16th Apr 2020 16:59
(Alliance News) - EPE Special Opportunities Ltd on Thursday reported an increase in its net assets as the value of two of its largest assets grew in financial 2020.
As at January 31, the private equity investment company's net asset value per share was 317.18 pence each, up 55% from 205.19p recorded on the same date in 2019. Net assets shot up by % to GBP104.3 million from GBP59.8 million.
EPE Special Opportunities said its performance was aided by the growth in value of lighting product manufacturer Luceco and hot beverage retailer Whittard of Chelsea.
The share price at the end of January was 199.00p, up 34% from 148.57. The stock ended untraded on Thursday afternoon in London, last quoted at 140.00p each.
No dividend was declared, unchanged from the year prior.
Looking ahead, the company said that while the Covid-19 outbreak presents challenges, it has taken steps to mitigate negative impacts and enhance the financial position of its investments. It added that it has reviewed the business continuity plans of its key operational service providers and remains satisfied of their resilience.
EPE Special Opportunities said that it currently has "strong" liquidity of GBP26.4 million and GBP3.9 million of outstanding unsecured loan notes repayable July 25, 2022, with no other third party debt outstanding.
"The company's strong cash position means that it is well-positioned to take advantage of investment opportunities. However, given the ongoing uncertainty resulting from the spread of COVID-19, the board's major priority is ensuring the financial stability of the portfolio and, whilst the market may present distressed investment opportunities, existing assets remain uppermost in our considerations," said Chair Clive Spears
By Ife Taiwo; [email protected]
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