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St Peter Port Capital Net Asset Value Dips On Valuation Write-Downs.

(Alliance News) - St Peter Port Capital Ltd said Friday its net asset value dropped substantially over its recently ended financial year due to write downs on valuations.

As at March 31, the investment company net asset value per share was 17.21 pence, down 18% from 20.66p the year before, as a result of write downs to several of St Peter's portfolio valuations.

In particular, the company wrote down the carrying value of its position in Caspian Sea-focused oil & gas firm Buried Hill to 20% below the value at which Buried Hill values its own shares.

Also, St Peter saw a downwards adjustment in the carrying value of its interest in agribusiness Agriculture Investment Group, on concerns over the high level of debt on AIG's balance sheet.

During the year, the company made no additional investment, but sold down its holding in Global Atomic, which generated net proceeds of GBP96,000.

St Peter's total assets as at the end of March declined to GBP11.1 million from GBP13.5 million the prior year.

St Peter proposed no dividend for the year due to no net gains being made on its realisations in the period.

Looking ahead, the company said it has not been able to sell of its holdings on terms considered to reflect their underlying value.

St Peter is currently in discussions with a potential new investment manager, and is also continuing with its intent to realise its existing portfolio.

However, should these changes not be achieved, the company will convene a general meeting by the end of 2019, for shareholders to vote on its future.

"Although most of our portfolio companies have reported positive news during the period under review, the fact remains that none of them have yet reached an inflection point that would allow us to unlock value at any sensible valuation," said Chair Lynn Bruce.

"We have for some time been exploring ways of maintaining the portfolio substantially in tact whilst reducing what will become, absent a sale of one or more of our investments, an economically unviable company," Bruce added.

Shares in St Peter Port Capital were untraded on Friday, last quoted at 6.10 pence.

By Dayo Laniyan;

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Publication:Alliance Newswire
Date:Jun 14, 2019
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