News Column

Livermore NAV Slips Over 2013 Due To Babylon's Fall

May 27, 2014

Samuel Agini

LONDON (Alliance News) - Livermore Investments Group Ltd Tuesday said its net asset value per share decreased over the 2013, with performance being driven by profitable activity in the US loan market partially offset by a decline in the share price of Israel-based Babylon.

In a statement, Livermore Investments said its net asset value per share decreased to USD0.86, from USD0.87, over 2013. Net profit fell to USD2.5 million, from USD25.7 million. The portfolio remained diversified across sectors with increased exposure to senior secured loans through investments into US cash collateralised loan obligations.

Gains were mainly due to the income from the CLO portfolio partly offset by losses on the group's investment in translation and language tools provider Babylon following its termination of a key agreement with Google and one-off administrative expenses. Interest and dividend income from the financial portfolio totalled USD29.1 million, compared with USD22.8 million a year earlier.

Livermore said its investment property in Bern, Switzerland, Wyler Park, generated more than CHF5.4 million in net rent during the year, with all of the 39 apartments and commercial spaces fully rented

There were no significant developments in the private equity portfolio during the year, Livermore said.

Livermore shares were Tuesday quoted at 32.50 pence, down 4.4%.

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Source: Alliance News

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