Reconstruction Capital II says that the Top Factoring Group has been acquired by Intrum Justitia AB.
Accordingly, RC2 received yesterday a total of EUR 12.83 million (after the repayment of Glasro’s bank debts), and is due to receive a further EUR 0.28 million on 4 May 2017. Accordingly, the Company will have received a total consideration of EUR 13.11 million, which, excluding any sundry liabilities, M&A fees and tax due by Glasro on the disposal, represents a gain of EUR 1.83 million on the book value of its holding in the Top Factoring Group as at 28 February 2017, and, including dividends received during the holding period of this investment, a profit of EUR 16.29 million on the total cost of its investment.
After paying M&A advisory fees, and taxes and sundry liabilities of Glasro due on the disposal, amounting to approximately EUR 1.25 million in total, the Group will use EUR 2.82 million of the proceeds of the sale to make an investment in Telecredit S.A., a Romanian non-banking financial institution that provides consumer loans, and the Company will use EUR 1.13 million to repay a loan it received from Ion Florescu as detailed in the announcement dated 27 March 2017. The Board has yet to conclude on the use of the balance of the cash proceeds and will advise shareholders in due course.
RC2 : Reconstruction Capital II sells Top Factoring