20 Dec 2016 07:00
Better Capital PCC Limited 2012 Cell
20 December 2016
Update on Northern Aerospace Limited and 2012 Shares Buyback
The Board of Better Capital PCC Limited (the "Company") is pleased to be informed by the General Partner of BECAP12 Fund LP (the "2012 Fund") that Northern Aerospace Limited (formerly trading as CAV Aerospace Limited) is showing good progress following its corporate restructuring with the attendant considerable reduction in historic loss-making contracts and legacy contingent liabilities. A further programme of operational and commercial improvement initiatives is now underway which management believe should, over time, improve the profitability and value of the restructured business.
Further to the Company's EGM results announcement on 7 December 2016, the Company will on 21 December 2016 enter into the Buyback Contract with the 2012 Fund to acquire 28,548,278 2012 Shares, representing 50 per cent. of the 2012 Fund's holding at the volume weighted average price of the 2012 Shares on the immediately preceding business day. The total purchase price will be reflected as a reduction of the 2012 Cell's loan into the 2012 Fund. The Company intends to immediately cancel all the 2012 Shares it acquires from the 2012 Fund, reducing the number of 2012 Shares in issue from 346,600,520 to 318,052,242. The buyback will not result in any return of capital to the 2012 Shareholders.
For further information, please contact:
Better Capital PCC Limited
Laurence McNairn (Administrator and Company Secretary) +44 (0)1481 716 000
Better Capital LLP
Bonnie Kraus (Director of Finance and Investor Relations) +44 (0)20 7440 0840
Powerscourt
Justin Griffiths +44 (0)20 7549 0999
Numis Securities Limited
Nathan Brown +44 (0)20 7260 1000