27 March 2018 – interim results
Interim results have been released, covering the six months to 31 December 2017. Given that the company is in the process of being moved towards liquidation, the net asset value figure is key and this was £11.9m as at the period end. This was the equivalent of 4.75p per share, up from 4.02p per share as at 30 June 2017. Since the period end the sale of the remaining Italian solar subsidiary has been agreed and completion is set for 4 April 2018. At this stage the company should have approximately 4p per share available to distribute to shareholders and a meeting will be arranged to rubber stamp a distribution and the delisting of the company. Given that the bulk of the 4p per share is likely to be paid out within weeks and there will probably be further cash to distribute, the shares are still worth buying for those who understand that they are very illiquid. There is little time to act but if the opportunity arises, BUY ON WEAKNESS.