30th Apr 2014 14:06
LONDON (Alliance News) - British & American Investment Trust PLC Wednesday said it outperformed both the FTSE 100 and All Share indices over 2013.
In a statement, the trust said its net assets increased by 28.6% to GBP30.0 million in 2013, while the FTSE 100 increased by 14.4% and the All Share increased by 16.7%.
On a total return basis, after adding back dividends paid during the year, group net assets increased by 38.2% compared with a total return on the two indices of between 18% and 20%.
"This substantial outperformance even over what was a very strong year for the indices themselves was the result of a significant recovery in the value of our largest investment, Geron Corporation," Chairman Anthony Townsend said in a statement.
"Geron's share price rose by over 200% over the year upon the publication in the final quarter of very favourable clinical trial results. However, in March of this year, Geron's share price retreated significantly following the imposition of a clinical hold on these trials by the US Federal Department of Health pending clarification of certain observed, but low level, liver abnormalities. Geron expects to provide this clarification to the FDA as soon as possible," Townsend added.
NASDAQ-listed Geron was quoted at USD1.86 per share Wednesday, 76% down from its 52-week high.
The trust said net asset value per ordinary share increased to 86 pence in 2013 from 67 pence on a diluted basis. Deducting prior charges at par, the net asset value per ordinary share increased to 80 pence from 53 pence.
As of April 22, net assets had decreased by 13.7% to GBP26.0 million since the beginning of the calendar year, reflecting the fall in Geron's share price. Without that detractor, the portfolio would have increased by 4.0%. Over the same period the FTSE 100 decreased 1.0% and the All Share Index decreased 0.7%, according to the trust.
British & American Investment Trust shares were Wednesday quoted up 8.4% at 97.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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