LONDON (Alliance News) - Better Capital PCC Ltd Tuesday said it expects the value of two of its main portfolio companies face significant write-downs after they were hit by poor trading.
"Trading conditions at two of the more material portfolio companies have been significantly below expectations in recent months. Both companies remain profitable but, based upon current trading levels [...] it is anticipated that a significant write-down in the value of these companies will be recorded," the company said in a statement.
"Consequently it is probable that the net asset value of the 2009 Cell [which contains the companies] will decline by a material amount as at that date," Better Capital said in a statement.
It said all three portfolio companies in its 2012 Cell are showing "demonstrable progress" that will probably mean the cell's net asset value stays the same or increases.
Better Capital said it must publish an interim management statement by no later than February 17, and will provide more information the next time it reports.
However, it said it won't disclose information that is "commercially detrimental."
Better Capital shares Tuesday slumped by 23.1% to 118.00 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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