LEF : Ludgate Environmental NAV falls
Ludgate Environmental’s net asset value fell from 84.2p to 66.5p over the course of the year that ended on 30 June 2014. The company made a distribution of 5p per share in December 2013 which accounts for part of this. The fund’s holding in Terra Nova was written off after that company “proved to have inadequate capital to support its trading activities”.
On 1 September 2014, shareholders approved an extension of the life of the fund to 30 June 2018. The company will not make any new investments (except to bolster existing investments).
The largest holding at the end of the year was Rapid Action Packaging which, Ludgate say, has had a good year as it added another production line.