LONDON (Alliance News) - Tau Capital PLC, the investing fund that is winding down and returning capital to shareholders, Friday said that its loss widened in 2013 due to losses on financial assets and liabilities held at fair value, with a smaller loss made on those it held for trading.
In a statement, Tau Capital said that it made a USD19.9 million loss in 2013, compared with USD17.1 million in 2012. Net asset value per share fell to USD0.30, from USD0.53. Tau said it will further reduce operating costs where possible. They fell to GBP2.8 million, from GBP5.3 million, over the course of the year.
Tau Capital and its advisor, Capitalgate Securities Ltd, is seeking ways to exit its investments in Stopharm LLP and Lucent Petroleum LLP, its two remaining private equity assets. The last of its public equities were sold by the middle of May last year.
On June 13, Tau made a further impairment to its investment in Stopharm due concerns that the devaluation of the Kazakhstan Tenge would likely hurt short-term sales performance. Stopharm buys its pharmaceutics in other currencies such as the dollar and the euro. However, Tau Capital Friday said that it expects Stopharm's performance to improve during the second-half of 2014 and into early 2015, following discussions with Capitalgate.
Tau shares were Friday quoted at USD0.18, untraded.