RNS Number : 7984X
ACP Capital Limited
27 June 2008
ACP Capital Limited
Circular and Notice of Requisitioned EGM
27 June 2008
ACP Capital Limited (AIM:APL) ("ACP Capital" or "the Company") announces that it is posting to its shareholders a circular (the
"Circular") including a notice of an extraordinary general meeting (the "EGM") requisitioned by Vidacos Nominees Limited. Vidacos Nominees
has stated that it is acting as nominee and on the instructions of Deutsche Bank AG, acting through its London Branch ("DBL"), and that DBL
in turn acts solely on the instructions of their prime brokerage clients, QVT Fund LP and Quintessence Fund LP, who are the beneficial
owners of 55,772,475 ordinary shares in the Company.
Resolutions are to be considered at the EGM for: (a) the removal from office as a director of the Company of each of Derek Vago, Eric
Youngblood, Nikolaj Larsen, Francois Georges, Alan Braxton and Daniele Discepolo, and (b) the appointment as a director of the Company of
each of John Chapman, Patrick McCann and James Lowenstein.
The EGM will be held on 17 July 2008 at Ordnance House, 31 Pier Road, St Helier, Jersey, JE4 8PW. The Circular will also be available on
the Company's website and by way of request to info@acpcapital.com
The Circular summarises the key points which the existing Directors believe Shareholders should consider when deciding how they should
vote on the Resolutions and contains a unanimous recommendation from the Board of ACP Capital to vote against all the Resolutions, as it
does not believe they are in the best interests of the Company and its shareholders as a whole.
Background
Vidacos is acting as nominee for and on the instructions of Deutsche Bank AG through its London Branch, in its capacity as prime broker
for QVT Fund LP and Quintessence Fund LP as beneficial owners of 55,772,475 Ordinary Shares held by Vidacos. The Board understands that QVT
Financial Fund LLP is or may be interested in a further 2,870,525 Ordinary Shares also held by Vidacos. Taken together, the Company
understands that QVT is currently interested, in aggregate, in 58,643,000 Ordinary Shares, representing 29.91 per cent. of the Company's
issued share capital.
QVT subscribed for approximately 12.0 million Ordinary Shares in the Company's capital raise in March 2007, in which the Board outlined
its strategy to be implemented over the course of approximately 18 months. Since August 2007, QVT has increased its shareholding in the
Company to its current holding of 58.6 million Ordinary Shares. Based on the information available to it, the Board believes that the
average price at which QVT has acquired its shareholding is approximately 83.5p per share.
QVT sent a letter to the Board dated 19 May 2008 that included the following proposals:
(i) that ACP Capital should create a redemption facility as soon as reasonably practicable for up to 80 per cent. of the
Company*s shares in issue at NAV, to be financed through, amongst other things, the sale of the Company*s equity holdings/investments and
the sale of senior debt assets on the balance sheet;
(ii) that ACP Capital should not participate in ACP Mezzanine*s June 2008 capital raise; and
(iii) that ACP Capital should not deploy further capital until delivering to shareholders a proposal for the future,
demonstrating how the Company intends to deliver shareholder value (please see sections on GCI and ACP Mezzanine in Part II of this document
which specifically explains the value of deploying further capital).
In the Company's written response dated 2 June 2008, the Board rejected these proposals on the grounds that the Board consider them to
be value destructive and to display a lack of understanding of the Company's business. The Board's view is that the removal of the majority
of Directors is completely contrary to the best interests of shareholders and is motivated entirely by the ambitions of a single shareholder
to gain control of the Company and embark on a theoretical liquidation plan that would not provide the best potential for a return of value
for all shareholders.
In the spirit of engagement, ACP Capital offered to assist QVT to arrange a sell-down of its holding in the Company. QVT did not respond
to this offer. On 11 June 2008, QVT wrote a further letter to the Board (which was received by the Company on 16 June 2008) this time
requisitioning an EGM in order to replace six of the eight Directors, including Derek Vago, Eric Youngblood and Nikolaj Larsen, the
Company's three Executive Directors.
