12th Jun 2018 12:57
LONDON (Alliance News) - BP Marsh & Partners said Tuesday that its net asset value per share increased in its recently ended financial year, with gains from its equity portfolio playing the largest role.
The venture capital investor is also placing to raise GBP15.5 million from a new investor through conditional placing and a further GBP1.5 million through an open offer.
For the year ended January 31 the company had a 31% increase in the equity value of its portfolio to GBP79.1 million from GBP63.6 million the year before.
This contributed strongly to Marsh & Partners' net assets at January 31 of GBP98.9 million - up 24% from GBP79.7 million. Its NAV per share on that date was 339 pence, up from 273p.
The investor raised its full year dividend per share 27% to 4.76p from 3.76p the year before.
Moving forward, Marsh & Partners has plans to grow its portfolio and continue its investments. To finance this, the company is looking to issue 6.2 million shares at 252p in a conditional placing to an unnamed "entity in the PSC Insurance Group Ltd".
1.2 million shares, currently owned by the company's executive chairman, will form part of the 6.2 million placing. This purchase by the investor will bring its total shareholding in Marsh & Partners to 7.3 million, representing 20% of the enlarged share capital.
Additionally, an open offer of 595,238 shares at 252p per share will be made available to shareholders and is aiming to raise GBP1.5 million.
"The group is growing strongly, delivering consistent year on year returns to shareholders and is well-positioned to deal with any uncertainty arising from the UK's exit from the European union by April 2019," said Chairman Brian March.
Shares in BP Marsh & Partners were down 0.8% at 281.80 pence on Tuesday.
Related Shares:
B.p Marsh