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(Alliance News) - Miton UK MicroCap Trust PLC on Monday reported a fall in net asset value in the financial year that ended April 30, as markets suffered a "major setback" late in the period due to Covid-19.
The investment trust's net asset value per share at April 30 was 51.33 pence each, an 8.6% annual fall from 56.13p.
Shares in the company rose 1.0% to 48.46p each in London on Monday afternoon. The stock is down 7.3% so far in calendar 2020.
Miton UK MicroCap said its NAV sunk as far as to 37.2p on March 18, as Covid-19 began to grip the market.
"In the final couple of months of the period under review, the Trust's NAV staged a recovery as certain UK quoted microcaps not only survived but thrived in the prevailing economic climate," the trust explained.
The company cut its dividend by 44% to 0.20p from 0.36p.
Miton UK MicroCap said: "A new government was elected with a clear
majority in the UK; however, global stock market suffered a major setback late in the period due to the Covid-19 pandemic and the resulting global recession."
By Eric Cunha; ericcunha@alliancenews.com
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