Last checked at 
(Alliance News) - Sherborne Investors (Guernsey) B Ltd and Sherborne Investors (Guernsey) C on Thursday both reported net asset value declines for the first half of 2020.
Sherborne Investors B said its NAV per share fell to 5.56 pence from 9.83p the year before and 10.91p at the end of 2019. The company continued to pursue its investment strategy via its investment in Electra Private Equity PLC, which suffered amid the pandemic.
Chair Talmai Morgan explained that "In March 2020 Electra's largest investment, TGI Fridays, a restaurant chain operating principally in the UK, temporarily closed all of its restaurants in accordance with a government mandate and during this period another investment of Electra, Hotter, the UK's largest shoe manufacturer, paused its manufacturing and closed its retail locations but continued operating its ecommerce platform."
On July 29, TGI Fridays had opened substantially all of its restaurants and was experiencing positive year-on-year gains.
Shares in Sherborne B were untraded on Thursday, having last closed at 5.25p.
Sherborne Investors C reported that its NAV per share had fallen to 50.15p from 67.13p the year before and from 78.04p at the end of 2019 as Barclays PLC's share price plummeted.
It pursued its investment strategy via its shareholding in Barclays. However, the lender's share price had fallen around 36% on June 30 compared to December 31.
"As announced on March 31c2020, the Barclays board cancelled the payment of the full year 2019 dividend and any potential interim 2020 dividends at the request of the UK regulator as a prudent measure given the current environment. Currently, no definitive guidance has been provided by either Barclays or the regulator with respect to future dividends. The cancelled dividend has, however, helped improve Barclays' capital position which at June 30 2020 was stated to be above its targeted range. The situation is constantly evolving as governments and businesses continue to combat the impact of the pandemic," said Morgan, who chairs both companies.
Shares in Sherborned Investors C were up 2.0% at 35.30p on Thursday afternoon.
By Anna Farley; annafarley@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.