23 Jul 2018 07:00
23 July 2018
Better Capital PCC Limited 2012 Cell
Further Update Re: Sale of Northern Aerospace Limited
Further to the announcement of 9 July 2018, BECAP12 GP Limited has informed Better Capital PCC Limited as below.
Permission to complete the sale was finally obtained on 19 July 2018, as the Secretary of State confirmed that no public interest consideration to which he is able to have regard is relevant to a consideration of the transaction. As a result, the Initial Enforcement Order that previously prevented completion from occurring ceased to have effect. The parties have entered into a binding legal agreement to complete the proposed transaction on or prior to Tuesday 24 July 2018.
The proceeds attributable to BECAP12 Fund LP, net of management share and costs, and in addition to the cash at bank and remaining receivable from the CAV Aerospace Limited warranty claim is materially in line with the current NAV, of £60 million.
A further announcement will be made in regards to a distribution to the 2012 Shareholders in due course.
This announcement contains information that is inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.
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 |