19th Aug 2016 15:00
LONDON (Alliance News) - Neptune Calculus Income & Growth VCT PLC on Friday said its net asset value per share declined in its first half ended June 30 which it called "particularly disappointing".
The venture capital trust said its net asset value per share at the end of its first half was 33.90 pence, down from 39.30p at the end of December, after there was a 10% decline in the value of its portfolio over the period.
Neptune pointed to wall panel manufacturer Hembuild Group Ltd's loan notes being written down to nil as one reason behind this valuation decline.
On top of this, the valuation of oil and gas exploration production company Terrain Energy Ltd, recruitment services supplier Dryden Human Capital Group Ltd and freight forwarding service provider RMS Europe Ltd was written down by an aggregate GBP140,000 during the period.
Neptune said several of its investment had made "notable progress", but this has yet to show itself in their respective valuations.
Neptune declared an interim dividend of 1.50p for the period, in line with a year earlier.
The company said the general outlook after the UK voted to leave the European Union may seem uncertain, but said the investments in the qualifying portfolio have "considerable upside potential".
Shares in Neptune were untraded Friday afternoon, having last closed at 33.00 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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