18th Dec 2019 11:28
(Alliance News) - Early stage software investor Sure Ventures PLC on Wednesday reported a rise in assets over the first half, in line with expectations, on the back of a solid performance from investee Immotion Group PLC.
At September 30, the investment company's NAV per share stood at 83.08 pence, flat compared to the 83.03p seen at March 31.
The company's net assets rose 5.3% over the six month period to GBP4.0 million from GBP3.8 million. Sure Ventures issued 305,208 new shares in the period, explaining the discrepancy.
"In the period to September 30 the company's performance was broadly in line with expectations. This can largely be explained by the increase in share price of Immotion Group from 5.1p at year end to 6.7p as at September 30, which has neutralised the impact of another 6 months of costs on the overall NAV," the company's investment manager, Shard Capital AIFM, explained.
Shard Capital added: "The fund has achieved a number of unrealised gains across the portfolio and continues to have access to quality deals in our chosen high growth sectors. The portfolio of current investments is now beginning to mature and approach series A funding rounds, which if successful, will begin to provide the NAV growth that was set out to achieve from inception."
Sure Ventures did not declare an interim dividend, in line with its policy.
Shares in Sure Ventures were untraded at 102.5p in London on Wednesday. Immotion shares were down 2.1%. The AIM stock is down 21% so far in 2019.
By Paul McGowan; [email protected]
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