The Board of Better Capital PCC Limited was informed today by the General Partner of BECAP12 Fund LP that it has disposed of its debt instruments in BECAP Jaeger (UK) Limited. Confidentiality undertakings prevent any further disclosure of the identity of the buyer.
The 2012 Fund expects to receive net funds of approximately GBP7m/ 2.2 pence per share, which represents a disappointing GBP23m/ 7.2 pence per share write off to the carrying value of the investment. The General Partner of the 2012 Fund has informed the Board that it anticipates returning substantially all of the cash proceeds to the 2012 Cell shortly. It is further anticipated that a distribution will be made to shareholders promptly thereafter.
They say that the business now needs scale and further financial resource not available from the 2012 Fund to grow; this is the right time for a new strategic investor to take Jaeger into its next phase of development. The Board wishes Jaeger and its ongoing team every success in its future.
BC12 : ‘Disappointing’ £23m write off on Jaeger for Better Capital