APL Acp Capital

    RNS Number : 3530E
  ACP Capital Limited
  25 September 2008
   

    ACP Capital Limited

    Termination of Facility

    ACP Capital (the "Company") announces that today it agreed to terminate its structured sale and repurchase transaction with Deutsche
Bank (the "Facility") by settling all outstanding commitments, interest and associated breakage fees and as a consequence its balance sheet
will be in a net cash position and free of debt.

    The breakage fee payable will amount to approximately �2.4 million. The Company has determined that there is a financial advantage to
closing the Facility because the Facility no longer served any economic purpose.

    John Chapman, the Company Chairman, commented: "In the current economic environment, the Facility was no longer advantageous to the
Company and did not fit with the Company's current stated strategy of reducing its asset base, risk profile and expenses in order to
maximise distributions to shareholders. Eliminating the Facility is a substantial step forward in furtherance of our strategy."

    Further information will be provided within the interim accounts to be published on or around 30 September 2008.

    Enquiries:
    Chris Wells, Collins Stewart:                                +44 (0) 207 523 8350
    (Nominated Adviser)


This information is provided by RNS
The company news service from the London Stock Exchange
 
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