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Ludgate Environmental reports NAV fall as it shifts into realisation mode

Ludgate Environmental’s interim results, covering the second half of 2014, show the net asset value falling from 70.7p to 59p. The company is now focused on realising its portfolio over the next couple of years, with the aim of winding up by 30 June 2018.

The report says they reorganised their interest in shares of Rapid Action Packaging Limited through the conversion of CULS, they now own the largest proportion of that company without exercising management control. They say it is performing within expectations. They also say STX Services B.V., the broker of environmental certificates, has continued to exceed its budgets and has broadened business into the brokerage, as a regulated entity of fixed income securities. Ludgate subscribed for further shares of Tamar Energy Limited, the UK biomass generator. That company has recently raised debt finance and they say the roll out of operations seems on course toward profitability. Ignis Wick has achieved effective operational performance and is expected to reach cashflow breakeven with the completion of contracts under current negotiation. Lumicity continued to realise its investments and distribute proceeds to shareholders. Micropelt is developing core products toward commercialisation. In December they wrote off the investment in ECO Plastics Limited and this accounted for 3.8p of the fall in the NAV. Listed securities of Hydrodec Group plc and Phoslock Water Solutions Limited are held on an available for sale basis.

LEF : Ludgate Environmental reports NAV fall as it shifts into realisation mode

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