Impairment of Investment Value

RNS Number : 3357V
Artemis Alpha Trust PLC
20 July 2018
 

ARTEMIS ALPHA TRUST PLC  (the "Company")

Impairment of Investment Value

The Company announces that its Net Asset Value ("NAV") has been reduced by 2.2% as a result of an impairment taken to the value of its holding in URICA Ltd ("URICA"), a company operating in the supply chain finance industry. This represents the total amount originally invested in URICA at cost.

 

The Managers did not consider it to be in the Company's best interests to provide additional funding for URICA's immediate liquidity requirements. That is because of potential liabilities that arose from a one-off event in France, which led to a deterioration in the quality of URICA's managed book of invoices. This ultimately led to URICA being put into a process of liquidation.

 

The impairment of URICA is unexpected and disappointing, especially considering positive developments elsewhere in the portfolio. NAV performance year-to-date has been 9.9% including an aggregate negative impact from URICA of 4.0%. The Managers believe that encouraging progress has been made in the realisation of unquoted investments (15.2% of NAV) and implementation of the revised investment strategy.

 

For further information, please contact:
Artemis Fund Managers Limited
Company Secretary
Telephone: 0131 225 7300


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCFMGZNZGRGRZM
UK 100

Latest directors dealings