2nd Jan 2020 17:08
(Alliance News) - Craven House Capital PLC on Thursday said the value of its interest in its investment holding company unit fell by 34% in the six months to the end of November.
The value of the firm's holding in subsidiary Craven Industrial Holdings PLC fell by 25% to USD20.5 million from USD27.4 million on May 31.
Agircultural investment firm DLC Holdings Corp, a 68% owned investee which is listed in Toronto, saw its share price fall by 56% during the six-month period to CAD0.27, roughly 15 pence, from CAD0.21.
Craven House said: "There has been no deterioration in the valuation of the underlying holdings of DLC and management believe that the end of period share price represents a significant discount to the orderly liquidation value of DLC. Management also believes that the political and economic situation in South America will likely provide for further acquisition opportunities as distressed sellers are forced to liquidate good properties."
The valuation of the firm's investment in electrical devices accessories producer Qeton Ltd shrunk 36% during the period to USD305,000 from USD414,000.
Craven House explained: "Qeton remains profitable, however trading is likely to continue to be subdued in comparison to historic levels due to weakness of currencies in local markets, particularly the Angolan Kwanza versus the US Dollar."
Craven House Capital shares were untraded in London on Thursday, last quoted at USD2.20 each.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Craven House Capital