29th Jul 2024 20:53
Literacy Capital PLC - London-based investment trust - Reports net asset value at June 30 up 2.4% at 522.60 pence per share from 510.40 in quarter prior. Says RCI Group continued to be main driver of returns and Cubo Work and Wifinity traded "encouragingly". Notes Techpoint as "most significant detractor from NAV". Investee has made several recent changes to management. Literacy invested total GBP5.0 million in second quarter. Cash inflow amounted to GBP5.6 million in the quarter.
"We are pleased with the performance of the fund, which now has a three-year track record as a listed investment company, and nearly seven years since inception. Out of all UK-listed investment companies, [the company's] NAV performance in its first three years as a listed company positions it in 1st place.
"We continue to believe that investing in smaller, private companies is where the most value can be added and most rapid growth can be achieved. We believe these types of investments will deliver the best returns for shareholders. M&A and realisation activity are also showing encouraging signs, which will enable us to continue to recycle the capital received from our existing portfolio into exciting smaller companies. The company may also return capital to shareholders where this is considered more advantageous."
Current share price 521.94 pence, closed up 1.4% in London on Monday
12-month change: up 5.7%
By Aidan Lane, Alliance News reporter
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