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Preliminary NAV views as at 30 September 2018

29 Oct 2018 17:00

RNS Number : 5832F
Better Capital PCC Limited
29 October 2018
 

Better Capital PCC Limited 2009 Cell and 2012 Cell

 

29 October 2018

 

Preliminary NAV views as at 30 September 2018

 

The General Partners of BECAP Fund LP ("Fund I") and BECAP12 Fund LP ("Fund II") have undertaken a review of the underlying assets within Funds I and II as at 30 September 2018 and have informed the board of Better Capital PCC Limited (the "Company") of the following:

 

Better Capital 2009 Cell

Omnico closed its year to 30 September 2018 materially below budget. Despite the financial disappointment, the business is profitable and has a strong order book and pipeline. The challenge for the current year is to deliver its new products in a timely manner and within budget.

 

M-hance is trading broadly in line with expectations.

 

Fund I's minority holding in Spicers-OfficeTeam ("SPOT") has also suffered a diminution in value as a consequence of trading underperformance. This is further described below.

 

Early indications are that the 2009 Cell NAV per share will be written down in the region of 30 per cent. from the last published NAV at 31 March 2018 of 114.6p, largely due to the underperformance in Omnico.

 

Better Capital 2012 Cell

Over the summer, Fund II concluded the sale of Northern Aerospace which enabled the distribution of £48.3 million to the 2012 Shareholders. The General Partner also successfully concluded all aspects of the CAV Aerospace warranty claim in October 2018. Total receipts in relation to Northern Aerospace and the warranty claim were in line with the valuation at 31 March 2018 of £60.0 million.

 

Further to the Company's announcement on 22 August 2018, Everest and SPOT have continued to underperform.

 

The operational challenges at Everest have been frustrating, not least because in a weak market place the sales and marketing functions have performed particularly well with the business recording unfulfilled orders of £47 million at the time of writing. Since the announcement of 22 August, significant effort has been injected in driving installation levels which is the critical issue. The trajectory in installations is improving, leading to reasonable expectations of converting the over-full order book into revenue and improving results.

 

Whilst remaining profitable, profits at SPOT have been lower than expected over the summer, leading to an expectation of a significantly lower valuation at 30 September 2018. SPOT is conducting an internal balance sheet reconstruction between existing parties which will see Fund I receiving an offer for its minority holding in the business from Fund II.

 

2012 Cell NAV was £138.1 million at 31 March 2018. This corresponded to a NAV per share of 43.4p. The effect of the distribution of capital paid on 10 August and the 2012 Shares buyback and cancellation transaction on 19 June, together with on-going running costs and follow-on funding was to reduce the 2012 Cell NAV to £82 million. Further expected downward reductions in valuation takes this figure to approximately £58 million or 19.2 pence per share.

 

Interim Results publication

The Company expects to release its Interim Results for the period to 30 September 2018 on 3 December.

 

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.

 Enquiries:

 

 

Better Capital PCC Limited

Norman Amey (Administrator and Company Secretary)

 

+44 (0) 1481 742 742

Powerscourt

Justin Griffiths

 

+44 (0) 20 7250 1446

Numis Securities

Nathan Brown

+44 (0) 20 7260 1426

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
NAVLLFVRITLAFIT
Date   Source Headline
9th Jun 20207:00 amRNSReconstruction of the Everest Business
8th Jun 20207:00 amRNSReplacement RNS
5th Jun 20206:08 pmRNSReconstruction of the Everest Business
27th May 20207:00 amRNSDirector/PDMR Shareholding
26th May 20207:00 amRNSHolding(s) in Company
14th May 20201:32 pmRNSPartial Sale of The SPOT Group and their assets
12th May 20204:16 pmRNSResults of Extraordinary General Meetings
1st May 20205:18 pmRNSHolding(s) in Company
29th Apr 20207:00 amRNSNotice of Extraordinary General Meetings
1st Apr 20204:00 pmRNSChange of Name of Administrator/Company Secretary
26th Mar 20207:00 amRNSUpdate following COVID-19 outbreak
23rd Dec 20193:25 pmRNSInterim Results Update
12th Nov 20195:50 pmRNSHolding(s) in Company
12th Sep 20192:23 pmRNSResult of AGM
23rd Aug 20197:00 amRNSNotice of AGM
22nd Aug 20199:28 amRNSDirector Declaration
1st Aug 20197:00 amRNSTotal Voting Rights
2nd Jul 20197:01 amRNS2012 Cell Distribution of Capital
2nd Jul 20197:00 amRNS2012 Shares Buyback
1st Jul 20197:00 amRNSFinal Results Update
21st May 20193:08 pmRNSDirector/PDMR Shareholding
29th Apr 20193:00 pmRNSChange of Registered Office
1st Apr 20197:00 amRNSSpicers-OfficeTeam - Partial Disposal
25th Jan 20195:18 pmRNSHolding(s) in Company
23rd Jan 20194:40 pmRNSHolding(s) in Company
22nd Jan 20192:41 pmRNSDirector/PDMR Shareholding
10th Dec 20184:30 pmRNSDirector/PDMR Shareholding
5th Dec 201812:03 pmRNSDirector Declaration
3rd Dec 20187:00 amRNSInterim Results Update
29th Oct 20185:00 pmRNSPreliminary NAV views as at 30 September 2018
13th Sep 20183:30 pmRNSResults of AGMs
5th Sep 201811:59 amRNSDirector/PDMR Shareholding
3rd Sep 20189:39 amRNSHolding(s) in Company
31st Aug 20184:09 pmRNSHolding(s) in Company
31st Aug 201812:45 pmRNSDirector/PDMR Shareholding
22nd Aug 20184:30 pmRNSEverest Valuation at 31st March 2018/SPOT Progress
10th Aug 20182:37 pmRNSHolding(s) in Company
6th Aug 20187:00 amRNSNotice of Annual General Meetings
3rd Aug 201810:11 amRNSHolding(s) in Company
26th Jul 201811:00 amRNSDistribution of Capital
24th Jul 20185:18 pmRNSDirector/PDMR Shareholding
23rd Jul 20184:41 pmRNSSecond Price Monitoring Extn
23rd Jul 20184:35 pmRNSPrice Monitoring Extension
23rd Jul 20187:00 amRNSFurther Update Re: Sale of Northern Aerospace Ltd
13th Jul 20187:00 amRNSFinal Results Update
9th Jul 20187:00 amRNSFurther update re sale of Northern Aerospace Ltd
2nd Jul 20187:00 amRNSTotal Voting Rights
26th Jun 20185:00 pmRNSStatement re Annual Report & Financial Statements
25th Jun 20187:00 amRNSFurther Update Re: Sale of Northern Aerospace
19th Jun 201810:02 amRNSFurther Re: Sale of Northern Aerospace Limited

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