28th Aug 2014 15:09
LONDON (Alliance News) - British & American Investment Trust PLC Thursday said its net assets fell during the six-month period ended June 30 and significantly underperformed its benchmark.
The company said net assets were GBP25.8 million at June 30, a 14% decrease from December 31, 2013. Over the same six month period, the FTSE 100 index decreased by 0.1% and the All-Share index fell by 0.3%.
On a total return basis, the company's net assets fell by 9.1% during the period, compared to a total return on the FTSE 100 index of around 3.2%.
Its NAV per share was 63 pence on June 30, up from 57p a year ago, and 74p on a fully diluted basis, up from 69p.
"The decrease in net assets during the period was largely due to the reversal in the value of our principal investment, Geron Corporation, following a hold imposed on its clinical trials by the US FDA in March," the company said in its statement. The US's Geron Corp is the trust's largest holding, making up 23.44% of the portfolio.
Shares in the company were untraded Thursday afternoon at 97.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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