Tekcapital reported a 27% increase in net assets to $20.5m at the end of May 2019.
That is equal to 30 cents a share and compares with a share price of 7.83p. Valuations of unquoted companies provide additional risk to net asset value. A significant discount would be expected, but the level of discount appears high.
There was a $4.11m book gain on autonomous vehicle technology developer Guidant, a $1.77m gain on micro salt developer Salarius, and $554,000 gain on medical technology developer Belluscura on top of a further investment of $109,000. This was offset by a $1.64m write-down on eyewear developer Lucyd.
The gain relating to Guidant was due to the external valuation of a particular US patent. There was also an increased valuation of a patent owned by Salarius. A share placing led to the increased Belluscura valuation.
Lucyd’s downgraded valuation is due to lower projected sales and a reduced value put on LCD tokens held in treasury.
Services generated $610,000 in the first half, which was slightly down on the first half of the previous year. Operating costs fell and this helped to limit the cash outflow. The cash outflow from operations was $556,000.
There was $493,000 in the bank at the end of May 2019. Since then, a further $940,000 has been raised.
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