28th Sep 2018 16:50
LONDON (Alliance News) - EPE Special Opportunities Ltd on Friday said its net asset value per share declined significantly in the first half of 2018 due to the fall in value of its largest asset.
Net asset value per share declined in the six months to the end of July to 190.18 pence from 234.43p reported at the end of January.
The stock closed untraded on Friday, last quoted at 135.10 pence per share.
The share price at July 31 was 132.68p, representing a decrease of 17% on the share price of 160.00p as at January 31.
The unwelcome performance of the company's net asset value during the six month period was driven by a 50% fall in value of its largest asset, LED lighting products manufacturer Luceco PLC, EPE Special explained.
Despite that, the company said it believes that Luceco remains an attractive long-term investment. As a result, in August, EPE Special acquired additional shares in Luceco at a cost of GBP2.0 million.
"Whilst the board is disappointed in the performance of the company's largest asset during the period, the board has taken comfort in the momentum seen elsewhere in the portfolio," said Chairman Geoffrey Vero.
Related Shares:
LucecoEpe Special Opp