News blog
Evolve Capital
- BY: Andrew Hore |
- POSTED: 29/05/2009 |
Investment company Evolve Capital has reported its maiden annual figures but the business has changed significantly since the year end.
The figures are for the period from the company’s formation on 27 September 2007 to 28 December 2008. The bid for Blue Oar went unconditional on 29 December 2008 and Evolve acquired a 65% stake.
Evolve reported a loss of £116,000. At the end of the period there was a notional gain on investments of nearly £900,000. Net cash was £2.42m on 28 December 2008 – Evolve raised £4m when it floated at the end of 2007. The NAV was £3.82m on 28 December 2008 but that did not include the notional gains. It also does not include the value of the Blue Oar stake – or the shares issued to acquire it.
Shares in Evolve fell 0.125p to 5.5p each, which values the investment company at £9.46m.
In May 2009, Evolve bought and sold a 5.31% stake in WH Ireland and made a profit of £416,000.
Evolve says that it is still seeing a number of opportunities in the small company sector even though the financial markets remain difficult.
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