------------------+----------------+ 
| Loans and receivables        | 3,419            | 5,173          | 
+------------------------------+------------------+----------------+ 
| Total portfolio assets       | 110,113          | 152,263        | 
|                              |                  |                | 
+------------------------------+------------------+----------------+ 
 
For the purposes of this trading update, certain assets have been valued on the 
basis of an average of indicative prices received from market sources. 
Indicative prices do not necessarily reflect the realisable value of such 
investments. 
Significant events affecting the Company's asset value since 30th September 2008 
include: 
  *  A cash distribution of 4.00 pence per share was paid to shareholders on 23 
  December 2008; 
  *  A fall in the value of the IFR Capital plc ("IFR") equity holding from GBP 13.08 
  million to GBP 4.59 million as a result of the fall in the share price of IFR 
  from 30 September 2008: 27.5 eurocents to 31 December 2008: 8.0 eurocents; 
  *  A revaluation of our investment in Leasecom Group SAS to EUR 20 million (30 
  September 2008: EUR 33.13 million) reflecting current market conditions; 
  *  Our investment in GCI Automotive Holding GmbH was sold on 15 January 2009 for 
  circa EUR 3.75million (an initial sum of EUR 2.88 million together with two 
  further payments of EUR 434,700 due on each of 30 June 2009 and 31 December 
  2009); 
  *  There has been a continuing decline since 30 September 2008 in indicative prices 
  for structured investments and a fall in prices for quoted investments; and 
  *  Euro - Sterling exchange rates have moved from EUR 1.264 / GBP to EUR 1.046 / 
  GBP between 30 September 2008 and 31 December 2008. As at 31 December 2008 
  approximately GBP 107 million equivalent of portfolio assets were EUR 
  denominated. The Company does not hedge its foreign currency positions. 
 
The Company's Board of Directors has today approved a cash distribution of 4.5 
pence per share, which will be made to record holders as at 13 February 2009 on 
6 March 2009. This payment is conditional upon the receipt of the Company's 
share of a cash distribution from ACP Mezzanine Limited announced today. 
 It is the Company's intention to issue its final results and audited financial 
statements for the year ended 31st December 2008 in the week commencing 23 March 
2009. 
 
 
* The Company owns 54.17% of ACP Mezzanine Limited ("ACP Mezzanine": AIM: ACPM); 
valued on the basis of the bid price at 31 December 2008: 25 eurocents (30 
September 2008: 49.5 eurocents). ACP Mezzanine has recently announced its NAV 
per share of 32.4 eurocents. As at 31 December 2007 the Company's investment in 
ACP Mezzanine was included in the accounts at market value. As a result of the 
transactions in June 2008, the Company acquired a controlling interest of 54.17% 
in ACP Mezzanine. As the holding is now in excess of 50%, ACP Mezzanine Limited 
will be accounted for as a subsidiary within the consolidated results of the ACP 
Capital group for the year ended 31 December 2008. 
** Included within "other investments at fair value" is GBP 4.59 million in 
respect of the Company's equity investment in IFR Capital plc ("IFR": AIM: IFR) 
together with preferred equity in IFR totalling GBP 12.78 million and debt 
tranches in IFR totalling GBP 32.54 million. 
 
Enquiries 
+-------------------------------+--------------------+--------------------------+ 
| Collins Stewart (Nominated    | Hugh Field         | +44 (0) 207 523 8350     | 
| Adviser)                      |                    |                          | 
|                               |                    |                          | 
+-------------------------------+--------------------+--------------------------+ 
| Hogarth Partnership           | Tim McCall         | +44 (0) 207 357 9477     | 
|                               | James Longfield    |                          | 
+-------------------------------+--------------------+--------------------------+ 
  *  30 January 2009 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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