Investment Trust BH Global Focuses On Net Asset Value Enhancement

23rd Mar 2018 13:16

LONDON (Alliance News) - BH Global Ltd on Friday reported the net asset value per share of its dollar class and sterling class appreciated 2.6% and 1.8%, respectively, in 2017.

The UK based investment company said that buy backs continued to moderate the discount to net asset value at which shares are traded, thus enhancing the net asset value per share.

The company recorded repurchased 2.8 million sterling class shares at a weighted average discount of 10.4% and a cost of GBP36.5 million together with 350,991 US dollar class shares at a weighted average discount of 9.6% and a cost of USD4.5 million. These buy-backs added 18 pence to sterling class shares, up 1.2%, and 15 cents US dollar class shares, up 1.0%, respectively to NAV per share.

The company said that there was a substantial reduction in the discount due to the share repurchases and the company would consider further options to enhance shareholder value.

"At the time that I signed off my statement for the year to December 31, 2016 at the end of March 2017 the sterling discount was close to 9%. At June, 30 2017 it was over 11% and I consider the reduction to 6.4% at December 31, 2017, to be a significantly material move in the right direction," Chairman Michael Bunbury said.

"In terms of volatility and correlation it has once again performed just such a function with further, albeit modest, positive annual net asset value per share growth as has been achieved in eight out of the nine calendar years since its first full year in 2009 together with low volatility of 3.7%," Bunbury said.

Shares in BH Global were 1.1% down at 1380.00 pence on Friday afternoon.

---

Related Shares:

BHGG.LBHGU.L