Better Capital PCC Limited Gardner Aerospace Holdings Limited (1951C)
April 11 2017 - 4:35AM
UK Regulatory
TIDMBCAP TIDMBC12
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 GBP326 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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