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St Peter Port Capital : SPPC – final results

St Peter Port Capital has published results for the year ended 31 March 2014. The net asset value fell by 15.8% during the year. During the year the company made sales of portfolio companies totalling £3.4m and since the year end they have realised a further £1.6m. £1.3m was invested during the year – most of this went to follow on existing investments but £0.5m was invested in Nektan, a mobile gaming platform developer. The fall in the net asset value is ascribed in part to the strength of Sterling but they also wrote off two companies – TMO Renewables and First Iron and wrote down the values of Global Atomic and Homeland Uranium on the back of lower Uranium prices; Union Minerals on the back of lower iron ore prices; and Mongolia Minerals and Celadon Mining to reflect lower coal prices.

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