14 Jun 2017 16:10
BETTER CAPITAL PCC LIMITED 2009 Cell
14 June 2017
Return of Capital to 2009 Shareholders
Further to the announcement made on 12 June 2017 regarding the disposal by BECAP Fund LP (the "2009 Fund") of its interest in Gardner Aerospace Holdings Limited ("Gardner"), Better Capital PCC Limited (the "Company") today announces that it will return £222.0 million (equivalent to 107.35p per share) to holders of the ordinary shares of £1 each in the 2009 Cell (the "2009 Shares") by way of a compulsory pro rata redemption of the 2009 Shares (the "Redemption") with an effective date of 28 June 2017 (the "Redemption Date").
The Redemption will be effected at the equivalent of 129.42p per 2009 Share, being the equivalent of the latest reported NAV as at 30 September 2016, adjusted for the net uplift resulting from the disposal of Gardner and less the costs of effecting the redemption.
The Redemption will be effected pro rata to holdings of the 2009 Shares on the register at the close of business on the Redemption Record Date, being 28 June 2017. As at today's date, the Company has 206,780,952 2009 Shares in issue. On this basis 82.95 per cent. of each registered holding of 2009 Shares will be redeemed on the Redemption Date.
Fractions of 2009 Shares will not be redeemed and so the number of shares to be redeemed for each shareholder will be rounded down to the nearest whole number of shares.
All 2009 Shares that are redeemed will be cancelled with effect from the relevant Redemption Date. Accordingly, once redeemed, the 2009 Shares will be incapable of transfer.
Following the Redemption, the Company will have an estimated 35,262,369 2009 Shares in issue. The pro-forma 2009 Cell NAV following the Redemption is estimated to be approximately £40.0 million, which reflects BECAP GP Limited, the general partner to the 2009 Fund's, current fair valuation of the 2009 Fund's remaining portfolio assets and the current net assets held by the 2009 Cell and the 2009 Fund. This number of shares and value of NAV would correspond to an estimated pro-forma NAV per remaining 2009 Share of approximately 113p. Further details will be provided in the Company's annual results, which are currently expected to be released on 30 June 2017.
The 2009 Shares will all be disabled in CREST after close of business on the Redemption Date and the existing ISIN number GG00B5885941 (the "Old ISIN") will expire.
The new ISIN number GG00BYXP9G82 (the "New ISIN") in respect of the remaining 2009 Shares which have not been redeemed will be enabled and available for transactions from and including 29 June 2017.
Up to and including the Redemption Date, the 2009 Shares will be traded under the Old ISIN and as such, a purchaser of the 2009 Shares would have a market claim for a proportion of the redemption proceeds. CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.
Expected timetable for redemption:
· Publication of Redemption notice - 14 June 2017
· Record Date, Redemption Date and expiry of old ISIN number - 28 June 2017
· New ISIN number enabled - 29 June 2017
· Redemption monies paid to uncertificated holdings - 3 July 2017
· Redemption monies paid to certificated holdings - 5 July 2017
For further information please contact:
Better Capital PCC Limited
Tel. +44 (0) 1481 716 000
Laurence McNairn (Administrator and Company Secretary)
Better Capital LLP
Tel. +44 (0) 20 7440 0840
Bonnie Kraus (Director of Finance and Investor Relations)
Powerscourt
Tel. +44 (0) 20 7250 1446
Justin Griffiths
Numis Securities
Tel. +44 (0) 20 7260 1426
Nathan Brown