Elephant Capital PLC Disposal of Investment (6959H)
17 Março 2015 - 12:32PM
UK Regulatory
TIDMECAP
RNS Number : 6959H
Elephant Capital PLC
17 March 2015
For Immediate Release
17 March 2015
ELEPHANT CAPITAL PLC
("Elephant Capital")
Disposal of Investment
Elephant Capital (AIM: ECAP) announces that its subsidiaries
(together with Elephant Capital, the "Group") have sold the Group's
remaining holding in Nitco Limited ("Nitco").
The Group acquired its holding in Nitco in 2009 for an aggregate
cost of GBP 1.39 million. Having previously sold 100,000 Nitco
shares through the market for a cash consideration of GBP 0.02
million, since 31 August 2014 (the date of Elephant Capital's most
recently notified consolidated balance sheet) the Group has
realised its remaining holding of 1,837,747 Nitco shares through a
series of market transactions for an aggregate consideration of GBP
0.42 million. The aggregate cost of the shares sold since 31 August
2014 was GBP 1.32 million, and they had a fair value of GBP 0.35
million as at 31 August 2014.
The disposal of the Group's investment in Nitco, which is in
line with Elephant Capital's overall disposal strategy, realised a
total loss (relative to original cost) of GBP 0.96 million and a
total profit (relative to last published fair value prior to sale)
of GBP 0.07 million. The Group received dividends of, in aggregate,
GBP 0.14 million during the life of the investment.
As noted in the announcement of Elephant Capital's results for
the year ended 31 August 2014, which was released on 5 February
2015, approximately 45 per cent of the Group's remaining holding in
Nitco was realised prior to that announcement, realising gross
proceeds of GBP 0.21 million. Those proceeds were taken into
account when determining the Elephant Capital's cash resources in
excess of its working capital requirements and, therefore,
available to fund market purchases of Elephant Capital shares
pursuant to the share buy-back programme also announced on 5
February 2015 (the "Buy-back Programme"). The purchase of 5,000,000
shares on 9 March 2015 fully utilised the Company's existing cash
resources in excess of its working capital requirements at that
time, and accordingly, the Buy-back Programme has been temporarily
suspended.
The proceeds from the balance of the remaining holding in Nitco
disposed of since 5 February 2015 (being GBP 0.21 million) will be
held in GBP and, subject to the Group's working capital
requirements, will be returned to shareholders in due course.
For further information please contact:
Vikram Lall, Chairman
Gaurav Burman +44 (0) 162 082 5130
Elephant Capital plc +44 (0) 207 389 1770
Sue Inglis, Cantor
Fitzgerald Europe (Nominated Adviser) +44 (0) 20 7894 8016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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