LONDON (Alliance News) - Candover Investments PLC on Friday said its net assets per share fell by 32% in the first six months of 2015.
Net assets per share amounted to 370 pence on June 30. They had been 545p at the end of 2014.
Its investment portfolio fell in value by GBP32.8 million, a fall of 24% since the end of 2014.
Net debt increased to GBP32.3 million from GBP27.3 million during the period due to operating and financing costs.
Loan-to-value ratio increased to 31.4% compared to 20.1% at the year end.
"The impact of the drop in the oil price on Expro's prospects, and the need to refinance its own balance sheet, has had a material adverse impact on our portfolio valuation, offset only in part by improvement in our other investments. Since the end of the period, we have strengthened Candover's balance sheet and eliminated any debt maturity risk, were future portfolio disposals to be delayed. This has also created a means to accelerate the timing of the initial capital return to shareholders," Chief Executive Malcolm Fallen said in a statement.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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