4 Jan 2013 16:00
Better Capital PCC Limited 2009 Cell
4 January 2013
The Board of Better Capital PCC Limited has been informed that the operating subsidiaries of BECAP Vivat Limited, trading under the name Reader's Digest UK, have today entered a period of restructuring via a proposed Company Voluntary Arrangement or CVA.
The objective of the restructuring is to allow a smaller, profitable business based around the magazine to continue to trade whilst facilitating an exit from unprofitable direct marketing activities. The proposed CVA process is expected to take some weeks to conclude.
BECAP Fund LP held this investment at a valuation of £1 million at 30 September 2012. The Board will make further announcements as required in light of any further information received ahead of the scheduled six monthly revaluation of BECAP Fund LP's investments at 31 March 2013
Enquiries:
Better Capital PCC Limited +44 (0)1481 716 000
Mark Huntley (Director)
Laurence McNairn (Administrator and Company Secretary)
Better Capital LLP +44 (0)20 7440 0840
Jon Moulton (Chairman)
Nick Sanders (Head of Portfolio)