22nd Apr 2016 09:20
LONDON (Alliance News) - PME African Infrastructure Opportunities PLC said Friday its net asset value per share fell in 2015 as the amount of assets held by the company more than halved, and the company said it anticipates proposing another tender offer to shareholders in 2017.
The Sub-Saharan Africa-focused infrastructure investor said it recorded a net asset value of USD0.22 per share for the year ended December 31, from USD0.24 per share a year earlier.
It held USD9.2 million of assets at year-end from USD19.7 million a year earlier. This came after it sold its wholly owned subsidiary PME RSACP (Mauitius) Ltd, which held its 50% interest in Sheltam Holdings (PTY) Ltd, and also sold seven C30 locomotives, together totalling USD11.5 million.
The company also noted that, in December, it tendered 46.6% of its shares and cancelled those shares, leaving it with 41.0 million shares. It faced USD1.1 million of administrative expenses due to costs from the tender offer, from USD1.2 million a year earlier.
However, its pretax loss came in at USD2.1 million, narrowed from a loss of USD16.6 million, as a year earlier it had recorded a much greater loss on assets at fair value.
PME African said it has "sufficient funds for its ongoing operations and therefore have continued to adopt the going concern basis in preparing these financial statements".
PME African said it was offering no dividend for 2015, in line with a year earlier.#
"The directors intend to exercise the option for the three remaining C30 locomotives in the last quarter of 2016. In addition the directors expect to start the marketing process for the sale of the Dar-es-Salaam Property in the second half of 2016, provided the outstanding legal issues have been resolved, necessary repairs concluded and the space currently occupied by Dovetel Ltd has been relet," PME African Chairman Paul Macdonald said.
"Based on the results of these actions, the directors anticipate that another tender offer will be proposed to shareholders in 2017," Macdonald added.
Shares in PME African were untraded on Friday, having last traded at USD0.199.
By Hannah Boland; [email protected]; @Hannaheboland
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