Since this date, the Company has made several attempts to engage QVT in discussions to resolve these issues, including a letter dated
Friday 20 June 2008 in which the Company urged QVT to reconsider its position and enter into an open discussion with the Board. QVT's
response (by letter dated 24 June 2008) asked representatives of the Board to travel to New York for a meeting but was otherwise
non-specific. Your Board responded (in a letter dated 27 June 2008) offering to travel to New York as soon as practicable but asked for
confirmation that both Daniel Gold and Ron Avni will be present in order to avoid unnecessary time and cost outlays. The Directors remain
willing to engage in any meaningful dialogue with QVT.
The Board's primary concern is that QVT do not understand ACP Capital's business - the Company is not a vehicle or investment trust, but
a live, operating business with tangible and intangible assets and commercial relationships. In the Board's opinion, QVT's proposal of a
theoretical liquidation of the Company takes no account of current market conditions, or the impact of the departure of management or the
illiquidity of certain of the Company's assets.
Furthermore, in light of the Board's belief that the average price at which QVT acquired its Ordinary Shares is approximately 83.5p,
even if such a theoretical liquidation was achievable (which the Board doubts), it would potentially be at a substantial discount to the
true value of the Company's assets, which, whilst benefiting QVT, would be to the detriment of all shareholders who have participated in any
of the Company's previous share issues.
QVT has provided only very limited information on its proposed directors. Based on ACP Capital's own research, the Board is also
concerned that QVT's proposed directors do not possess the specialist knowledge of the core European SME/financial services sector required
to manage the Company's business, or to achieve a satisfactory realisation of the Company's assets that would return a value acceptable to
all shareholders, or to meet the Company's current contractual obligations which include performance obligations in management contracts
with ACP Mezzanine and GCI.
The Board is firmly of the view that it is essential for a business such as ACP Capital to have in place a committed management team
with the requisite specialist sector experience in order to deliver such value. The Company's senior management have informed the Board that
they will resign their executive management positions within the ACP Capital Group should QVT be successful in effecting a change of control
of the Board.
ACP Capital's Stated Strategy
The Board of ACP Capital is dedicated to delivering value for all shareholders. The Company's Business Plan contains a clear and
considered strategy which was communicated to shareholders in the Company's March 2007 capital raise. The Board has naturally tempered the
Business Plan in light of difficult market conditions. Whilst the Board was confident that its overall strategy would be successful, and
that the Company was on track to meet its 5p dividend target for 2008, the Board cannot at this stage assess the impact of QVT's actions on
that dividend target.
The Company intends to move to the Main List following publication of the Company's audited accounts for 31 December 2008, which is
targeted for February 2009. The Board also believes that a move of ACP Mezzanine's primary listing to a recognised exchange would follow as
soon as possible.
ACP Capital's Performance
The Company's stated strategy, as communicated to shareholders at the time of its secondary capital raise in March 2007, is to become a
leading provider of integrated finance solutions to European SMEs in its key target markets of the UK, France, Germany and Italy.
ACP Capital is in the process of achieving this by:
* developing and expanding its localised debt origination platforms (see information on Leasecom in Part II);
* growing its asset management business by launching new vehicles, assuming third-party management contracts and supporting the
growth of existing vehicles through the Investment Manager, which is a wholly-owned subsidiary of the Company (see information on Continued
Private Equity Initiative: GCI in Part II);
* pursuing substantial revenue diversification;
* initiating a move to the Main List as soon as the Company has the required three-year financial history.
As a response to current market conditions, the Company has implemented a measured slow-down of growth, which the Board believes has
been instrumental in contributing to the Company's NAV remaining stable.
Pursuant to the Company's share buyback scheme, approximately 3.4 million Ordinary Shares have been purchased to date. Following
publication of the Company's interim results for the period ended 30 June 2008, the Board intends to continue the share buyback scheme until
the end of 2008.
The Board considers that the Company's financial performance has remained resilient in the current economic climate:
* NAV per share has remained stable (18 June 2008: approximately 117p (unaudited); 31 December 2007: 117p; 30 June 2007: 119p);
* Dividend of 3.5p paid in 2007 (target of 3p);
* Dividend of 5p expected for 2008* (target of 5p).
* Whilst the Board was confident that its overall strategy would be successful, and that the Company was on track to meet its 5p
dividend target for 2008, the Board cannot at this stage assess the impact of QVT's actions on that dividend target.
