nice24 Mar 2016 08:38
In Auction
Dear Shareholder
Your Board is pleased to report solid progress on a number of fronts during the current financial year as processes implemented in recent years come to fruition. Trading Emissions PLC (the "Company" or "TEP") has continued to generate cash from its private equity investments. Coupled with the significant decline in liabilities and contingent liabilities relating to the carbon portfolio, we have now reached the point where the Board can announce the resumption of Shareholder distributions. TEP will today announce that the Company will distribute to Shareholders an amount of 5.0p per Share, an aggregate of GBP12.5 million, on 29 April 2016.
Financial Highlights
Net Asset Value
During the six-month period ended 31 December 2015, the net asset value ("NAV") of the Company reduced to GBP26.3 million (10.5p per Share) from GBP26.6 million (10.6p per Share) at 30 June 2015 and GBP37.8 million (15.1p per Share) at 31 December 2014. The change in NAV during the first half of the financial year was caused mainly by a reduction in the fair value of the private equity portfolio of GBP3.5 million and an increase of GBP3.4 million (1.4p per Share) in the cash balances held. The value of other liabilities increased by GBP0.2 million. These aggregate changes mask a material change in the structure of the Company's income statement and balance sheet, which are explained in more detail below.
Cash
At 31 December 2015, the Company's cash balances increased to GBP13.2 million (5.3p per Share) from GBP9.8 million (3.9p per Share) at 30 June 2015 and GBP4.9 million (1.9p per Share) at 31 December 2014. The principal sources of cash during the period were from Elements Markets LLC ("Element Markets") and TEP (Solar Holdings) Limited ("TEP Solar"). Subsequent to period-end, cash held by TEP (Renewables Holding) Limited ("TEP Renewables") was paid to the Company. At the time of writing, TEP holds cash of approximately GBP17.6 million (7.1p per Share).
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