20th Aug 2018 11:40
LONDON (Alliance News) - AIM-listed investment company Reconstruction Capital II Ltd said on Monday it saw a fall in net asset value over the first half of 2018 as the firm continues the process of acquiring stakes in two funds.
Reconstruction Capital II's net asset value was EUR0.2463 per share as at June 30, down 1.6% from EUR0.2563 on the same date the year before and from EUR0.2504 as at the end of 2017 due to a rise in liabilities at EUR2.4 million from EUR335,779 year-on-year.
Reconstruction Capital II said it made a decision in February to acquire a 22% stake in Reconstruction Capital PLC and 10% in Romanian Investment Fund Ltd.
Both funds have as their main asset a 60% stake in paint products retailer Policolor SA. Reconstruction Capital II already owns a balance of 40% out of this shareholding, and its own interest in Policolor will increase by 15%.
So far, only part of the transaction has been settled for EUR1.1 million, with EUR2.1 million now due once the vendors have sorted out technical issues.
Shares in Reconstruction Capital were untraded on Monday, last quoted at EUR0.18.
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RC2.L