18th Aug 2015 07:32
LONDON (Alliance News) - Alpha Pyrenees Trust Ltd Monday reported a huge fall in its adjusted net asset value in the first half of 2015, as its adjusted loss increased due to a loss of revenue from properties disposed of in the period.
The trust said its adjusted NAV at the half year ended June 30 was GBP2.9 million, down from GBP14.1 million at the end of the first half of 2014, as its adjusted NAV per share fell to 2.4 pence from 12.0p. It made an adjusted loss of GBP2.2 million, representing an adjusted loss per share of 1.9p compared with 1.3p.
Alpha Pyrenees will not pay a dividend.
"Given the current economic environment and the maturation of the group's bank borrowings on October 15, 2015, the board has agreed with its lender to pursue a consensual and orderly realisation of its investment property. Results for the period show an adjusted loss of GBP2.2 million representing 1.9 pence loss per share. The group's results have been impacted by the loss of revenue from properties disposed of during the prior year, the proceeds from which have been used to fund capital expenditure, primarily on the Alcatel property, rather than repaying borrowings," Chairman Dick Kingston said in a statement.
The trust's calculation for NAV adjusts for interest rate swap derivatives and 50% of deferred tax provisions, while its calculation for losses adjusts for disposal of investment properties and investment properties held for sale, interest rate swap derivatives, deferred tax provisions, capital element of investment manager's fee and foreign exchange gains and losses.
Shares in Alpha Pyrenees were trading up 25.3% at 0.940 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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