(Alliance News) - CIP Merchant Capital Ltd reported a flat net asset value per share at the end of its half-year.
The company's net asset value per share at the end of June stood at 87 pence, flat on that at the end of December. Total net assets were GBP48.2 million, again largely unchanged from the GBP48.1 million reported at the end of 2018.
CIP Merchant said it is now 50% invested following recent investments into Brave Bison Group PLC and Proactis Holdings PLC since the period end. Given it's "prudent" approach, the company expects it will take at least until the end of 2020 to be fully invested.
"All of the company's investee companies are pursuing strategies in line with the company's investment targets, which has already led to material developments at the portfolio company level. It is hoped that the market will value the progress in these companies, leading to improvements in the share prices of investee companies which will consequently lead to an improvement in the NAV of the company," CIP Merchant said.
Shares in CIP Merchant closed down 0.9% at 53.50p in London on Tuesday.