Terra Capital : TCA – annual results

Terra Capital has published its results for the year ended 31 December 2013. While somewhat out of date now, the figures show a 10% increase in Terra Capital’s net asset value to 96 cents per share. The Chairman draws attention to the fact that this was achieved despite not being fully invested throughout 2013 – he estimates the fund was, on average, 40% invested in 2013 an finished the year with 38.5% in cash.

The discount widened over the year to 14.2% from 8.5%. The Board has instituted a dividend of 3.5 cents per share to encourage interest in the company.

Terra Capital has seen three buyouts announced in stocks it owns – Egis Pharmaceutical (in Hungary), Ciment Francais and Tour Eiffel.

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