APL Acp Capital

    RNS Number : 2783G
  ACP Capital Limited
  21 October 2008
   
    Trading Update
    21 October 2008
    ACP Capital Limited (the "Company": AIM: APL) today announces its unaudited portfolio value as at 30 September 2008, showing an overall
decline in value of 23.7%. 
                                  30 September 2008  30 June 2008
 Portfolio assets                     GBP'000s         GBP'000s
 ACP Mezzanine Limited                 50,001*          68,666
 Other investments at fair value      97,089**         124,193
 Loans and receivables                  5,173           6,600
 Total portfolio assets                152,263         199,459
    Assets are valued at fair value on the basis of an average of indicative prices received from market sources or bid price where
available. Indicative prices do not necessarily reflect the realisable value of such investments.
    Significant events affecting the Company's asset value include:
    *     The previously announced repayment of the Deutsche Bank AG facility such that the Company has no borrowings;
    *     A fall in the value of the IFR equity holding from GBP 24.01 million to GBP 13.08 million due to a fall in the share price of IFR
from 30 June 2008: 50.5 eurocents to 30 September 2008: 27.5 eurocents;
    *     General market conditions have seen a continuing decline in indicative prices for structured investments and a fall in prices for
quoted investments.
    Since 30 September 2008, the share price of IFR has fallen from 27.5 eurocents to 13 eurocents, as at 20 October 2008. The Company
continues to monitor events at IFR and notes that all interest payments due to the Company have been received, up to and including 30
September 2008. 
    Since 30 September 2008, the share price for Davenham Group PLC ("Davenham") has fallen from 73.5p to 13.75p, as at 20 October 2008,
with Davenham experiencing a large fall following a trading update released on 20 October 2008. The Company continues to monitor events at
Davenham.
    The Company's Board of Directors has today approved a cash distribution to shareholders of 4.00p per share. The payment will be made
following regulatory and shareholder approval, and following receipt of its share of a distribution from ACP Mezzanine Limited announced
today, which is expected before year end.  

    *    The Company owns 54.17% of ACP Mezzanine Limited ("ACP Mezzanine": AIM: ACPM); valued on basis of bid price at 30 September 
      2008: 49.5p (30 June 2008: 68p). ACP Mezzanine has recently announced its NAV per share of EUR 0.545.

    **    Included within "other investments at fair value" is GBP 13.08 million in respect of the Company's equity investment in IFR
Capital plc 
        ("IFR": AIM: IFR) together with preferred equity in IFR totalling GBP 17.16 million and debt tranches in IFR totalling GBP 30.4
million.

     Enquiries:
 Chris Wells, Collins Stewart   +44 (0) 207 523 8350
 (Nominated Adviser)

 Tim McCall/James Longfield     +44 (0) 207 357 9477
 Hogarth Partnership


This information is provided by RNS
The company news service from the London Stock Exchange
 
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