11th Feb 2013 09:28
TAU CAPITAL PLC
("Tau" or "the Company")
11 February 2013
NET ASSET VALUE
The Board is pleased to advise that, following consultation with its Investment Managers, the estimated Net Asset Value ("NAV") as at close of business on 31 January 2013 is US$0.52 per share.
INVESTMENT UPDATE
Tau's Board of Directors also provides an update on the valuation of its portfolio investment in 8% Unsecured Convertible Loan Notes of Oxus Gold Plc ("Oxus"). Oxus is listed on The London Stock Exchange Alternative Investment Market and has a 50% stake in the Amantaytau Goldfields JV located in Uzbekistan. Oxus is in dispute with the Uzbek Government over the Amantaytau Goldfields and Khandiza mining assets and has commenced international arbitration against them.
As a result of the dispute the Board of Tau commissioned an independent review into the valuation of its holding in Oxus and has decided to mark down this investment from $2.5 million to US$593,000. This has resulted in a reduction in total NAV of approximately 2.2%. The Board intend to revalue this holding each month based on the movement of the price of the Oxus ordinary shares. The other private equity holdings remain unchanged this month.
Further information, please contact:
IOMA Fund & Investment Management Ltd Philip Scales | Tel: +44 (0) 1624 681250 |
Numis Securities Ltd Nominated Adviser: Nick Westlake / Hugh Jonathan Corporate Broking: Alex Ham | Tel: +44 (0) 20 7260 1000
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Related Shares:
TAU.L