LONDON (ShareCast) - Following week-end press comment about its investment in Vasanta, private equity investment firm Electra (ELTR.TA - news)
has reiterated that the value of its investment in the troubled office supplies group had been written down to £1.5m in its half-year results.
“Electra confirms that as at 31 March 2009 this investment was valued at £1.5m and not £28 million as reported in the press,” the company said in a statement.
The net asset value per share of Electra as at the end of March was £15.12p, of which the Vasanta investment represented just 4p.
Week-end press reports suggested that Electra is proposing to inject more capital into Vasanta, which is in danger of collapsing after the removal of credit insurance led to a substantial rise in the company’s debt levels.
The Sheffield-based company said on Sunday, 5 July that it was involved in discussions that are “likely to involve the introduction of new finance from a new institutional shareholder,” the Daily Telegraph reported.
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