11th Feb 2014 12:44
LONDON (Alliance News) - Ludgate Environmental Fund Ltd Tuesday said it swung to a net loss in its first-half as many of its investments underperform.
The clean environmental technology investment company said it made a net loss of GBP5.0 million for the six months ended December 31 2013 compared to a net profit of GBP2.0 million in the same period 2012.
The company posted a GBP5.3 million charge on the net loss of its investments compared from a GBP1.6 million gain on its investments in the previous six-month period.
Ludgate said the net asset value of its investments decreased to GBP37.9 million on December 31 2013 from GBP46.5 million at the same point in 2012.
The company noted that it reduced the fair value of its ECO Plastics investment due to a change in valuation methodology and its Terra Nova asset was put into administration during the period.
However, Ludgate added that it provided a special dividend of 5.0 pence in December and it plans to continue returning capital to shareholders by the purchase of its own shares, the payment of dividends and other means.
The company said that, consistent with its plans to manage assets toward its anticipated wind-up date in June 2015, it does not expect to make any investments outside its existing portfolio and it will retain sufficient funds, supplemented by the proceeds of sales, to maintain operations through our remaining life.
Ludgate shares were untraded at 48.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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