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LONDON (Alliance News) - Trading Emissions PLC Friday reported a decline in net asset value over the year ended June 30.
The company posted a net asset value of GBP75.1 million, down from GBP157 million at the beginning of the year. Net asset value per share was 30.08 pence, down from 62.98 pence. The decrease in net asset value was due to distributions of GBP52.5 million and the reduction in equity value of three private equity investments, Trading Emissions said.
This was partially offset by a decline in estimated liabilities relating to Trading Emissions' carbon portfolio, it said.
Th company said that improved administration at the company allowed it to direct more of its resources to the management and realisation of assets, and that it was confident the process of internalising the management of the remainder of its private equity portfolio in 2014 would go smoothly.
Shares in the closed-ended investment company were trading down 1.6% at 15.75 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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