Last checked at 15 Nov 2011 07:00
Date: 15th November 2010 On behalf of: London Finance & Investment Group P.L.C ("Lonfin" or "Company") London Finance & Investment Group P.L.C. Interim Management Statement
Lonfin today reports on its performance to date.
In the period of four months to 31st October 2011, Lonfin's net assets per share, including investments at market value and the anticipated net sale proceeds of the London investment property, have decreased by 5.1% from 35.0p to 33.2p. Whilst the value of our European investments and the Strategic Investments fell, as did the main European indices, we note that the value of the UK investments in our General Portfolio rose by 2%, compared to a 4% fall in the FTSE 100. The decline in the value of our Strategic Investments: Western Selection P.L.C., and MWB Group Holdings Plc was partially offset by a 15% rise in the value of our holding in Finsbury Food Group plc.
As announced on 4th November, it is proposed that the London investment property be sold, subject to approval by shareholders. The circular explaining the proposal and including a notice of an Extraordinary General Meeting will be posted soon.
The board of Lonfin notes with that the continued market turmoil extant throughout the world, but especially in the bond and equity markets of the heavily indebted countries of Europe, the outlook remains unclear.
Enquiries to:
London Finance & Investment GroupP.L.C. Edward Beale 020 7448 8950 Notes to Editors:
â— Lonfin is an investment company whose assets primarily consist of three
Strategic Investments and a General Portfolio. Strategic Investments are significant investments in smaller UK quoted companies and these are balanced by a General Portfolio, which consists mainly of investments in major U.K. and European equities.
â— Its strategic investments comprise: Western Selection P.L.C., MWB Group
Holdings Plc and Finsbury Food Group plc. Western Selection P.L.C. has
strategic investments in Creston plc, Swallowfield plc, Northbridge
Industrial Services plc and Hartim Limited.
XLON