LONDON (Alliance News) - P2P Global Investments PLC said on Friday its net asset value per share dropped in 2017 as it oversaw a merger of its investment manager.
Investment manager MW Eaglewood Europe LLP completed its merger in September last year, having originally announced the plans in May.
MW Eaglewood, including MW Eagelwood Europe and MW Eaglewood Amercias LLP, merged with Pollen Street Capital Ltd to form PSC Eaglewood.
P2P, which makes investments in loans originated via alternative lending platforms, on Friday reported a net asset value total return of 3.0% for 2017, down from 4.1% the year before.
Net asset value per share cum income at the end of 2017 stood at 989.4 pence, down from 1,006.5p the year before. Its share price at the year end was 815.0 pence, reflecting a discount to net asset value of 17.6%.
Shares in P2P Global Investments were untraded on Friday, last quoted at 792.00 pence.
The company proposed a dividend per share of 47.0 pence for 2017, up from 44.5p in 2016, and noted that the payments were now fully covered by earnings.
"The board is optimistic that the changes put into place during 2017 have positioned the company to see improved performance in 2018. The new investment strategy is gathering traction and is on course as I write this statement. The board will continue to be vigilant on the performance of the company and will monitor the progress of the new investment strategy," said Chairman Stuart Cruickshank.
"The board continue to closely monitor the political and economic uncertainty created by Brexit. Although current market conditions remain benign, the longer-term economic outlook and impact of Brexit on our customers and wider markets remain uncertain," Cruickshank added.