27 Jan 2016 11:14
BETTER CAPITAL PCC LIMITED 2012 Cell
27 January 2016
Additional funding in CAV Aerospace ("CAV")
The Board of Better Capital PCC Limited is pleased to have been informed by the General Partner of BECAP12 Fund LP (the "2012 Fund") that CAV, working with its key stakeholders, has been able to take steps to release a significant amount of previously tied-up working capital and to make important operational changes which should lead to improved performance.
In order to achieve the above, the General Partner has agreed that the 2012 Fund provides a further injection of £11 million into the business in the form of a secured shareholder instrument. The investment will be used to repay the group's existing lender in full, thus removing substantially all of the group's external debt and to continue to fund its working capital, capital expenditure and on-going improvement initiatives.
This brings the 2012 Fund's total investment in CAV to £59 million.
Enquiries:
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Better Capital PCC Limited | +44 (0) 1481 716 000 Laurence McNairn (Administrator and Company Secretary)
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Better Capital LLP | +44 (0) 20 7440 0840 Simon Pilling (Chief Executive) Rob Asplin (Managing Director) Bonnie Kraus (Director of Finance and Investor Relations)
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Powerscourt | +44 (0) 20 7250 1446 Justin Griffiths
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Numis Securities | +44 (0) 20 7260 1426 Nathan Brown
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