Low Carbon Accelerator had an unaudited net asset value of GBP44.22m, or 51.4 pence per ordinary share, at as at 28 February 2010, an increase of 2.2 per cent increase on the 30 November 2009 audited NAV of 50.3 pence per ordinary share.
It represents the third consecutive quarter of NAV growth for the company.
Whilst the increase has almost entirely been due to an appreciation in the USD and CND against the GBP, the company says the portfolio continues to demonstrate its strength through the slow economic recovery.
During the quarter, two further investments were made into existing portfolio companies.
USD533,333 was invested into LUMEnergi as an extension to an existing convertible loan note previously announced in August 2009. This extension was part of an overall funding round of USD1,000,000 with existing co-investor Noventi Ventures.
Low Carbon Accelerator also invested a further GBP750,000 into QuantaSol. This investment has been made as part of an overall GBP1,500,000 convertible loan investment from existing shareholders.
After the quarter end, the company invested a further USD400,000 into LUMEnergi in the form of an additional convertible loan note and it continues discussions with potential investors as part of a series B funding round. GBP150,000 was also invested into Vykson, forming part of an overall funding round of GBP500,000 that attracted two new investors in the company.
Over the three months ended 28 February 2010, the company’s closing mid-market share price fell by 21 per cent, closing at 29.5 pence, a 42.6 per cent discount to the NAV per share at 28 February 2010. As at 21 April 2010 the closing mid-market share price was 30.5 pence.
Mark Shorrock, the founder and former chief executive of Low Carbon Investors, LCA’s investment manager, has left LCI to pursue other opportunities. He retains a significant minority shareholding in LCI but will have no ongoing executive role in LCI or in the management of the company.
Andrew Affleck was appointed as chief executive officer of LCI on 1 January 2010 in addition to his role as chairman.
