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Better Capital PCC Limited   -  BCAP   

Gardner Aerospace Holdings Limited

Released 10:35 11-Apr-2017

RNS Number : 1951C
Better Capital PCC Limited
11 April 2017
 

Better Capital PCC Limited 2009 Cell

11 April 2017

 

Gardner Aerospace Holdings Limited

 

Further to the Company's announcement on 16 November 2016, the Board of Better Capital PCC Limited (the "Company") has today been informed by the general partner to BECAP Fund LP (the "2009 Fund") that it has entered into a Share Sale Agreement (the "SSA") with, amongst others, Ligeance Investments Limited, a wholly owned subsidiary of Shaanxi Ligeance Mineral Resources Co., Ltd. ("SLMR"), for the sale of its interest in Gardner Aerospace Holdings Limited ("Gardner") for £326 million on an Enterprise Value basis.

 

Under the terms of the SSA, completion is conditional upon certain governmental and regulatory approvals.  In addition, the transaction also requires approval by SLMR's shareholders at a general meeting.   The General Partner of the 2009 Fund anticipates that these approvals will be forthcoming, with completion expected in May or June 2017 with proceeds net of costs, including transaction expenses and carried interest, estimated to be close to 105 pence per share. 

 

The Board further notes that, as part of the final negotiations relating to the SSA, the deposit in escrow has been reduced from US$50 million to US$15 million.

 

The Company will make a further announcement in due course.

 

Enquiries:

 

Better Capital PCC Limited                                                                                          +44 (0) 1481 716 000

Laurence McNairn (Administrator and Company Secretary)

 

Better Capital LLP                                                                                                            +44 (0) 20 7440 0840

Bonnie Kraus (Investor Relations)

 

Powerscourt                                                                                                                      +44 (0) 20 7250 1446

Justin Griffiths

 

Numis Securities                                                                                                             +44 (0) 20 7260 1426

Nathan Brown

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Gardner Aerospace Holdings Limited - RNS