Elephant Capital’s net asset value rose from 35p to 36p over the year that ended on 31 August 2015.
Air Works India (Engineering) Private Limited has been performing satisfactorily and exhibited operational strength during the period. It has been valued at £3.1m based on an independent third party valuation, compared to £3.05m at 31 August 2014.
Amar Chitra Katha Private Limited has not performed in line with its budget. Accordingly, its valuation, based on an independent third party opinion, has been reduced to £0.66m at 31 August 2015, compared to £1.2m at 31 August 2014.
The investment in Global Cricket Venture Limited has been valued at £0.64m based on the estimated net asset value of GCV attributable to Elephant Capital’s shareholding as at 31 August 2015, compared to £0.47m as at 31 August 2014.
Chairman Vikram Lall, said:
“Our strategy remains unchanged – that is to realise the remaining investments in the interests of shareholders and to return cash to shareholders. Implementing this strategy has been difficult and efforts by the Investment Manager to dispose of the three remaining active investments have not yet been successful. Following consultation with the Company’s advisers, the Board has concluded that the cost savings resulting from delisting outweigh the potential benefits of maintaining the admission of the Company’s ordinary shares to trading on AIM and, therefore, it is no longer in the interests of the Company or its shareholders as a whole for the ordinary shares to remain traded on AIM. A resolution seeking shareholders’ approval for the proposed delisting will be proposed at this year’s annual general meeting, which will be held on 1 April 2016.”
ECAP : Elephant Capital to cancel trading on AIM