10th Dec 2015 18:06
LONDON (Alliance News) - Hargreave Hale AIM VCT1 PLC on Thursday said its net asset value was 74.64 pence on September 30, which after adjusting for the dividends paid gives a total return since inception of 112.64p.
The loss per ordinary share for the year ended September 30 was 1.06 pence per share.
The investment manager, Hargreave Hale Ltd, invested a further GBP4.8 million in 18 qualifying companies during the year.
The fair value of qualifying investments at the end of September was GBP25.5 million invested in 63 AIM companies and seven unquoted companies. The company said GBP10.6 million was held in a mix of cash, fixed income and other non-qualifying equities.
"Having emerged from the political uncertainties of a general election and the prospect of a Greek exit from the Eurozone we were hit by the decision of the Chinese authorities to make a downward realignment of their currency to the US dollar. The markets have been turbulent on the back of the evident slowdown in the Chinese economy. Your company still has a significant amount of non-qualifying investments held in cash and other readily realisable investments which would allow the company to adopt a more defensive posture should market sentiment further deteriorate," Chairman Aubrey Brocklebank said in a statement.
"The UK and US economies seem to be making satisfactory progress and whilst a rise in interest rates on either side of the Atlantic may dampen growth this seems set to carry on for the next couple of years. However the markets look to be volatile as some of our other trading partners go through periods of turmoil, in particular the Eurozone and China. The Chinese curse ?May you live in interesting times? seems particularly apposite at the moment," Brocklebank said.
By Samuel Agini; [email protected]; @samuelagini
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