ACP Mezzanine to raise €150m

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Date: Wednesday 07 May 2008

LONDON (ShareCast) - Small companies finance group ACP Mezzanine is to raise €150 through an equity issue to fund more investments in European firms.

The group, which indicated in February it was looking to raise up to €200m, has appointed Liberum Capital to handle the fund raising rather than Collins Stewart, which is standing down as AIM-listed ACP Mezzanine's nominated adviser and broker.

ACP estimates its pipeline of investment opportunities is running at about €350m, including a joint venture with German financial consultant Conpair for a portfolio of German loan assets and funding for Leasecom, a French leasing business.

ACP said it expects to earn a post-leverage return on equity of over 20% across the portfolio of identified opportunities.

"Together with its existing investments, ACP Mezzanine anticipates achieving, by the fourth quarter of 2008 and on a post-leverage basis, an annual dividend yield in excess of 15% based on a theoretical issue price of €0.80 per share for the intended capital raise," it added.

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