17th Jan 2014 17:41
LONDON (Alliance News) - Tau Capital PLC Friday said it is likely to make further impairments regarding Stopharm LLP and Lucent Petroleum LLC following discussions with its investment adviser.
The investment company, with investments in Central Asian assets, said it is likely that Lucent will be reduced to zero and there will be a significant reduction in the value of Stopharm.
The company said it is at an advanced stage in discussions regarding certain business initiatives within Stopharm coinciding with changes to the interests of shareholders.
Tau Capital also said that the net asset value of the company at December 31 2013, will be released once the review has been completed, expected by the end of March 2014.
Tau was established in 2007 to give investors the opportunity to participate in opportunities in Kazakhstan and its neighbouring countries through a mix of public and private equity, and special situations. However, in 2012 the company said it would stop making any new investments and go into a managed wind-down.
In October 2013, Tau said that during the first-half of 2013, Stopharm, a pharmaceutical distribution company, recorded sales of USD119.2 million compared from USD140.4 million the previous year and said that it was working with its investment adviser to realise the value of Stopharm.
In March 2013, the company decided to mark down its investment in Lucent, an oil and gas exploration and production company, by a further 25% or by an amount of USD3.8 million.
Tau capital shares were down 14.6% at 0.175 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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