16th Jul 2014 16:58
LONDON (Alliance News) - Aurora Russia Ltd saw its net asset value decline in the year to end-March, as it sold investments and also was hit by weakness in Russian equity markets, foreign exchange movements and a weaker performance from its investment SuperStroy.
The AIM-listed investment company said its net asset value per share was 27.9 pence as at March 31, down from 54.4 pence per share the year before.
Aurora said it will continue to pursue all of its options to maximise shareholder value and return further capital to shareholders.
The company sold its subsidiary Flexinvest Ltd for RUB189.1 million in March, and Kreditmart Finance Ltd for RUB100 million and USD450,000 following the year end in May.
It has two remaining investments, a 24.3% interest in Russian DIY retailer SuperStroy, and a 26% interest in Russian money transfer company Unistream Bank.
"The Russian economy has slowed down but provides a relatively stable backdrop for the board to continue to seek to realise assets at realistic valuations. We will continue to consult with shareholders on the best means and time frame in which to effect further returns to shareholders," said Chairman Gilbert Chalk.
Shares in Aurora Russia Ltd closed down 0.8% at 14.75 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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