PSPI continues asset sell-offs in first half

The AIM-traded firm said administrative costs from continuing operations for the six months were £0.3m, which was 33% lower than the equivalent period in 2015.

PSPI had cash balances of £12.9m on 30 June 2016 - up from £6.1m on 31 December - and net assets of £12.7m - up marginally from £12.4m at 2015 year-end.

The company’s net asset value per share at the end of the period was 55.8p per share, up from 54.4p per share, though it was stated before a compulsory partial redemption of shares.

Adjusting the reported unaudited net assets at 30 June for the funds repaid to shareholders in July and using the number of shares in issue as of Wednesday results in an adjusted net asset value of approximately 531.5p per share, the firm’s board reported.

A number of material transactions took place during the period, including in March, when the company completed the sale of a German investment property for a gross sale value of €3.0m.

In April it completed the sale of its three remaining German investment properties for a gross sales value of €10.0m.

Following that in June PSPI announced a compulsory partial redemption of 99% of its issued share capital on a pro-rata basis at a price of 51p per ordinary share.

The transaction completed in early July 2016 with the return of approximately £11.5m to shareholders.

“The Company is pleased to announce the completion of the disposal of the last investment properties during the first half of the year,” said PSPI chairman Patrick Hall.

“While the company expects that it will be able to complete a final return of capital before the end of the first quarter 2017, it is exploring ways in which it can accelerate this process.

“In the meantime, the company has taken steps to minimise operating costs going forward.”