29th Sep 2015 15:38
LONDON (Alliance News) - The Hotel Corporation PLC Tuesday said its net asset value fell to 0.84 pence as at end-June from 1.14 pence in the previous year, as it continued to value its investment in UK Group of Hotels PLC at nil.
For the half year to end-June the company reported a pretax loss of GBP66,000, widened slightly from a pretax loss of GBP60,000. It did not post revenue in either period.
It did not propose an interim dividend in either period.
The company's only asset is an investment in the UK Group of Hotels which is administration, and is due to be dissolved imminently. It put forward a new investment proposal at its extraordinary general meeting earlier this month, and said it is hopeful it will be able to raise funds to support this new venture.
However, it noted this proposal as at an early stage of development, and it is yet to raise new funds to support this venture, and if the outcome of this current or any future proposals are not successful, it may need to consider and orderly wind down of the company.
Shares the Hotel Corp closed down 4.1% at 1.05 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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