12th Jan 2015 11:02
LONDON (Alliance News) - Octagonal PLC saw its shares jump 11% Monday after it said it saw a "solid" operational performance at its principal investment over the three months to end-December, with settlement values for the quarter almost double year-on-year.
The investment company's principal investment is a 9.97% stake in global custody and clearing company Global Investment Strategy UK Ltd, whose main business activities are focused on global settlement and safe custody services for global hedge funds and family wealth offices.
Octagonal said settlement values at GIS for the quarter exceeded USD4 billion, up from USD2.04 billion for the same quarter last year. Total settled transactions for the quarter were 17,700, up 7% from the 16,544 settlements last year, it said.
The company said GIS has continued expanding its global client base, with an additional 72 clients signing up in the quarter.
"We are encouraged that GIS continues to grow through these challenging times of global political and economic uncertainties. GIS continues to attract new clients seeking its bespoke London-based financial platforms," said Octagonal Chairman Donald Strang in the company's statement.
Octagonal shares were up 14% at 0.308 pence on the back of the trading update mid-morning Monday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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