Better Capital is raising cash from its portfolio and restructuring one investment.
Gardner
Yesterday they said they had received a cash offer from Shaanxi Ligeance Mineral Resources Co. Limited for its interest in Gardner Aerospace Holdings Limited. The price equates to an enterprise value of £326m. The 2009 cell’s share of the proceeds net of costs and provisions could increase the 2009 Cell NAV by an estimated 9.65 pence. The proposed transaction remains subject to certain legal and other conditions and to regulatory and other approvals and will be presented to Gardner’s works council in France imminently, as is required under French law. Shaanxi Ligeance Mineral Resources is a company headquartered in China and listed on the Shenzhen Stock Exchange. It is the ultimate parent company of a group whose current main activity is mineral exploration and production, but whose interests include a growing aerospace machining and component manufacture division.
CAV Aerospace
Following an intra group restructuring, facilitated through a pre-packaged insolvency process, the business and assets of CAV Aerospace have been acquired by Northern Aerospace Limited, a special purpose vehicle within the same group. The transaction has facilitated the continuation of CAV’s trade and has protected the employment of the group’s workforce, of approximately 550 people across four UK and two Polish sites.
The 2012 Fund has backed the business with the provision of additional funding of up to £7m, to fund major capital expenditure projects and working capital to support management’s plans for revenue growth and improved profitability.
The effect of the restructuring is not expected to have an impact on the carrying value of the group as at 30 September 2016 as estimated in the company’s recent pre-close statement.
BCAP : Better Capital raising cash