Reconstruction Capital II has announced that it has conditionally disposed of 1) its 93% interest in Top Factoring SRL, a Romanian receivables collection company, and 2) the whole of the non-performing loan book held by the Company’s wholly owned subsidiary Glasro Holdings Limited (Glasro). Together these comprise the Top Factoring Group.
The purchaser is Intrum Justitia AB, a European credit management services group listed on NASDAQ Stockholm. The transaction is for an enterprise value of approximately €25 million (the precise amount being dependent on the date of closing) which, net of debt and minority interest, results in a cash consideration for the Company of approximately €13.85 million. Reconstruction Capital Iisays that the Top Factoring Group was valued at €11.28 million in the Company’s Net Asset Value computation as at 31 December 2016.
About Reconstruction Capital II
Reconstruction Capital II is a closed-ended company created to invest in private and listed equity securities and fixed-income securities, including convertible and other mezzanine instruments, primarily in Romania, Serbia and Bulgaria. RC2 was admitted to the AIM segment of the London Stock Exchange on 23 December 2005. The Fund is advised by New Europe Capital SRL, which is based in Bucharest.
Reconstruction Capital II sells 93% interest in Top Factoring Group : RC2