6th Mar 2015 09:19
LONDON (Alliance News) - Paternoster Resources PLC Friday said its total net asset value increased by 3.6% over the last quarter to end-December 2014, but said its net asset per share dipped slightly due to a placing that took place at the end of the quarter, which it said offset the overall increase in net assets.
The natural resources-focused investing company's net asset value as at end-December was GBP2.76 million, compared with GBP2.66 million as at end-September 2014. However its fully diluted net asset value per share ended the quarter at 0.39 pence, compared with 0.43 pence at the end of September.
"The company's total net asset value has increased by 3.6% over the last quarter, however, this does not include the significant recent increase in the share prices of Plutus PowerGen PLC and MX Oil PLC. Net assets per share has reduced slightly as a result of the placing that took place at the end of the quarter offsetting the overall increase in net assets," the company said in a statement.
Its closing share price at the end of the quarter was 0.245 pence, compared with 0.26 pence at end-September, while its share prices discount to net asset value reduced to 37%, from 40%.
"Overall this has been a very active quarter for our investments, resulting in both increased liquidity and value for several of our portfolio companies. This was achieved despite the difficulties currently prevailing in the natural resources sector," said Chairman Nicholas Lee in a statement.
Lee said that the declines in commodity prices in recent months are widely considered as cyclical and therefore temporary, and as a result it is seeing an increasing number of investment opportunities.
"Given our cash position, we see this as an opportune time to add to our portfolio. We are also confident that a number of our investments still have significant potential for further growth," said Lee.
Paternoster shares were trading 5.9% lower mid-morning Friday at 0.207 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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