Premium Journalist
1 minute read
31 Jul 2015
4:01 pm

Stellar Capital completes restructuring to reach NAV of R534m


Stellar Capital continued its restructuring from an operating company to an investment holding company as it achieved Net asset value (NAV) of R534 million in the six months to the end of May. The interim results were released on Friday.

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Stellar said it continued its balance sheet clean up exercise which started in the preceding year, by selling off its investment in Northbound Communication Solutions and completing the disposal of its remaining operating entities. The period also included once-off advisory fees of R2,9 million related to the restructuring process. The NAV of R534 million translates to 189 cents per share.

The company said the results did not include the sale of the Company’s investment in Digicore Holdings Limited or the results of the offers to buy struggling investment firm Cadiz Holdings and a strategic minority stake in Torre Industries Limited, transactions which were announced in June and July respectively.

Headline loss per share from continuing operations fell from 9.6 cents to 8.43 cents while headline loss per share for the period fell from 23.90 cents to 10.15 cents per share.

The company’s listed interests currently stands as minority interests in Cadiz and Digicore, Goliath Gold Mine and Mine Restorations Investments, while its unlisted interests are a 51 percent shareholding in Praxis financial services and Tellumat.