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Better Capital 2012 warns on Everest/SPOT valuation

Better Capital 2012 warns on Everest/SPOT valuation

Better Capital 2012 warns on Everest/SPOT – The Better Capital PCC Limited 2012 Cell has made an announcement about its end March NAV.

Everest Valuation at 31 March 2018/SPOT Progress

BECAP12 GP Limited, General Partner of BECAP12 Fund LP, has informed the board of Better Capital PCC Limited that:

  • in the process of finalising the 2017 annual financial statements for the Everest business, it has become clear that the financial data used for the valuation (GBP20m, as of 31 March 2018) of this portfolio company was, in part, incorrect. It is likely that, if a more accurate picture had been known, the valuation of Everest would have been reduced by an amount which might have been significant to the valuation of this investment.

(The total reported portfolio carrying value of the 2012 fund as at 31 March 2018 was GBP125.1m. The company has since distributed GBP48.35m to investors in the 2012 fund.)

  • and that the progress of Spicers-OfficeTeam (“SPOT”), which was valued at GBP38.2m, as at 31 March 2018 and is the only other portfolio company in the 2012 Cell following the sale of Northern Aerospace, has been behind expectations during the summer.

[QD comment: and so, unfortunately, more bad news for investors in the 2012 cell. The announcement is somewhat enigmatic in that it does not make it clear what has gone wrong at Everest or seek to provide even a rough impact of the problem on the NAV. Investors are ‘flying blind’ in this stock. The end march NAV for the 2012 cell was 43.41p. 16p was distributed to investors on 10 August. Ex this bad news then, the NAV would have been 27.41p. The shares are off 8% on the news at 14p but we have no way of knowing if this represents a material discount or even a premium to asset value.]

BC12 : Better Capital 2012 warns on Everest/SPOT

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