27th Feb 2019 18:06
LONDON (Alliance News) - Craven House Capital PLC on Wednesday said its net asset value per share decreased in the first half of its year, with the most substantial value change seen in its DLC Holdings Corp shares.
Shares in Craven House closed down 4.9% at 2.90 pence on Wednesday.
The merchant bank's net asset value stood at USD8.57 per share on November 30, versus USD9.95 per share on May 31.
Its net asset value fell to USD21.4 million from USD27.0 million, including a drop in the value of its to DLC investment to just USD6.5 million from USD11.1 million.
"DLC is a primary investment subsidiary focused on agricultural related investments in Brazil and South Africa. As a micro-cap listed company, its share price can fluctuate significantly without any change to the intrinsic value of the company. Despite the shares trading recently at CAD0.25 per share on significant volume, the shares closed the period at CAD0.15 resulting in an accounting valuation significantly lower than the prior period," said Craven House.
Nonetheless, the company intends to retain its investment.
"We remain highly confident in the long term value of DLC's current portfolio and in the listed platform providing a platform to consolidate other assets," Craven house said.
Related Shares:
Craven House Capital