19 Jun 2018 07:00
19 June 2018
Better Capital PCC Limited 2012 Cell
2012 Shares Buyback
On 21 December 2016, Better Capital PCC Limited (the "Company") entered into a Buyback Contract (the "Buyback Contract") with BECAP12 Fund LP (the "2012 Fund") to acquire up to 57,096,555 2012 Shares from the 2012 Fund.
Under the terms of the Buyback Contract, the Board of the Company now wishes to acquire 55.6 per cent. of the remaining 28,548,277 2012 Shares held by the 2012 Fund. This equates to 15,870,806 2012 Shares and shall be purchased on 19 June 2018 at 29.693p, being the volume weighted average price ("VWAP") of the 2012 Shares on 18 June 2018 (Note 1).
Following the Shares Buyback, the Company will immediately cancel all the 2012 Shares acquired from the 2012 Fund, reducing the number of 2012 Shares in issue from 318,052,242 to 302,181,436. The buyback will not result in any return of capital to the 2012 Shareholders.
The proforma impact of the Shares Buyback and subsequent cancellation on the 2012 Cell Net Asset Value as at 31 March 2018 is an uplift in the region of 3 per cent.
Note (1) The EGM authority given in December 2016 provided that 2012 Shares shall be purchased at the VWAP of the 2012 Shares on the immediately preceding business day, provided that (in accordance with the Listing Rules) such price shall not exceed and shall be limited to a price per 2012 Share being not more than the higher of (i) 5% above the average market value of the 2012 Shares for the five business days prior to the day the purchase is made and (ii) the value of a 2012 Share calculated on the basis of the higher of the price quoted for (a) the last independent trade of and (b) the highest current Independent bid for, any number of the 2012 Shares occurring before the relevant completion date.
For further information, please contact:
Better Capital PCC Limited Norman Amey (Administrator and Company Secretary)
| +44 (0)1481 742 742 |
Numis Securities Limited Nathan Brown | +44 (0)20 7260 1000 |