Ludgate Environmental Fund, an Aim-quoted investment company focused exclusively on the environmental and cleantech sector, has reported an increase in its net asset value to GBP51,395,
Ludgate Environmental Fund, an Aim-quoted investment company focused exclusively on the environmental and cleantech sector, has reported an increase in its net asset value to GBP51,395,149 at the end of December from GBP35,362,006 at the end of June.
This represents NAV equivalent to 112 pence per share, compared with 120 pence at the end of the previous period.
LEF raised GBP18m in new capital at the beginning of November 2008 in a placing of new shares to investors. The fund now has assets of approximately GBP50m.
John Shakeshaft, chairman, says: "Against a background of considerable distress in banking markets, closed new issue markets and exceptionally volatile equity prices, this was a formidable endorsement of LEF’s strategy and performance to date. The share price responded positively to the placing and has continued to outperform the broader market and our peer group of investment companies and listed cleantech funds.
"The environmental/cleantech sector is likely to be a significant beneficiary of fiscal and governmental support in Europe and the US in policies for economic recovery and growth. The social and political commitment to our investment themes remains strong. The commercial value of the sector is also increasing above national growth rates even in recession.’
Ludgate Environmental Fund is a Jersey domiciled closed-ended investment company, quoted on Aim. The fund was launched in August 2007, raising GBP26.7m at listing. Following further fundraisings the fund now has assets of approximately GBP50m.
The environmental/cleantech sector is characterised by products and services which optimise the use of natural resources while reducing environmental impact in ways that enhance economic value. Opportunities include: energy efficiency and alternative energy sources including renewable energy; water treatment and management; waste management and resource recovery; industrial process advances and emission reduction technologies.
