LONDON (Alliance News) - Neptune-Calculus Income and Growth PLC Monday said that its net asset value declined 17% in 2013.
The UK-based venture capital trust said its net asset value per share for the year ended December 31, 2013 fell 17% to 48.5 pence, compared with 56.68 pence in 2012.
It said the main reason for this decline was due to the sharp fall in the share price of one of its AIM investments, EpiStem Holdings PLC, during the year, following the termination of a global distribution agreement.
The trust recommended a final dividend of 2.0 pence, bringing the total dividend paid during the year to 3 pence.
"There are some signs of improvement in the UK economic environment and although growth is expected to remain low we believe that the investments in the portfolio are well placed and can show good returns in the medium to longer term," said Chairman Philip Stephens in a statement.
At the year end, the portfolio of qualifying investments comprised 16 companies, made up of both unquoted and AIM stocks, the trust said.
Shares in the trust were trading 2.9% higher at 36.00 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
Copyright © 2014 Alliance News Limited. All Rights Reserved.
