SPPC.L Share News (SPPC)

LONDON (Alliance News) - St Peter Port Capital Ltd Monday reported a fall in its net asset value per share over the past year, mainly a result of writedowns relating to commodities markets.

The investment company, which aims to generate value for shareholders by investing in companies shortly before they're due to go public on a stock exchange, said its net asset value per share was 58.8 pence at the end of March, down 37.5% on the year and 21.3% since September 30, 2014.

St Peter Port Capital said GBP3.5 million has been realised since the start of April 2014, with GBP3.4 million of that during the year ended March 31 and GBP85,000 since the end of that period.

"A number of companies in the portfolio continue to make good progress towards achieving a liquidity event. However, the commodities markets remain at multi-year lows which has depressed the value of resources companies. We have therefore reduced the holding value for several of our investments as a result," Chairman Bob Morton said in a statement.

"There have been some significant reductions in value in some the portfolio companies reflecting the sectors they are exposed to and a difficult funding market for independent explorers. Nevertheless, we are pleased with the continuing progress and underpinning of value in some of our companies," Morton said.

"We have a commitment (secured by a shareholder vote) from one of our portfolio companies to secure a flotation later in the year, and we continue to push for liquidity events throughout the portfolio," the chairman added.

St Peter Port Capital shares were untraded on Monday morning in London. The stock last traded at 21.75 pence on June 26.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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