St Peter Port Capital Limited Proposed Auction of the Company's Assets (0172P)
15 Fevereiro 2021 - 4:00AM
UK Regulatory
TIDMSPPC
RNS Number : 0172P
St Peter Port Capital Limited
15 February 2021
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
St Peter Port Capital Limited (the "Company")
Proposed Auction of the Company's Assets
This announcement outlines an auction process which the Board
proposes to facilitate the disposal of all the Company's assets.
Following completion of the process, we would seek to return the
net cash so realised to shareholders as a return of capital, having
made provision for a subsequent orderly liquidation; the current
intention is to then seek shareholder consent for the appointment
of a liquidator and cancellation of the Company's admission to
trading on AIM. This approach represents a variation of the
proposal detailed in the Company's recent interim accounts where
the auction was expected to occur after cancellation.
Background
We gave an update on the Company's portfolio in our interim
report issued on 30 December 2020. Whilst the ongoing impact of the
Covid pandemic has continued to delay progress in our portfolio
companies, your Board considers that there remains value in the
medium-long term, but exits directly arising from events in the
portfolio do not seem likely in the short term.
The recent development in Buried Hill relating to the signing of
a Memorandum of Understanding between the Turkmen and Azeri
Governments (announced by the Company on 22 January 2021) is
particularly encouraging. However, our largest holding by value,
Brazil Potash, is still not at an inflexion point: Covid has held
up the issue of the final permits after nearly all needed have been
obtained. It has also made Brazil a no-go area for visits by
foreign investors looking to fund the full development of a
mine.
For the remainder of the active portfolio, the change of
administration in Washington DC presents challenges for Red Flat
Nickel. SeeCubic, the successor to STV, is still perhaps two years
away from major commercialisation whilst iQur remains early stage.
Despite our efforts, this year to date we have only been able to
sell one small holding in the secondary market on terms which your
Board believed was reasonably close to its underlying value.
Whilst we have cut the costs of running the Company to a low
level, we recognise that without short-term liquidity prospects we
cannot continue as we are. Moreover, we cannot continue unless we
can justify it by improved value creation.
Auctions of the Company's holdings
We have therefore decided to propose an alternative solution. We
will hold formal auctions of each of our holdings of value (those
listed above separately and a package consisting of all the
remaining holdings as a bundle). Each lot will be sold to the
highest cash bidder with verifiable means, subject to Board
discretion to ensure that the overall proceeds are maximised.
Shareholders will then be asked at a General Meeting to approve the
appointment of a liquidator to wind the Company up and to
distribute the net proceeds of the auction less liquidation and
other costs to the shareholders, and to approve the cancellation of
the Company's admission to trading on AIM.
We envisage that such auctions will, to the extent permitted by
regulation, be open to any shareholder in the Company as well as to
any other serious bidder including shareholders in the companies
making up our portfolio. We will employ an agent to conduct the
auction and seek to generate a wide range of bidders for each lot
on offer.
The auctions will have two stages, submission of an expression
of interest and evidence of capacity to participate. The second
stage will give an opportunity to review any confidential material
having signed an appropriate non-disclosure agreement, following
which offers will be requested.
Timetable
We are in the process of formulating auction packs and working
with an independent auctioneer on the process. If shareholders have
any comments or suggestions, we are open to considering them and
comments can be sent to Maitland, the Company's administrators, on
sppc@maitlandgroup.com on or before Monday, 22 February 2021. We
envisage that the entire process will take in the order of 6-8
weeks from launch on or around the beginning of March 2021.
For further information:
St Peter Port Capital Limited
Lynn Bruce, Director +44 (0) 1481 724 222
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett
Jamie Barklem +44 (0) 20 7383 5100
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