Sources and Uses of Funds between 1 January 2008 and 18 June 2008 (� millions):
Cash and cash equivalents as at 1 January 2008 �59.9
Investment in ACP Mezzanine capital raise (6 June) �37.6
Exercise of options in ACP Mezzanine (5 June) �0.8
Investments in GCI (January) �4.3
Investment in MSG (16 April) �2.3
Investment in IFR (28 April) �1.8
Total investments �46.8
Dividend paid (1 April) �7.0
Share buy-backs (April and May) �2.9
Total distribution to shareholders �9.9
Total cash outlays �56.7
Opening cash balance - less cash outflows �3.2
Cash and cash equivalents as at 18 June 2008 (unaudited) �15.5
Increase in cash from operations & FX movements �12.3
Notwithstanding the Company's measured slow-down of expansion plans, the Directors believe that the Company's original strategy (as
outlined in the Business Plan) may, in fact, benefit from the current deterioration in general market conditions. The Board believes that
SMEs will find it increasingly difficult to obtain financing, thereby providing an opportunity for the ACP Capital Group to increase its
integrated finance offering to the SME market. Accordingly, the Company participated in ACP Mezzanine's capital increase in June 2008 and
the Investment Manager assumed the management contract for GCI's private equity vehicle business in June 2008.
The Board is confident that ACP Capital remains on course to implement its Business Plan successfully, although over a longer time
period than the 18 months originally envisaged in March 2007 due to market conditions.
The Board believes that the anticipated realisation of the Company's strategy would lead to an appreciation in shareholder value and,
consequently, that QVT's attempts to take control of the Board would jeopardise that potential if successful.
Key Developments and Looking Ahead
For further details on some of the Company's recent key developments and future intentions, please see Part II of this document.
Anticipated Effect of Change of Control should QVT be Successful
The Board stated in its letter to QVT dated 20 June 2008 that, amongst other things, it was concerned that QVT may not have given due
consideration to the impact of an unplanned change of control of the Board.
A number of ACP Capital's commercial arrangements would be affected in the event of a change of control of the Board, which, in the
Board's opinion, could be to the detriment of shareholders. These commercial arrangements are summarised below.
DB Facilities
The Facilities which the Company and ACP Mezzanine have with DB were entered into pre-July 2007 on attractive terms: 75bps spread and 65
- 75 per cent. advance rate. ACP Capital and ACP Mezzanine have approximately �21 million and EUR75 million respectively worth of assets in
these Facilities.
Under the terms of the Facilities, upon Derek Vago and Eric Youngblood ceasing to act for the Company, DB has the right to terminate the
Facilities, which would allow DB to liquidate the relevant company's assets under each facility. The Board is concerned that, if DB
exercised this right, these assets may not be realised at a favourable valuation in current market conditions.
In addition, each of ACP Capital and ACP Mezzanine is contractually liable to cover DB for any potential shortfall arising from the
relevant assets held with the Facilities being sold at a price which is below the drawn amount of the respective Facilities.
ESOP and ESAP schemes
Upon a change of control, including a change of control of the Board, all grants under the Company's ESOP and ESAP schemes immediately
vest. Currently, there are 11.5 million ESOP options and 2.3 million ESAP awards outstanding.
In addition, as part of Derek Vago's service arrangements and pursuant to a letter dated 30 November 2006, which was signed by Collins
Stewart Europe Limited in its capacity as the Company's Nominated Adviser and reviewed by certain institutional shareholders, if during the
first three years of service a change of control of the Board occurs, Derek Vago shall be awarded further options to subscribe for
additional shares in the Company which would, in those circumstances, immediately vest.
In the event of a change of control causing all ESOP options and ESAP awards to vest, the aggregate total number of Ordinary Shares held
by employees and management would increase from approximately 16 million Ordinary Shares to approximately 32 million Ordinary Shares, taking
the total Ordinary Shares then in issue from approximately 196 million to approximately 210 million. In such circumstances, management and
employees would together then hold approximately 15 per cent. of the issued share capital of the Company.
Intended Departure of Key Management Personnel
ACP Capital's senior management including Derek Vago, Eric Youngblood and Nikolaj Larsen have indicated to the Board that they will
resign from their executive management positions within the ACP Capital Group should QVT be successful in effecting a change of control of
the Board.
