17th Jun 2016 11:16
LONDON (Alliance News) - Terra Capital PLC, the AIM-listed investment trust that aims to generate absolute returns with low volatility by investing in frontier markets, on Friday reported annual results for 2015, which showed that its net asset value per share fell to USD0.925 from USD0.979 a year earlier.
The movement in net asset value - the difference between assets and liabilities - represents a decrease for the year of 5.5% and a net decrease of 1.7% allowing for the dividend of 3.72 cents per share paid in February 2015.
The company's performance compares to the MSCI Frontier Markets Index's fall of 14.07% in 2015, and Chairman Dirk Van den Broeck said it "demonstrates the benefits of the investment manager's value based approach".
The company's investment manager is Terra Partners Asset Management Ltd.
In accordance with the dividend policy announced in late 2013, Terra Capital paid a dividend of 3.24 cents per share in February 2016 based on its income in 2015. "This represented a dividend yield at the time of declaration of 3.5% on net asset value and 3.9% on the closing middle market price," Van den Broeck said.
Shares in Terra Capital were untraded on Friday, having last traded at 0.76 pence.
By Samuel Agini; [email protected]; @samuelagini
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