- NAV down 1.5 per cent to £123.1mn (207.3p)
- Adjusted EPS up from 7.7p to 10.3p
- Quarterly dividend of 1p a share
- Cash, money market and gilt holdings worth £53.2mn (90p)
- 43 per cent discount to NAV
Investors are taking an incredibly cautious stance towards Alpha Real Trust (ARTL:117.5p), a company that invests in high-yielding property and asset-backed debt and equity investments.
Having sold off its stake in the H2O shopping centre in Madrid following the 31 March 2024 financial year-end, Alpha invested the £12.6mn of cash proceeds and £3.9mn of capital from repayments on its commercial loan book into UK gilts and Treasury Bills. It means that the company has a £53.2mn (90p) combined holding of cash, money market deposits and short-dated UK government securities, a sum that accounts for 43 per cent of the company’s net asset value (NAV) of £123.1mn and 76 per cent of its market capitalisation of £69.8mn. Effectively, other assets worth £70mn are in the price for £16.8mn, or 76 per cent below their latest valuations.
