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General Capital - Annual Report 2006:
Report & Financial Statements 2006 / Page 43
Acquisition: The Company acquired the entire issued share capital of Norton Folgate FG Plc, an asset finance
broker based in Hertford. Consideration comprised the issue of 812,307 new Ordinary shares of £0.90 each
and £1.294m in cash. The net assets of Norton Folgate FG Plc at 31 December 2006 were £142,049.
Funding: The Group extended its senior debt facilities from £30m to £40m, with a further £10m
provided by Bank of Scotland Plc. The facilities were renewed in March 2007 for a further three years.
Loan note redemption: The Group repaid a £1.2 million 9 per cent loan note held by Gotelee (General
Capital) Ltd out of the proceeds of the placing. The loan note was repaid on 2 April 2007.
In addition to the above the Group has also transacted the following, post year end:
Investment disposal: The Group disposed of its entire shareholding in Greatfleet Plc on 7 June 2007
for £1.6m. The shares were acquired for £0.5m and upon realisation of this gain the Group will transfer
£1.1m (before tax) from its capital reserve to its profit and loss account.
Notes to the financial statements for the year ended 31 December 2006
