Unaudited interim results for the 6 months ended 30 June 2016
Paternoster Resources plc is pleased to announce its unaudited interim results for the six months ended 30 June 2016.
- Net asset value and net asset value per share up 15%
- Net asset value per share is 2.3 times the period end share price
- Total cash held is equivalent to 75% of market capitalization at period end
- Listed investments and cash represent 195% of market capitalization at period end
- Strategic steps to be implemented to address under-valuation
The Company made profits after tax of £443,170 for the six months ended 30 June 2016 compared to £274,270 for the same period in 2015. Paternoster's investment portfolio continues to make good progress with net assets at 30 June 2016 increasing by 15% to £3,393,584 or 0.37p per share, compared to £2,948,406 at 31 December 2015. The majority of the portfolio comprises listed investments and cash.
Nicholas Lee, Chairman of Paternoster, commented:
"The Company's investment portfolio continues to make very good progress, and we have taken the opportunity during the first half of 2016 to realise some of the very significant gains made by our investments. This demonstrates that not only can we achieve good investment returns but that we can also realise these returns. This performance, however, is not being reflected in our share price and we are therefore now in the process of implementing certain strategic steps to address this issue."