23rd Dec 2022 15:48
(Alliance News) - SME Credit Realisation Fund Ltd on Friday said net asset value per share was up as profit also rose, ahead of its planned liquidation.
The Guernsey-based asset manager said NAV per share on September 30 was 118.46 pence, up from 100.62p on March 31.
Shares in SME Credit Realisation closed down 4.5% to 107.00 pence each in London on Friday.
Pretax profit in the six months that ended September 30 was GBP8.0 million, up 5.3% from GBP7.6 million a year earlier.
It said the rising NAV and profit was supported by the sales of assets at an "agreeable price in the current economic environment".
It also said it was pleasing to see, given that the group is "draw[ing] towards the end of its life".
"The board's attention is now focussed on returning capital to shareholders, simplifying operations and ultimately liquidating the group in an orderly and efficient manner," said Chair Frederic Hervouet.
SME Credit Realisation said it hopes to circulate de-listing proposals by the end of the first quarter in 2023.
It also declared an interim dividend of 2.63p, unchanged from a year earlier.
By Greg Rosenvinge, Alliance News reporter
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