LONDON (Alliance News) - Investment firm Better Capital PCC Ltd on Tuesday said its 2012 Cell has reported progress on restructuring its Northern Aerospace Ltd portfolio company, while the group added it will buy back shares in the 2012 Cell.
Better Capital's 2012 Cell said Northern Aerospace, a US aerospace components and assemblies maker, is making good progress in reducing the number of loss-making contracts on its books, and the fund believes Northern Aerospace will deliver improved profitability in the future.
Better Capital also confirmed plans to buy back 28.5 million shares in the 2012 fund at the volume-weighted average price of the shares at the end of trade on Tuesday. The buyback will be carried out on Wednesday.
No capital will be returned to 2012 Cell shareholders following the buyback.
Better Capital PCC shares were untraded on Tuesday, having last traded at 103.25 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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