22 Aug 2018 16:30
22 August 2018
Better Capital PCC Limited 2012 Cell
Everest Valuation at 31st March 2018/SPOT Progress
BECAP12 GP Limited, as General Partner of BECAP12 Fund LP (the "2012 Fund"), has informed the Board of Better Capital PCC Limited as below.
In the process of finalising the 2017 annual financial statements for the Everest business, it has become clear that the financial data used for the valuation (£20m, as of 31st March 2018) of this portfolio company was, in part, incorrect. It is likely that, if a more accurate picture had been known, the valuation of Everest would have been reduced by an amount which might have been significant to the valuation of this investment.
The total reported portfolio carrying value of the 2012 Fund as at 31st March 2018 was £125.1m. The Company has subsequently distributed £48.35m to the 2012 Shareholders.
The progress of Spicers-OfficeTeam ("SPOT"), (valued at £38.2m, as of 31st March 2018), the only other portfolio company in the 2012 Cell following the sale of Northern Aerospace, has been behind expectations during the summer.
Enquiries:
| |
Better Capital PCC Limited Norman Amey (Administrator and Company Secretary)
| +44 (0) 1481 742 742 |
Powerscourt Justin Griffiths
| +44 (0) 20 7250 1446 |
Numis Securities Nathan Brown | +44 (0) 20 7260 1426 |