(Alliance News) - Octopus AIM VCT 2 PLC on Wednesday said its net asset value fell in the first half of its financial year, with Staffline Group PLC proving the biggest detractor.
The venture capital trust posted a NAV per share of 78.6 pence as at May 31, down from 91.0p the year before and 80.8p on November 30.
Non-qualifying investment Staffline most hurt interim performance, being unable to publish its annual results "due to a last minute allegation over payment practices in its staffing division" which "proved slow to resolve and impacted trading".
Octopus AIM VCT 2 has maintained its interim dividend at 2.1 pence per share.
Having made two new investments in its year so far, the company expects to make more going forward in spite of Brexit uncertainty.
Chair Keith Mullins said: "The pipeline of potential new investments was weaker in the first half of the year, reflecting the fact that fewer new companies have floated, something that affected both the main market and AIM. However, despite the fact that there has to date been no resolution of the Brexit issue, existing AIM companies have continued to look for further growth capital and it is probable that there will be more new investments made in the second half of the year."
Shares in Octopus AIM VCT 2 closed up 0.7% at 72.50 pence on Wednesday.
Staffline (STAF)
Octopus Aim 2 (OSEC)