Replacement Trading Update


 

TIDMACPM 
 
RNS Number : 0556G 
ACP Mezzanine Ltd 
25 January 2010 
 

ACP Mezzanine Limited 
Trading Update and Termination of Investment Management Agreement 
 
 
25 January 2010 
The following has been issued to replace RNS 0529G released today at 10:29am. 
The table showing indicative value of the portfolio has been inserted. 
 
 
ACP Mezzanine Limited (the "Company" or "ACPM": AIM: ACPM) today announces its 
unaudited, indicative NAV per share as at 31 December 2009 of 9.5 eurocents (30 
September 2009: 30.2 eurocents). 
As a result of the disposal of a majority of the portfolio in the period and the 
cancellation of the Leasecom facility, the Company has made two capital 
distributions since 30 September 2009 totalling EUR62.6 million, equivalent to 
26.55 eurocents per ACPM share. 
The indicative value of the portfolio, together with cash balances, as at 31 
December 2009 was as follows: 
+------------------------------+----------------+----------------+ 
|                              |    31 December |   30 September | 
|                              |           2009 |           2009 | 
+------------------------------+----------------+----------------+ 
|                              |      Euro '000 |       Euro'000 | 
+------------------------------+----------------+----------------+ 
| Portfolio                    |                |                | 
+------------------------------+----------------+----------------+ 
|                              |                |                | 
+------------------------------+----------------+----------------+ 
| IFR syndicated loans         |         15,691 |         25,588 | 
+------------------------------+----------------+----------------+ 
| IFR pref equity              |              - |         14,942 | 
+------------------------------+----------------+----------------+ 
| IFR pref equity - accrued    |              - |          6,195 | 
| interest                     |                |                | 
+------------------------------+----------------+----------------+ 
| Other loans                  |              - |             34 | 
+------------------------------+----------------+----------------+ 
| CLOs                         |              - |          4,367 | 
+------------------------------+----------------+----------------+ 
| CDOs and RMBS                |              - |            383 | 
+------------------------------+----------------+----------------+ 
| Total portfolio assets       |         15,691 |         51,509 | 
+------------------------------+----------------+----------------+ 
| Cash balance                 |          5,717 |         19,567 | 
+------------------------------+----------------+----------------+ 
Note: Indicative prices do not necessarily reflect the realisable value of such 
investments. 
The reduction in the portfolio valuation reflects the disposal in the period of 
70% of the ACPM portfolio held at 30 September 2009. 
ACPM's portfolio now comprises only its investment in IFR Capital's A, B and C 
debt tranches, which showed a favourable valuation movement of EUR0.4 million 
(0.84%) over the period. 
The significant events since the 30 September 2009 trading update are summarised 
below: 
  *  On 6 November 2009, the Company concluded an agreement to cancel its EUR15 million 
  commitment to Leasecom Financial Assets SAS, a subsidiary of Leasecom Group SAS. 
 
  *  On 12 November 2009, the Company sold two of its CLO investments (Dalradian 
  European and Cadogan Square) for EUR2.2 million in cash. The carrying value of 
  these investments at 30 September 2009 was EUR1.3 million. 
  *  On 25 November 2009, a return of capital of 7.05 eurocents per share was made to 
  shareholders; 
  *  On 25 November 2009, the Company sold all of its preference shares in IFR Jersey 
  Limited, a wholly owned subsidiary of IFR Capital plc ("IFR"), for EUR28.6 million 
  in cash. Their book value and accrued dividends as at 30 September 2009 amounted 
  to EUR21.1 million; 
  *  On 25 November 2009, ACPM settled all outstanding litigation with IFR without 
  any admission of liability and with each party bearing their own costs; 
  *  On 4 December 2009, the Company sold its D tranche position in IFR's debt, 
  together with all accrued interest from 1 October 2009 until the date of 
  transfer, (the "D Tranche") for EUR15.0 million in cash. The book value of the D 
  Tranche at 30 September 2009 was EUR10.1 million; 
  *  On 14 December 2009, the Company sold its remaining portfolio of CDOs, CLOs, and 
  RMBS for EUR4.5 million in cash. The carrying value of these assets at 30 
  September 2009 was EUR3.55 million. 
  *  On 22 December 2009, a return of capital of 19.50 eurocents per share was made 
  to shareholders; 
 
The Company has no borrowings. 
 
 
Notice of termination of the Investment Management Agreement 
The Company has given the requisite minimum notice period to ACP Investment 
Management Limited (the "Investment Manager") to terminate the Investment 
Management Agreement dated 20 July 2006 between the parties (the "IMA").  The 
IMA will therefore terminate on 3 December 2011 (the "Termination Date"). 
The decision to give such notice reflects the reduction in the portfolio held by 
the Company. 
Under the terms of the IMA, the Company may terminate the IMA prior to the 
Termination Date by payment of a termination fee to the Investment Manager equal 
to twice the four most recent quarterly performance related and management fees 
paid to the Investment Manager by the Company. 
 
 
 
 
Enquiries: 
+--------------------------+-------------------------------+--------------------+ 
| Hugh Field / Bruce       | Collins Stewart Europe        |    +44 (0) 207 523 | 
| Garrow                   | Limited (Nominated Adviser)   |               8350 | 
+--------------------------+-------------------------------+--------------------+ 
| 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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