30 Mar 2017 16:59
BETTER CAPITAL PCC LIMITED 2012 Cell
30 March 2017
The Jaeger business and corporate group ("Jaeger")
The Board of Better Capital PCC Limited (the "Company") was informed today by the General Partner of BECAP12 Fund LP (the "2012 Fund") that it has disposed of its debt instruments in BECAP Jaeger (UK) Limited. The buyer is independent of the Company and the 2012 Fund. Confidentiality undertakings prevent any further disclosure of the identity of the buyer.
The 2012 Fund expects to receive net funds of approximately £7m/ 2.2 pence per share, which represents a disappointing £23m/ 7.2 pence per share write off to the carrying value of the investment. The General Partner of the 2012 Fund has informed the Board that it anticipates returning substantially all of the cash proceeds to the 2012 Cell shortly. It is further anticipated that a distribution will be made to shareholders promptly thereafter.
The business now needs scale and further financial resource not available from the 2012 Fund to grow; this is the right time for a new strategic investor to take Jaeger into its next phase of development.
The Board wishes Jaeger and its ongoing team every success in its future.
Enquiries:
Better Capital PCC Limited Laurence McNairn (Administrator and Company Secretary)
| +44 (0) 1481 716 000 |
Powerscourt Justin Griffiths Peter Ogden
| +44 (0) 20 7250 1446 |
Investor relations Bonnie Kraus, Better Capital LLP Nathan Brown, Numis Securities
| +44 (0) 20 7440 0840 +44 (0) 20 7260 1426 |