28th Nov 2019 18:42
(Alliance News) - Merchant bank Craven House Capital PLC said Thursday its net assets value per share fell modestly in financial 2019, despite assets rising, after inter-company liabilities increased during the year.
For the year ended May, net asset value per share narrowed 0.6% to USD9.89 from USD9.95 the year prior.
"As forecast in the 2018 accounts, the year to May 2019 saw an increased level of activity in North America; in January 2019, the company successfully completed the sale of its subsidiary, IIU Inc, to LM Funding America Inc for USD5.1 million", Acting Chair Mark Pajak said.
NAV per share was hurt, however, by a rise in inter-company liabilities. This offset the modest 1.5% rise in the gross value of its investment assets to USD27.4 million from USD27.0 million the year prior.
Shares in Craven House closed 12% lower at USD1.80 in London on Thursday.
By Ahren Lester; [email protected]
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