News blog

Safeland

• BY: Andrew Hore |
• POSTED: 12/11/2012 |

Property investor Safeland has found further fraudulent transactions valued at £265,000 in the year to March 2012, taking the total, covering a number of years, of £1.525m.

Safeland is trying to claw back at least some of these losses. Safeland has recovered £200,000 and believes it can get a further £500,000 back by next March.

At 5.25p a share, down 1.5p, Safeland is valued at £883,000. Net assets were £9.04m at the end of March 2012 and net debt was £6.73m. Subtracting the fraud costs reduces the NAV to around £7.5m. The recoveries will boost that NAV.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2012_37.pdf