LONDON (Alliance News) – Better Capital PCC Ltd on Friday said the general partner of BECAP12 Fund LP has authorised a GBP8.3 million repayment to the London-listed company’s 2012 Cell, leading to another capital distribution to its 2012 shareholders.
Better Capital said at the end of March that BECAP12 Fund sold off its debt instruments in BECAP Jaeger (UK) Ltd in return for net funds of GBP7.0 million, or 2.2 pence per share.
The sale was “disappointing” as it led to a GBP23.0 million write-off, equal to 7.2 pence per share, against the carrying value of the investment. BECAP12 Fund immediately said all proceeds would be distributed to the 2012 Cell, which in turn is to be distributed to the Cell’s shareholders.
Following the GBP8.3 million repayment to the 2012 Cell, Better Capital PCC has chosen to make a capital distribution worth 2.6 pence per share held by the 2012 Cell shareholders.
Better Capital PCC’s 2012 shares were untraded on Friday, last trading at 27.0 pence. Better Capital shares were up 0.2% at 108.0 pence.
By Joshua Warner; firstname.lastname@example.org; @JoshAlliance
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