19th Feb 2014 17:54
LONDON (Alliance News) - Reconstruction Capital II Ltd Wednesday said it has decided to write down its equity investment in EPH, as well as its loan to its copper processing subsidiary, to zero.
This compares with a total valuation of EUR6.7 million for both these positions in the November 2013 net asset value calculation.
"The write down will be reflected in the company's December 2013 NAV calculation and will have a material impact on the NAV of the company which was reported as EUR39.28 million (EUR0.3928 NAV per share) as at November 30, 2013," Reconstruction Capital II said in a statement.
"The company's direct equity investment in, and shareholder loan to, Klas, EPH's bakery subsidiary, is being valued by an independent valuer, as in previous years, and will not be affected by the writedown of the company's investment in EPH," Reconstruction Capital II said.
The company said its other investments are also being valued by an independent valuer, and the new valuations will be included in the December 2013 NAV calculation, which will be published shortly after the new valuations are finalized.
A detailed review of the operating performance and financial condition of EPH and Klas, as well as of the other investments of the company, will be included in the December 2013 quarterly report.
Reconstruction Capital II shares Wednesday closed at EUR0.17, up 1.5%.
By Samuel Agini; [email protected]; @samuelagini
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