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LONDON - London Finance & Investment Group PLC (Lonfin) has released its unaudited interim financial results for the half-year ending December 31, 2024, revealing a slight decrease in net assets per share and outlining plans for a return of capital to shareholders. The company's net assets per share dipped marginally to 71.4p from 71.6p as of June 30, 2024, with profits for the period being less than the dividend paid out.
The interim statement indicates a two-stage process for returning capital to shareholders, which has been delayed due to regulatory clearances from the UK's Financial Conduct Authority and the Johannesburg Stock Exchange, as well as South African exchange control. The company's shares are set to be delisted, and a High Court hearing will approve the capital reduction, with the payout expected to be approximately 71p per share. However, the exact amount will be finalized at the High Court hearing and is subject to exchange rates at the time of US Dollar denominated deposits maturing.
Lonfin reported a profit before tax of £230,000 for the half-year, a significant drop from the previous year's profit of £3,755,000, resulting in earnings per share after tax of 0.5p, down from 11.7p in 2023. This was attributed to the sale of all General Portfolio Investments and remaining Strategic Investments at a loss, leading to a reduction in dividend income and the realization of losses.
The sale of the General Portfolio resulted in cash balances that were placed in short-term, interest-bearing deposits in both Sterling and US Dollars, generating an interest income of £355,000 and exchange gains of £482,000 for the period. The company also detailed the wind-up of Western Selection PLC, a strategic investment, and the sale of City Group Ltd, which provided company secretarial and finance services, to Marshall Monteagle plc at a loss.
The Board is focused on returning capital to shareholders while minimizing transaction costs and has committed to keeping shareholders fully informed. The interim results will not be posted to shareholders but are available on the company's website and upon request from the company secretary.
This news article is based on a press release statement from London Finance & Investment Group PLC.
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