ARC Capital Holdings Limited Update on Suspension (0255O)
01 August 2014 - 7:56PM
UK Regulatory
TIDMARCH
RNS Number : 0255O
ARC Capital Holdings Limited
01 August 2014
ARC Capital Holdings Limited
Update on Suspension
At the request of the Board of ARC Capital Holdings Limited
("ARCH") (AIM: ARCH), trading of ARCH's securities on AIM was
suspended with effect from 13:15pm on 24 July 2014 pending the
release of ARCH's unaudited net asset value ("NAV") as at 30 June
2014. The inability of the Valuation Committee of ARCH to determine
the NAV as at 30 June 2014 is set out in ARCH's announcement dated
24 July 2014.
A further announcement was made by ARCH on 30 July 2014 to
provide an update to its shareholders in respect of the sale of
ARCH's equity stake in Fortress Group Limited ("FGL"), held through
its wholly owned subsidiary, ARCH Digital Holdings Limited ("ARCH
Digital").
Capitalised terms used but not defined in this announcement have
the same meanings as set out in ARCH's announcements dated 24 July
2014 and 30 July 2014.
As set out in ARCH's announcement dated 30 July 2014, ARCH has
sought from FGL through ARCH Digital, information regarding the FGL
Sale. As of the time of this announcement, ARCH has not yet been
provided with the requested information in respect of FGL Sale.
ARCH Digital's representative on the Board of FGL, Mr Cosimo
Borrelli, has been provided with copies of the executed transaction
documents in respect of the FGL Sale. Despite two requests made by
Mr Borrelli directly to the Chairman of FGL, Mr Weijian Shan (also
Chairman and CEO of PAG Asia Capital), and FGL's legal advisor in
respect of the FGL Sale, Freshfields Bruckhaus Deringer
("Freshfields"), both Mr Shan and Freshfields are yet to advise Mr
Borrelli when the FGL Sale was purportedly completed and what has
happened with the sale proceeds.
In light of the confidentiality requirements contained in the
transactions documents in relation to the FGL Sale, Mr Borrelli is
not in a position to disclose the terms of the FGL Sale at this
stage.
On the basis of all the information currently available to Mr
Borrelli and the uncertainty associated with what has transpired in
respect of the FGL Sale in recent days, Mr Borrelli has recommended
the Valuation Committee of ARCH to consider a material adjustment
to the fair value of ARCH's equity interest in FGL.
The Valuation Committee is considering Mr.Borrelli's
recommendation and weighing the implications.
For the avoidance of any doubt, the Board of ARCH has instructed
legal advisors to consider all its options in respect of the FGL
Sale and matters associated with it.
A further announcement will be made in respect of any material
developments on this matter.
For more information please contact:
ARC CAPITAL HOLDINGS LIMITED:
Steve Feniger, Chairman of the Board
E: steve.feniger@gmail.com
Cosimo Borrelli
Managing Director, Borrelli Walsh Limited
Consultant to the Board
T: (852) 3761 3800
E: cb@borrelliwalsh.com
NOMINATED ADVISER:
Philip Secrett, Grant Thornton UK LLP
T: (44) 20 7383 5100
E: Philip.J.Secrett@uk.gt.com
BROKER:
David Benda / Hugh Jonathan, Numis Securities Limited
T: (44) 20 7260 1000
E: d.benda@numiscorp.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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