Source - SMW
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).

Business developments

- 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


Related Charts

City of London Group (CIN)

0.00p (0.00%)
delayed 17:15PM