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St Peter Port Net Asset Value Drops On Valuation Write-Downs

Fri, 29th May 2020 15:28

(Alliance News) - St Peter Port Capital Ltd said Friday its net asset value dropped over its recently ended financial year due to write-downs on portfolio valuations.

As at March 31, the investment company's net asset value per share was 15.81 pence, down 8.1% from 17.21p the year before, as a result of write-downs to some of the company's portfolio valuations.

In particular, St Peter Port's investment in Stream TV Networks was written down due to the need to develop a new generation of its own technology, a process that has been disrupted by lockdowns in China and California, US.

The company said it is still around 18 months away from being able to fully commercialise products.

The investment in agribusiness Agriculture Investment Group, following an auction in which the firm sold treasury shares in an attempt to further reduce its debt and provide further cash at the start of the harvest season.

St Peter's total assets as at the end of March dropped to GBP10.2 million from GBP11.1 million.

St Peter proposed no dividend for the year due to no net gains being made on its realisations in the period.

Looking ahead, the investment trust said it has made significant cut costs, such as becoming a self-managed company and all directors reducing their fees.

"Whilst there have been some positive developments in our portfolio of companies, none are any closer to being in a position where they are able to realise a liquidity event. Moreover, despite all our efforts, we have not been able to sell any of these holdings in the secondary market on terms which your board believes is reasonably close to their underlying value," said Chair Lynn Bruce.

"Despite the unprecedented market turbulence in light of the Covid-19 pandemic, we remain focused on liquidating the portfolio as soon as possible on sensible terms," Bruce added.

Shares in St Peter Port Capital were un-traded at 3.25 pence on Friday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com