The Board believes that these departures could be detrimental to ACP Capital's existing business, in particular the Company's ability to
realise value in respect of ACP Mezzanine and GCI. The identified pipeline of assets outlined as part of ACP Mezzanine's June 2008 capital
raise may not be completed. This may prevent achievement of the targeted annualised dividend yield for ACP Mezzanine of 17.5 per cent. by
the end of 2008 which would in turn affect the anticipated increase in revenue for the Investment Manager in respect of management and
performance fees. In the event of these revenues being reduced, the Board believes that ACP Capital may not be able to meet its 5p dividend
target for 2008.
Based on ACP Capital's own research, the Board is concerned that QVT's proposed directors do not possess the specialist knowledge of the
core European SME/financial services sector required to manage the Company's business or to achieve a satisfactory realisation of the
Company's assets that would return a value acceptable to all shareholders.
QVT is proposing to change the current Board, comprising three Executive Directors and five independent Directors, to a board with three
shareholder representatives and two independent directors, which the current Directors believe could compromise the independence of the
Board and its ability to act on behalf of all shareholders.
The Board believes that it is essential for a business such as ACP Capital to have in place a committed management team with specialist
sector experience in order to deliver value to shareholders and that any change in the management structure of the Company as it executes
its strategy would prove detrimental to the business.
Summary and Conclusion
QVT suggests that changes to the Board will be for the benefit of all shareholders. Your Directors strenuously dispute this claim and
ask shareholders to note the following:
Potentially Damaging Business Consequences
* Trigger of change of control provisions - DB will have the right to terminate the Facilities and employee/management options will
vest leaving management and employees together owning approximately 15 per cent. of the issued share capital of the Company;
* Departure of committed and experienced management team which the Board believes could harm the Company's ability to achieve the
targeted annualised dividend yield for ACP Mezzanine of 17.5 per cent. by the end of 2008 and/or the ability of the Investment Manager to
meet its contractual obligations under the management agreement with GCI This in turn would affect the anticipated increase in revenue for
the Investment Manager in respect of management and performance fees. In the event of these revenues being reduced, the Board believes that
ACP Capital may not be able to meet its 5p dividend target for 2008.
Lack of Clarity on Business Strategy
If the Resolutions are passed, the Board strongly believes that the Company's Business Plan will be significantly impaired and
shareholder value will not be achieved because:
* QVT has given no indication of a long-term strategy for the success of the Company;
* QVT's proposed directors do not have the requisite knowledge of the Company's business nor, so far as the Board is aware, do they
have experience of the specific sector in which the Company operates;
* QVT's proposals suggest an intention to liquidate the Company which the Board believes could, in today's market conditions,
effectively be a fire sale of assets. In addition the Company is contractually prohibited from disposing of its investment in Leasecom,
which represents approximately 11 per cent. of the Company's NAV.
As a result of QVT's actions:
* The Company's discussions with prospective investors for ACP Capital High Income have been put on hold;
* ACP Mezzanine's ability to complete funding of the loan portfolio identified at the time of its June 2008 capital raise may be put
at risk.
* The Company's French legal counsel has advised a slow-down in the Company's application for the Banque de France Licence for
Leasecom.
Although the Board could have called an EGM for as late as 12 August 2008 in compliance with its statutory obligations (following
receipt of QVT's requisition), your Directors have taken the decision to write to shareholders at the earliest possible opportunity. In
doing so, the Board is anxious to minimise what it perceives to be damaging effects of QVT's actions and to preserve value for all
shareholders.
The Board has clear objectives for the management of the Company's business as outlined above. Whilst the Board was confident that its
overall strategy would be successful, and that the Company was on track to meet its 5p dividend target for 2008, the Board cannot at this
stage assess the impact of QVT's actions on that dividend target. The Board intends a move to the Main List is achievable in the near
future. Following publication of the Company's interim results for the period ended 30 June 2008, the Board intends to continue the share
buyback scheme until the end of 2008. The Board considers that it has been successful in its implementation of the Business Plan and is
fully aware of the need to adjust its strategy in the light of challenging economic conditions. The Board is confident that the current
Directors are best placed to deliver sustainable growth and thereby enhance shareholder value.
Recommendation
Your Board considers that the Resolutions to be proposed at the EGM are NOT in the best interests of the shareholders of the Company as
a whole.
Accordingly, your Board unanimously recommends shareholders to vote against all the Resolutions to be proposed at the EGM, as they
intend to do in respect of their own beneficial holdings in the Company amounting to, in aggregate, 15,655,950 Ordinary Shares, representing
approximately 7.98 per cent. of the current issued share capital of the Company.
