24th May 2019 11:12
LONDON (Alliance News) - Odyssean Investment Trust PLC on Friday said it outperformed its benchmark in its most recently ended financial year despite a decrease in net asset value.
The investment company floated on the London Stock Exchange in May last year, after raising GBP87.5 million in its initial public offering.
Odyssean reported NAV per share of 96.3 pence a share at March 31, representing a 2.1% decline compared to NAV per share at the time of the IPO. In comparison, the company's benchmark, the NSCI ex IT plus AIM Index, fell by 9.0% over the same period.
The trust's shares at the end of the period were trading at 99.3p per share, representing a 3.1% premium to NAV. The company said it has been mindful of premium management and has issued a further 800,000 shares since the IPO to satisfy market demand.
Odyssean shares were trading 1.1% lower on Friday at 99.38p each.
As at the end of March, the company was 79% invested in 15 quality quoted smaller companies, all apart from one being quoted in the UK.
"The initial portfolio includes a number of interesting companies with seemingly good opportunities, where returns can be improved through management actions," said Chair Jane Tufnell.
Related Shares:
Odyssean Inves.