26 Jul 2018 11:00
26 July 2018
Better Capital PCC Limited 2012 Cell
Distribution of Capital
Further to Better Capital PCC Limited's (the "Company") announcement on 23 July 2018, the General Partner (the "GP") of BECAP12 Fund LP (the "2012 Fund") informed the Board that the sale of Northern Aerospace Limited to Gardner Aerospace Holdings Limited completed successfully during the course of 23 July.
Having contemplated the future requirements of the 2012 Fund and its remaining investee companies, the GP has authorised a £48.85 million repayment to the Company's 2012 Cell from the proceeds of the Northern Aerospace disposal and the proceeds from the CAV Aerospace Limited warranty claim.
Having considered the working capital requirements of the 2012 Cell, the directors of the Company today announced a fourth distribution of capital of 16.0 pence per ordinary share to the 2012 Shareholders. In line with the previous distributions, this distribution of £48.35 million will be treated by the Company as a reduction of share capital paid out of monies attributed to the "share capital account".
The four capital distributions (reductions of share capital) announced to date for the 2012 Cell total £96.72 million / 27.2 per cent. of funds raised.
It is hoped that a further distribution will be feasible in 2019 as uncertainties on cash needs diminish.
Details of the distribution are as follows:
· Ex-date · Record date · Paid date | 2 August 2018 3 August 2018 10 August 2018 |
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 |