SARS20 May 2015 14:19
Gains / losses since Year End (Dec 31st)
Although not yet reported, as YE results were February...
SLN - 4.2% holding prior to dilution was at last count 2,186,000 shares, no equivalent to 3.14%. At 31st Dec 2014 the stock value was 220p, now they are 36% higher at 300p even after major fundraising (placing) and the holding is worth £6,558,000 approximately £1.75m added to the investment value to date.
PHC - 5.3% holding, equivalent to 3,802,220 shares. At 31st Dec 2014 they were approx 118p however they are now 108p in the middle of their trading range, total value of £4,106,000, a loss of £0.38m
In addition to the above, Sarossa has holdings of below 3.0 per cent. in
- a profitable AIM listed care sector support services business with a solid dividend yield
- a good growth record and a multinational sports betting and gaming group also with a solid dividend yield
That's over £1.4m in portfolio appreciation over the past 5 months. Of the Company's investments, at 31 December 2014 they had a total value of £12.23 million. Cash balances of £6.29 million at 31 December 2014. Therefore net assets including investments totaled £18.53 million.
Assuming the two unknown investments are flat we are looking at £13.5 million portfolio value today. Cash will have fallen by just less than £900k as 52 million shares were bought and cancelled at 1.72p, so let's say £5.4 million in the bank. £200k of fees for the period. Net assets therefore marginally higher at £18.7 million
But of course the current MCAP after factoring in the recent buy back of shares is only £10.6 million at this price...(0.018 x 588,188,754 shares). It was around the £12 million level recently.