5th Jun 2015 08:48
LONDON (Alliance News) - Alpha Pyrenees Trust Ltd Friday said its adjusted net asset value fell by more than one-third in the first three months of 2015, hit by losses and unfavourable foreign exchange movements.
In a statement, the trust said its adjusted NAV was 3.9 pence per share at the end of March, down from 6.0p at the end of December 2014, citing "the combined effect of the loss incurred in the period and adverse foreign exchange effects".
The trust's calculation for NAV adjusts for interest rate swap derivatives and 50% of deferred tax provisions.
Shares in the trust were down 26% at 1.20p on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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