29th Nov 2018 15:22
LONDON (Alliance News) - Craven House Capital PLC on Thursday said its net asset value per share decreased in its most recently ended financial year.
The investment company said it swung to a pretax loss of USD395,000 in the year to the end of May compared to USD3.1 million profit reported a year earlier.
Net asset value during the year decreased to USD24.9 million from USD25.3 million, as the company embarked on the migration of holdings to publicly listed companies and expansion into North America.
Net asset value per share decreased to USD9.95 from USD10.11 reported as at the end of May 2017.
Craven House shares were untraded on Thursday, last closing at USD4.40.
The company reported an increase in the gross asset value of its holdings to USD28.1 million from USD26.5 million a year ago.
Looking ahead, Craven House said it intends to formally evaluate the value and benefit to the company and its shareholders of maintaining its listing on the AIM.
"We remain engaged in the search for value investments," said Craven House Investment Manager Desmond Holdings Ltd.
"We are preparing for opportunities created by wild swings in asset prices as algorithms trigger large scale liquidations which in turn drive investors towards the perceived safety of liquid sovereign debt," added investment manager.
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