Strategic Equity Capital PLC - investor that seeks to create value through "constructive corporate engagement" with listed companies - Net asset value per share on December 31 was 281.80 pence, up 18% from 239.74p on June 30, but down 1.5% from 286.07p a year before. NAV total return also was 18% for the six months to December 31, compared to 8.5% for the same period a year before. Strategic Equity Capital proposed no interim dividend, unchanged. In the financial year to June 30, it paid out 1.25p. Average share price discount to NAV in recent six months was 21%, worsened from 15% a year before. Confident that recent changes to investment manager at Gresham House Asset Management will improve performance and narrow discount.
Calls general meeting for March 30 after requisition by shareholders Ian Armitage and Jonathan Morgan, who together have a 7.66% stake. Board recommends shareholders vote for the continuation of the company and against reconstruction proposal put forward by Armitage and Morgan. Says shareholders representing 40.3% of total have indicated they will vote this way.
Current stock price: 254.18p
Year-to-date change: up 9.6%
By Tom Waite; thomaslwaite@alliancenews.com
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Strategic Eqty (SEC)