St Peter Port Capital Limited Update on the Auction of the Company's Assets (5027A)
02 Juin 2021 - 8:00AM
UK Regulatory
TIDMSPPC
RNS Number : 5027A
St Peter Port Capital Limited
02 June 2021
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
2(nd) June 2021
St Peter Port Capital Limited (the "Company")
Update on the Auction of the Company's Assets
On 15(th) February 2021 the Board announced an auction process
to facilitate the disposal of all the Company's assets. Following
completion of the process, the Board stated that it would seek to
return the net cash so realised to shareholders as a return of
capital, having made provision for a subsequent orderly
liquidation. It was envisaged that consent would be sought for the
appointment of a liquidator and cancellation of the Company's
admission to trading on AIM. The Board now wishes to update
shareholders on the auction process.
The Company has appointed an agent, Fourth Ventures Limited, to
conduct the auction. The Company has prepared dossiers on each of
its holdings of value and secured the support of the managements of
the respective investee companies for a disclosure process. The
auctioneer has contacted potentially interested parties and has
received enquiries into the holdings.
This process has taken longer than expected. It is now
anticipated that it will require another two months or so to
achieve concluding bids and to maximise the cash returned to
shareholders. The auctions have two stages, submission of an
expression of interest and evidence of capacity to participate.
This first stage is largely complete, but it is still open to
latecomers. The second stage, which some bidders have already
reached, will give an opportunity to review any confidential
material including having conversations with investee companies'
managements, having signed an appropriate non-disclosure agreement,
following which offers will be requested.
The Board expects to issue its final results for the year ended
31 March 2021 after the auctions have concluded.
For further information:
St Peter Port Capital Limited
Lynn Bruce, Director +44 (0) 1481 724 222
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett +44 (0) 20 7383 5100
Fourth Ventures Limited (auction agent)
Simon Ramery +44 (0) 7500 873 833
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