PART II
KEY DEVELOPMENTS AND LOOKING AHEAD
In the light of the current developments with QVT, the Board cannot guarantee the success of some or all of the following initiatives
ACP Mezzanine
In June 2008, ACP Mezzanine successfully completed an EUR80 million capital raise, taking its total equity raised to EUR180 million.
This further developed ACP Mezzanine's objective of being a leading sub-investment grade lender to the European SME market.
ACP Capital invested approximately EUR47.5 million in ACP Mezzanine's capital raise, with the aim of selling down a portion of its
holding in the vehicle over time, in parallel with ACP Mezzanine's intended move of its primary listing to a recognised exchange. ACP
Capital's shareholding in ACP Mezzanine currently stands at approximately 54 per cent.
The Company expects ACP Mezzanine's deployment of proceeds in its identified pipeline to improve diversification. In addition, the
Investment Manager expects that the targeted annualised dividend yield for ACP Mezzanine will increase to 17.5 per cent. by the end of 2008
(Based on the issue price in the June 2008 capital raise of EUR0.60 per share).
Based on ACP Mezzanine achieving this 17.5 per cent. dividend yield target, ACP Capital is expected to generate significant revenues
from an increase in management fees (from EUR1.8 million to EUR3.2 million), increase in performance fees (from approximately EUR1.2 million
to approximately EUR3.3 million), underwriting fees of EUR1.9 million and increased dividend income. Together, these should produce an
anticipated ROE from the investment in the June 2008 capital raise of approximately 35 per cent., despite the Company increasing its
shareholding to approximately 54 per cent.
It is the Board's intention to release cash through an orderly sell-down of a portion of the Company's shareholding in ACP Mezzanine
over time and in parallel to a move of its primary listing to a recognised exchange.
Continued Private Equity Initiative: GCI
On 19 June 2008, the Investment Manager entered into a five-year management agreement with two German subsidiaries of GCI, which the
Directors anticipate will generate substantial revenues for the Company's growing private equity business. As announced, the management
agreement is subject to obtaining the relevant supervisory board consents.
The Investment Manager is entitled to receive an annual management fee of the higher of (i) 2 per cent. of the combined NAV (latest
reported audited NAV: EUR69 million) and (ii) EUR1.57 million. The Investment Manager is entitled to be paid a performance fee of 20 per
cent. of the yearly uplift in NAV adjusted for capital increases. Assuming the NAV of EUR69 million remains at this level at 31 December
2008, the Investment Manager will be entitled to significantly increased performance fees for 2008 which would be equivalent to
approximately 1.3p per Ordinary Share, which represents approximately 27 per cent. of the Company's stated 5p dividend target for 2008.
The Company has also invested approximately EUR2.9 million alongside GCI in MSG, which marked the first co-investment between ACP
Capital Strategic Equity and GCI, fulfilling a key strategic objective set out at the time of ACP Capital's investment in GCI on 16 April
2008.
The Company is expecting to establish a similar private equity partnership in France by the end of 2008.
The Company is also in preliminary discussions to sell a minority stake in the Investment Manager, valuing the division at approximately
EUR50 - EUR60 million, equivalent to approximately 20p per Ordinary Share, which the Directors believe is not reflected in the current share
price. However, being a business generated by skilled employees, the Board believes that a successful realisation of this value in the
Investment Manager would be reliant on the Company's current management team remaining in place.
ACP Capital High Income
ACP Capital High Income has warehoused approximately �32 million of senior debt assets and has put in place a �125 million committed
funding line. The Company has recently initiated discussions with prospective investors, but these have been put on hold pending the outcome
of the EGM.
ACP Capital Infrastructure
Following the Company's announcement of the establishment of a renewable energy partnership with Next Energy Capital SaRL in April 2008,
ACP Capital Infrastructure is in discussions regarding potential joint ventures in renewable energy and transport sectors.
Leasecom
The Company's shareholding in Leasecom is currently approximately 45 per cent. The Company has completed the first step in transforming
Leasecom from a broker into a diversified SME lender. In July 2007, ACP Mezzanine committed to fund Leasecom's lending activities to French
SMEs.
New product offerings include a car-leasing subsidiary which is being established.
The Company expects that Leasecom will receive a Banque de France licence at some point during the last quarter of 2008, which is
intended to enable Leasecom to launch a new corporate debt offering. However, the Company has been advised by its French legal counsel to
slow down this process, pending the outcome of the EGM.
