Disposal of remaining IFR Debt


 

TIDMAPL 
 
RNS Number : 9883K 
ACP Capital Limited 
28 April 2010 
 

                              ACP Capital Limited 
                         Disposal of remaining IFR Debt 
ACP Capital Limited ("ACP"or the "Company": AIM: APL) is pleased to announce 
that it has entered into an agreement to sell all of its holding of IFR Capital 
plc's ("IFR") Tranche A, Tranche B and Tranche C debt ("IFR Debt") for a total 
cash consideration of EUR39.4 million to Theo Müller Group Secs.  The aggregate 
book value (including accrued interest) as at 31 December 2009 of these holdings 
was EUR33.5 million (EUR0.76 million of principal was paid on 31 March 2010).  The 
sale of the IFR Debt at 95 per cent. of par represents a successful outcome for 
the Company (a 20% premium over the latest published book value).  Completion of 
the transaction is expected to take place on 30 April 2010. 
In accordance with ACP's policy of promptly returning excess cash to 
shareholders, ACP will make a further announcement shortly regarding a 
distribution of these receipts as well as any amounts that may be received from 
ACP Mezzanine Limited in connection with the sale of its Tranche A, B and C 
positions in IFR's debt, the sale of which, for an aggregate consideration of 
EUR18.4 million, is also announced today. 
ACP Group's portfolio now principally comprises equity in Leasecom. 
Furthermore, there is a currency hedge agreement between IFR and ACP which as at 
31 December 2009 represented a potential liability for ACP worth GBP6.7 million. 
 
Enquiries: 
+---------------------+---------------------+---------------------+ 
| Bruce Garrow        | Collins Stewart     | +44 (0) 207 523     | 
|                     | Europe (Nominated   | 8350                | 
|                     | Adviser)            |                     | 
+---------------------+---------------------+---------------------+ 
| Tim McCall/ Barnaby | Hogarth Partnership | +44 (0) 207 357     | 
| Fry                 |                     | 9477                | 
+---------------------+---------------------+---------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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