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LONDON (Alliance News) - Palace Capital PLC said Monday that its annual net asset value rose strongly in its recent financial year, but NAV per share was reduced after a GBP70 million equity raise caused share dilution.
For its financial year ended March 2018, the property investment company recorded a drop in its NAV per share to 400 pence from 436p the year before. This was the result of a GBP70.0 million equity raise in October at 340p per share.
The GBP70.0 million was then used to fund the acquisition of RT Warren (Investments) Ltd.
Palace Capital's European public real estate index NAV grew 70% to GBP190.0 million versus GBP111.8 million the year prior but its EPRA NAV per share fell to 415p from 443p.
The investor's total assets grew more than a third to GBP300.3 million from GBP197.7 million.
The company intends to pay a final dividend per share of 4.75p, bringing the total for the year to 19.0p. This represents a 3% increase from its 18.5p total the previous year.
"Since our re-admission to the London Stock Exchange in October 2013...We have developed a portfolio now worth over GBP275 million and generated almost 120% total return...The acquisition of the Warren portfolio highlighted how Palace Capital can identify value where others might not," said Palace Capital Chief Executive Neil Sinclair.
Shares in the company were trading down 2.2% at 350.00p on Monday.
