Further Asset Disposal and Portfolio Update
2009年12月16日 - 2:35AM
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RNS Number : 1785E
ACP Mezzanine Ltd
15 December 2009
15 December 2009
ACP Mezzanine Limited
Further Asset Disposal and Portfolio Update
The Board of ACP Mezzanine Limited (the "Company" or "ACPM": AIM: ACPM)
announces that the Company sold yesterday its entire portfolio of CDOs, CLOs,
and RMBS (the "Sale") for EUR 4.51 million in cash (equivalent to 1.9 cents per
ACPM share). Settlement will be on 17 December 2009. The carrying value of these
assets at 30 September 2009 was EUR 3.55 million.
Following the Sale and the recent disposal of its interests in IFR Capital's
preference shares, as announced on 25 November 2009, and D tranche debt, as
announced on 4 December 2009, the Company's portfolio will comprise IFR
Capital's A, B, C debt tranches and the proceeds of the Sale.
+----------------------------+----------------+----------------+
| Portfolio and proceeds of | | EUR (m) |
| the Sale | | |
+----------------------------+----------------+----------------+
| | | |
+----------------------------+----------------+----------------+
| | | |
+----------------------------+----------------+----------------+
| IFR Capital's A, B, C debt tranches | 16.194 |
+---------------------------------------------+----------------+
| | | |
+----------------------------+----------------+----------------+
| Proceeds of the Sale | 4.510 |
+---------------------------------------------+----------------+
| | | 20.704 |
+----------------------------+----------------+----------------+
| | |
+---------------------------------------------+----------------+
| Number of shares in issue | 235,745,333 |
+---------------------------------------------+----------------+
| | |
+---------------------------------------------+----------------+
| Equivalent Value per share (Eurocents) | 8.8 |
+----------------------------+----------------+----------------+
Notes:
* Pricing and exchange rates are as at 30 November 2009.
* Indicative portfolio valuations exclude accrued income receivable on portfolio
investments.
* The pricing of IFR Capital's debt is based on average indicative prices.
Indicative portfolio valuations do not necessarily reflect the values that would
be achieved on the realisation of portfolio assets.
Net current assets (including cash balances) have been excluded from the above
portfolio summary. Following the payment of the distribution to Shareholders
announced on 7 December 2009 and excluding the proceeds of the Sale referred to
above, the Board believes the Company has retained sufficient cash to meet its
current and anticipated liabilities.
ACPM currently expects to make an announcement in early 2010 regarding a further
capital distribution comprising all or part of the proceeds of the Sale.
The Company's net asset value at 31st December 2009 will be released in January
2010 as part of the quarterly trading update.
Enquiries:
+--------------------------+--------------------------+--------------------------+
| Hugh Field / Bruce | Collins Stewart Europe | +44 (0) 207 523 8350 |
| Garrow | (Nominated Adviser) | |
+--------------------------+--------------------------+--------------------------+
| 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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