Better Capital PCC Limited Sale of iNTERTAIN to Stonegate Pub Company Ltd (0303R)
06 December 2016 - 6:00PM
UK Regulatory
TIDMBCAP TIDMBC12
RNS Number : 0303R
Better Capital PCC Limited
06 December 2016
BETTER CAPITAL PCC LIMITED 2012 Cell
6 December 2016
Sale of iNTERTAIN to Stonegate Pub Company Limited
Better Capital PCC Limited (the "Company") is pleased to
announce that BECAP12 Fund LP (the "2012 Fund") has exchanged
contracts on the disposal of its interests in iNTERTAIN Limited
("iNTERTAIN") to Stonegate Pub Company Limited ("Stonegate") at an
enterprise value of GBP39.5m. Formal completion is unconditional
and is anticipated to happen later this week.
iNTERTAIN owns and operates a national chain of bars trading
principally under the Walkabout brand. The 2012 Fund invested in
the business in November 2014, and has successfully restructured
and invested in the business, returning it to a profitable and cash
generative group.
Stonegate is one of the UK's largest managed pub companies, with
662 sites nationwide.
The sale of iNTERTAIN is expected to realise net proceeds to the
2012 Fund of GBP33.7 million at completion, with the remaining
proceeds deferred pending the resolution of certain legacy matters.
Overall estimated net proceeds from the transaction will be a
little below the valuation published in the 2016 Interim Report of
GBP38.0 million. The 2012 Fund GP Company has informed the Board
that it anticipates returning the bulk of the immediate cash
proceeds to the 2012 Cell.
The Board intends thereafter to distribute GBP34.0m from the
2012 Cell to the 2012 Shareholders as soon as practicable. This
distribution will amount to 9.8 pence per share at the current
level of issued share capital, or 10.7 pence per share following
the share buy-back and cancellation as proposed in the circular
issued by the Company on 25 November 2016 if this is approved.
The Company wishes iNTERTAIN's ongoing team and new shareholders
success in the business's next phase.
Enquiries:
Better Capital PCC Limited +44 (0) 1481 716 000
Laurence McNairn (Administrator and Company Secretary)
Better Capital LLP +44 (0) 20 7440 0840
Simon Pilling (Chief Executive)
Bonnie Kraus (Director of Finance and Investor Relations)
Powerscourt +44 (0) 20 7250 1446
Justin Griffiths
Peter Ogden
Numis Securities +44 (0) 20 7260 1426
Nathan Brown
This information is provided by RNS
The company news service from the London Stock Exchange
END
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