20th Apr 2016 10:22
LONDON (Alliance News) - Paternoster Resources PLC Wednesday said its net asset value fell 2.5% in the quarter to end-December, mostly as a result of a significant decrease in the share price of Plutus PowerGen PLC.
The natural resources investing company said its net asset value as at the end of December was GBP2.95 million, down from GBP3.02 million at the end of September.
The drop in the Plutus PowerGen share price, an investment which represented a "substantial percentage" of Paternoster's portfolio, was partly offset by some small gains elsewhere and new funds raised.
However, Paternoster said that since the end of 2015 some of its other investments have performed "very strongly".
It highlighted "excellent progress" at Metal Tiger PLC. Since the year end Paternoster sold around 12 million shares in Metal Tiger for a total of GBP500,000, which it said represents a 4.5 times return on its investment.
Additionally, Paternoster's investee MX Oil PLC is expecting production imminently at its Nigerian oil and gas licence, and has agreed in principle to sell this asset for USD18 million, well ahead of its current market value.
"The value of Paternoster's portfolio is continuing to increase, particularly since the year end. I look forward to updating shareholders very shortly with regard to the company's first quarter performance," said Chairman Nicholas Lee in a statement.
Shares in Paternoster were down 1.1% at 0.188 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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