Trading Update (8030U)
October 22 2010 - 2:01AM
UK Regulatory
TIDMAPL
RNS Number : 8030U
ACP Capital Limited
22 October 2010
ACP Capital Limited
Trading Update
22 October 2010
ACP Capital Limited (the "Company" or "ACP" : AIM: APL) today
announces its unaudited, indicative portfolio values as at 30
September 2010.
The indicative value of the portfolio, together with the cash
balances, as at 30 September 2010, was as follows:
30 June
30 September 2010
2010 GBP'000 GBP'000
Leasecom equity 17,216 16,196
Davenham - -
-------------- ---------
Total portfolio assets 17,216 16,196
-------------- ---------
Group cash and receivables 2,192 2,479
-------------- ---------
Significant events since the last quarterly trading update are
as follows:
-- A favourable exchange movement on the Leasecom equity
investment of GBP1.02 million.
-- Leasecom is currently performing in line with ACP's
expectations. Consolidated turnover, EBITDA and net profits have
significantly increased for the financial year 2009 compared to the
previous financial year. The company has also been endeavouring to
reduce its fixed cost base and continue to improve profitability.
For the financial year 2009, ACP Capital has received about EUR3.0
million of dividends from Leasecom.
In line with its stated strategy, ACP is engaged in discussions
to sell its stake in Leasecom. We will continue to update the
shareholders on the process as appropriate.
-- On 30 June 2010, the management of Davenham Group plc (in
which the Company has an equity investment of 7.6 million shares
that has been valued at nil) announced the result of a strategic
review, where it was decided that the business would stop writing
new business and go into 'run-off'. In view of this, the Board of
Davenham Group plc considers that there is likely to be no value
for that company's ordinary shareholders.
-- Mr Patrick McCann retired from the board of the Company on 22
July 2010.
Indicative prices do not necessarily reflect the realisable
value of such investments.
The Company has no borrowings.
Enquiries:
Bruce Garrow Collins Stewart Europe +44 (0) 207 523
Limited (Nominated Adviser) 8350
This information is provided by RNS
The company news service from the London Stock Exchange
END
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