9th Jul 2019 14:44
(Alliance News) - Downing ONE VCT PLC on Tuesday reported a 3.7% decrease in net asset value per share in its most recently ended financial year.
The investment firm reported NAV per share of 78.3 pence as at March 31 compared to 87.5p reported on the same date a year prior. The company's NAV was hurt by some "negative developments" in a small number of unquoted investee companies, Downing ONE explained.
"The year saw an increased level of investment activity as the task of employing new funds got underway, along with a number of realisations from some of the existing investments," said Chair Chris Kay.
At the year end, the company held a portfolio of 89 investments. Of these, 32 are either quoted on AIM or the NEX Exchange Growth Market and have a value of GBP27.6 million. The 57 unquoted investments have a value of GBP56.8 million.
Downing ONE proposed a final dividend of 2.0 pence per share, bringing the total payout for the year to 5.0p, down from 6.0p paid a year earlier.
During the year, the company purchased and subsequently cancelled 2.3 million shares at an average price of 79.8p per share.
Downing ONE VCT shares were untraded on Tuesday in London at 76.25p each.
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