27th Jun 2016 08:09
LONDON (Alliance News) - EIH PLC on Monday said its net asset value declined during 2015 as it turned to a loss during the year and said it will return USD1.6 million to its shareholders after receiving distributions from the Evolvence India Fund PCC.
The Indian private equity fund said its net asset value per share declined 0.6% during 2015 to 49.5 cents from 49.8 cents a year earlier. EIH also reported a pretax loss of USD213,427 in 2015 compared to the USD698,720 profit booked in 2014.
EIH said it does not plan to pay a dividend for 2015 and said no capital distributions were made during the year compared to the USD16.8 million distributed in 2014, equal to 26.0 cents per share. However, on Monday, EIH said it plans to return USD1.6 million of capital to shareholders on July 13.
That is being paid following the USD1.0 million distribution received by the company from the Evolvence India Fund PCC. As at the end of 2015, EIH had USD20.9 million invested in Evolvence, and that investment had a value at that point of USD21.7 million.
Cash at the end of the year stood at USD2.6 million.
"As a board we will continue to manage operating costs carefully. Our objective is to realize assets at the appropriate time and value, and to return the proceeds less expenses to our shareholders," said the company.
EIH shares were untraded on Monday, last trading at 0.375 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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