LONDON (Alliance News) - Blue Star Capital PLC said Tuesday net assets increased in its recently-ended financial year, boosted by a rise in the value of investee SatoshiPay.
In the year ended September 30, the investment company's net asset value per share increased 38% to 0.29 pence from 0.21p. Blue Star's net assets increased 57% in the same period to GBP5.5 million from GBP3.5 million.
The company recorded a profit of GBP1.5 million in the period from a GBP188,713 loss the year before.
"The last year has been one of significant activity for your company and while we were ultimately unsuccessful in our attempt to acquire the entire issued share capital of SatoshiPay, the process proved valuable and was critical in SatoshiPay raising almost GBP1.7 million in private funding in 2019. The valuation achieved by SatoshiPay on these recent private raises is significantly above your company's acquisition cost and this has resulted in a strong uplift in both net assets and profits over the year," said Chief Executive Tony Fabrizi.
Chair William Henbrey added: "The board believes the company's portfolio has the potential to create significant value for shareholders. Our investments in SatoshiPay and Sthaler are showing strong gains and while the reverse takeover process was ultimately disappointing, it has strengthened SatoshiPay and the recent progress in the business has been impressive.
"Overall, the directors believe the company remains in a strong position to examine opportunities to enhance shareholder value and the board views the future outlook with confidence."
As well as micropayment infrastructure supplier SatoshiPay and payment identity technology company Sthaler, Blue Star's portfolio also consists of investment company Disruptive Tech.
Disruptive Tech is currently in the process of exiting all of its own positions and returning capital to shareholders. Blue Start invested GBP300,000 in Disruptive Tech in 2007 and its holding was valued at GBP1.6 million at 2017 financial year-end.
Shares in Blue Star Capital were down 4.0% Tuesday at 0.144 pence each.
Blue Star (BLU)