9th Feb 2016 11:54
LONDON (Alliance News) - Ludgate Environmental Fund Ltd on Tuesday said its net asset value was GBP24.5 million at the end of 2015, versus GBP31.5 million at the end of 2014.
NAV per share fell to 45.90p from 59.0p over the same period.
A net loss of GBP7.8 million was recorded in 2015, wider than the GBP4.0 million loss recorded the prior year. Cash fell to GBP402,584 on December 31 from GBP867,973 at the end of June. The company said it will pay an interim dividend of 1.0p per share.
The numbers were published in the company's results for the first half of its financial year, which ended on December 31.
"LEF is fully invested. Our purpose is to maximise the achievable value of the assets within the remaining life of the company and return the cash proceeds of sales to shareholders," Chairman John Shakeshaft said.
Since the end of the first half, the company has sold Ignis to Equitix for GBP4.0 million, of which GBP1.6 million is deferred. The interim dividend is an initial distribution of proceeds.
"We also sold our interests in Renewable Energy Generation. Rapid Action Packaging Ltd continues to perform as expected and is enjoying sales growth. Similarly STX has continued to build and diversify new business. Its lower NAV in December 2015 was the result of an exceptional profit in 2014 no longer applied as a valuation factor," Shakeshaft said.
"We wrote down the value of our interest in Micropelt to zero when the company was placed in administration. We continue to own its intellectual property in Micropatent. As we previously disclosed the value of Tamar was significantly reduced after the government announced its intention to end the applicable subsidy regime. A revised and viable business model has been established with the support of shareholders," he added.
Shares in Ludgate Environmental Fund were untraded at 35.44 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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