20th Feb 2020 14:02
(Alliance News) - Crown Place VCT PLC on Thursday reported a dip in first half net asset value, but said it is "optimistic" about long-term prospects.
The investment company reported NAV per share as at the end of 2019 of 34.73 pence, down 1.5% from 35.26p a year ago.
Crown Place VCT declared a 1.0p a share dividend for the period, unchanged year-on-year. In addition, the company said it will be paying a second interim payout of 1.0p a share for the year to the end of June.
In the first half, the company bought back and held in treasury 1.4 million shares at a total cost of GBP469,000, in-line with the share buy-back policy.
During the six months to the end of 2019, the company said it has deployed GBP2.5 million into qualifying investments versus GBP1.6 million in 2018. Crown Place VCT made two new investments and three follow-on investments.
There were four significant disposals in the first half, the company noted.
Crown Place VCT's unrealised and realised gains amounted to GBP800,000 for the half-year.
"Whilst the portfolio has seen a more modest gain during the six months to December 31, the board is encouraged by the successful exits of both technology and asset backed investments during the period," said Chair Richard Huntingford.
"The performance and prospects of a number of companies within the investment portfolio, as well as the quality of the new investments being made, gives us cause to be optimistic about the long-term prospects of the company," added Huntingford.
Crown Place VCT shares in London were up 0.6% at 32.90p each on Thursday afternoon.
By Evelina Grecenko; [email protected]
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