City of London Group reports a pre-tax loss of £6.8m after losses of £7.2m relating to TFPL and a profit of £1.4m on the sale of Therium in the year to the end of March (2015: loss before tax £1.6m).
NAV per share of the company was 6p (2015: 42p). Consolidated NAV per share attributable to shareholders was 6p (2015: 28p).
- Litigation funding associate, Therium sold in April 2015 for a profit of £1.4m
- Credit Asset Management (CAML) raised £5m in 7% preference shares in July and completed a restructuring resulting in COLG increasing its interest in CAML from 51% to 85%
- Company raised £5m (before expenses) and transferred to AIM in October 2015
- Company applied £2m of net proceeds in buying 7% preference shares in CAML and repaid debt with the balance
- CAML increases its portfolio of owned and managed funds overall by 31% to £21.3m at year end
- Wider strategic options for CAML are being examined to help it achieve scale. This may result in the sale of the business.
- Following a significant deterioration in its financial position, Trade Finance Partners (TFPL) ceased undertaking new business in the second half of the year and is now focused on recovering advances