23 Sep 2014 11:00
BETTER CAPITAL PCC LIMITED 2009 AND 2012 CELLS
23 September 2014
Spicers and OfficeTeam group of companies ("SPOT")
The Board of Better Capital PCC Limited (the "Company") has been informed that BECAP12 Fund LP (the "2012 Fund") has provided £10.0 million of short term funding to the Spicers-OfficeTeam Group Limited (formerly Macsco 73 Limited), the holding company of SPOT. This additional funding is to improve further the stockholding depth of SPOT.
The 2012 Fund's investment in SPOT now totals £100.0 million. BECAP Fund LP (the "2009 Fund") was not in a position to contribute without itself borrowing the funds required and its investment in SPOT therefore remains at £11.5 million. There is an expectation that there should be a significant return of capital from SPOT in the first half of 2015. Good progress is being made towards accessing the considerable synergies of the two businesses. The new management structure has started well.
Enquiries:
Better Capital PCC Limited +44 (0) 1481 716 000
Laurence McNairn (Administrator and Company Secretary)
Better Capital LLP +44 (0) 20 7440 0840
Mark Aldridge (CEO)
Bonnie Kraus (Investor Relations)
Numis Securities Limited +44 (0) 20 7260 1000
Nathan Brown