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Albany Capital
- BY: Andrew Hore |
- POSTED: 23/11/2008 |
- COMMENTS: Add yours
Investment company Albany Capital is trading at less than half of its net asset value.
Non-core investments lost more than half of their value in the six months to September 2008. They are now worth £2.2m - although that includes a £163,000 investment in ZTC Telecommunications whose shares have been suspended.
The core investments in Aim-quoted Sorbic International and China Food Company rose in value by £1.8m to £10.2m. Both of these businesses were reversed into shells formed by Albany. They are benefiting from the increasing number of middle class Chinese and their demand for food products.
There is also net cash of £2.8m.
Net assets fell from 51.1p to 49.4p a share over the year to September 2008. That is a good performance considering the weakness of many Aim share prices.
At 19.5p a share, Albany is valued at £6.15m. That is a three-fifths discount to net asset value.
Albany is looking to invest in other businesses that are exposed to the growing middle class in China.
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