LONDON (Alliance News) - Paternoster Resources PLC Wednesday said its net asset value declined slightly over the course of the first quarter of 2015 and its share price traded at an even wider discount, although its net asset value has increased significantly since the end of the quarter.
The investor in listed and unlisted natural resources companies said its net asset value was GBP2.7 million at the end of March, down from GBP2.8 million at the end of December, while it net asset value per share dropped to 0.38 pence from 0.39p. The share price discount to net asset value widened to 49% from 37%.
However, it said its net asset value has risen significantly since March 31 thanks to an increase in the share prices of Metal Tiger PLC, MX Oil PLC, Northcote Energy PLC and Plutus Powergen PLC.
"A number of the company's investments continue to make good progress and, in recent weeks, for those that are listed, this has been reflected in good share price performances. At the same time, there has been a clear increase in the liquidity within the portfolio. The company also continues to observe and review some very interesting opportunities and expects to add further to its portfolio in the near future," Chairman Nicholas Lee said.
Paternoster Resources shares were up 0.5% at 0.201 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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