Alpha Pyrenees posts 2015 loss after selling majority of portfolio

For the year to the end of December, the trust, which invests primarily in French commercial real estate, reported a loss of £41.3m, or 35.1p per share.

The property company said it had a negative net asset value of 30.9p per share at the end of the year.

During the year, it completed nine sales for a total of £123.3m, and three sales post balance for £18.4m.

The company said the maturity of borrowings were extended to 15 April and the trust has the support of its lender for an orderly realisation of its investment property.

Alpha does not expect there will be any value to return to ordinary shareholders.

At 1045 GMT, shares were down 70% to 0.03p.