26th Sep 2019 15:11
(Alliance News) - Pacific Alliance China Land Ltd on Thursday said net asset value declined in the first half of 2019 as it prepares for liquidation.
The investment company reported net investment losses of USD373,368 for the six months to the end of June compared to USD583,484 losses a year earlier, as management fees dropped to USD65,526 from USD1.6 million.
Interest income, meanwhile, fell sharply to USD74,674 from USD1.4 million year-on-year, with net asset value down 4.2% from the end of 2018 to USD2.6056 per share as at June 30.
On June 30, the fund's share price closed at USD2.63, representing a 0.9% discount to the NAV per share.
Pacific Alliance's NAV and share price have both outperformed major benchmark indices including the FTSE 350 Real Estate Index and the FTSE AIM All-Share Index on a consistent basis since inception, the company noted.
Looking ahead, Managing Director Patrick Boot said: "The investment manager will focus on the orderly wind up of the fund and cancellation of the fund's shares from trading on AIM."
The company highlighted it has already exited all of its investments, and once delisted, all excess cash will be paid to shareholders in a final distribution. The company expects the completion of its liquidation by the end of 2019.
Pacific Alliance shares were untraded on Thursday in London, last quoted at USD0.72 each.
By Evelina Grecenko; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.