Ludgate Environmental has announced that it is writing off its investment in Eco Plastics. they says that there have been recent operational challenges at Eco Plastics and unfavourable market conditions. Unfortunately, this situation has not improved in recent months, and although they have been working with creditors to find a solvent solution, this is no longer expected to be achieved. At 30 September they were valuing the stake at £2m but they are now reducing this to zero. this works out as 3.8p per share or 5.7 per cent of the unaudited Net Asset Value per share as at 30 September 2014 of 66.5p.
LEF : Ludgate Environmental writes off Eco Plastics stake