28th Aug 2014 10:57
LONDON (Alliance News) - Gresham House PLC Thursday said its first-half pretax loss widened as it made losses on investments and suffered a net trading loss.
In a statement, Gresham House said its pretax loss widened to GBP2.5 million in the six months ended June 30, compared with GBP2.0 million in the corresponding period last year.
Net asset value per share decreased to 331.7 pence at the end of June 2014 from 378.5 pence at the end of December 2013.
Its net trading loss, or the difference between income and operating costs, narrowed to GBP99,000 from GBP469,000. Income increased to GBP669,000 from GBP658,000, driven by an increase in rental and other income more than offsetting a drop in income from dividends and interest received, said the company.
Losses on investments held at fair value widened to GBP1.7 million from GBP33,000. Movement in fair value of property investments showed a GBP593,000 loss, an improvement from GBP1.1 million in the last half-year.
Away from earnings, Gresham House said progress is being made to implement a number of proposals, one of which would result in the development of an asset management business and investment portfolio instead of the current strategy of liquidation.
Gresham House said it expects to send a circular with further details and an AIM admission document to shareholders by the end of September.
The company also said it expects that any placing price will be set at the net asset value per ordinary share as the end of June 2014, as adjusted to reflect any movement in the share price of SpaceandPeople PLC, being the only material quoted investment in the group?s portfolio, between June 30 and the latest practicable date prior to the finalisation of the investor documentation, discounted by 11.25%.
The proposals require shareholder approval, without which they will not proceed.
Gresham House shares were Thursday quoted down 2.7% at 279.75 pence per share.
By Samuel Agini; [email protected]; @samuelagini
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