Investment Co PLC - Devon, England-based investment trust focused on protecting purchasing power of its capital in real terms - Net asset value falls and swings to full-year loss as trust without benchmark blames compliance restrictions.
NAV at June 30 falls to 336.30 pence from 341.19p a year ago. NAV total return swings to negative 1.4% from a positive 9.2%. Pays no dividend, compared to 3.00p a year prior.
Swings to pretax loss in the year that ended June 30 of GBP209,071 compared to a profit of GBP1.4 million.
"The outlook for small, listed investment trusts remains challenging as shareholders and their advisors grapple with increasing compliance restrictions as to liquidity and overall market capitalisation. Your board is satisfied as to the underlying strength of its portfolio of undertakings but is fully cognisant of the immense challenges in growing the capital base of the company. The board continues to evaluate genuine opportunities to grow the capital base of the company against the strict criteria of capital preservation and growth over the longer term," says Chair Ian Dighe.
Current stock price: 290.00 pence
12-month change: down 3.7%
By Tom Budszus; tombudszus@alliancenews.com
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Investment Co. (INV)