ACP Capital intends over time for Leasecom to become the Company's consolidation vehicle for all of its finance origination platforms,
given the anticipated banking licence.
IFR
The Directors believe that the shares in IFR should not be sold at its current share price of EUR0.51 per share, as the Board is of the
opinion that this value significantly undervalues IFR.
The Company currently has an approximate 27 per cent. shareholding in IFR. ACP Capital understands that IFR has appointed Rothschild as
financial adviser, which, in the Board's opinion, could lead to a full-scale refinancing and/or a sale of IFR itself at some point in the
future.
The Company's current shareholding in IFR, being in excess of 25 per cent., provides certain statutory veto rights in respect of any
possible sale of IFR, which the Board believes would protect the Company and its shareholders by ensuring that if IFR is sold, it should be
on the best possible terms for ACP Capital.
DEFINITIONS AND GLOSSARY
The following definitions and glossary apply throughout this announcement unless the context requires otherwise:
"ACP Capital" or the "Company" ACP Capital Limited
"ACP Capital Infrastructure" ACP Capital Infrastructure Limited
"ACP Capital Group" ACP Capital and its subsidiaries,which
includes (for the avoidance of doubt ACP
Mezzanine and GCI)
"ACP Mezzanine" ACP Mezzanine Limited
"Board" or "Directors" the board of directors of the Company
"Business Plan" the Board's stated eighteen-month strategy
for the Company at the time of its secondary
capital raise in March 2007
"City Code" The City Code on Takeovers and Mergers
"DB" Deutsche Bank AG
"ESAP" Employee share award plan
"ESOP" Employee share option plan
"Facilities" the 2007 leverage facility between the
Company and DB and the 2006 leverage facility
between ACP Mezzanine and DB
"FX" foreign exchange
"GCI" GCI Management AG
"IFR" or "IFR Capital" IFR Capital plc
"Investment Manager" ACP Investment Management Limited
"Leasecom" Leasecom Group SAS
"London Stock Exchange" London Stock Exchange plc
"Main List" the main list of the London Stock Exchange
"MSG" Maschinenfabrik Spaichingen GmbH
"NAV" net asset value
"Ordinary Shares" the ordinary shares of 0.1 pence each in the
capital of the Company
"QVT" QVT Fund LP, Quintessence Fund LP, QVT
Financial Fund LLP and/or QVT Financial LP,
as the context requires.
"Resolutions" the resolutions to be proposed at the EGM
"ROE" return on equity
"SME" small and medium-sized enterprises (with
enterprise value below EUR250m, typically
with 10 - 250 employees)
"UK" United Kingdom
Enquiries:
Rob Bailhache & Nick Henderson, Financial Dynamics
(Media Relations) +44 (0) 207 269 7200
Sacha Macintosh, ACP Capital UK LLP +44 (0) 844 800 4530
Chris Wells, Collins Stewart +44 (0) 207 523 8350
(Nominated Adviser)
For further information on ACP Capital, please visit www.acpcapital.com.
No offer, invitation or inducement to acquire shares or other securities in the Company is being made by or in connection with this
announcement. Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations
and are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any
expected further results or performances, express or implied, by the forward looking statements. Certain statements in this announcement are
based on preliminary unaudited financial results and management analysis any may differ from audited results. Factors that might cause
forward looking statements or statements based on unaudited figures to differ materially from actual results include, among other things,
regulatory and economic factors. The Company assumes no responsibility to update any of the forward looking statements or statements based
on unaudited figures contained herein.
About ACP Capital
ACP Capital is a Jersey-incorporated specialist integrated finance and asset management company, quoted on AIM and focused on providing
equity and debt products to European small and medium sized enterprises (the "SMEs").
ACP Capital aims to benefit from opportunities generated from the strong growth in SME demand for integrated finance, combined with the
reduced appetite for SME lending among traditional banks owing to higher regulatory capital requirements.
In order to better serve the SME markets directly, ACP Capital is establishing localised operating platforms (the "Platforms") in its
key markets of Germany, France and the United Kingdom. These include to-date Leasecom, a leading SME finance provider in France, and GCI, a
specialist private equity firm for the German SME market. Further Platforms are being evaluated currently to serve the remaining key
markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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