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JOHANNESBURG - Astoria Investments, which has primary listings on the Stock Exchange of Mauritius (SEM) and the Alternative Exchange (AltX) of the JSE and a secondary listing on the main board of the Namibian Stock Exchange, will see its net asset value (NAV) reduce at the end of April after it makes capital payment to shareholders. 

Astoria, whose NAV is presently at $1.08 (R15.36) compared with $1.20 as of March 2018 anticipated the NAV post the payment to shareholders to reduce to $0.19, it said yesterday. 

“Since the general meeting of shareholders held on March 20, 2019, Astoria’s principal objective is to return substantially all of its capital to shareholders through the realisation of substantially all of its assets,” Astoria said. The group anticipated further cash calls from the cash portion ring-fenced in terms of its commitment to global private equity firms.

It published a finalisation announ- cement of the capital payment on the SEM and JSE some weeks ago, which contained details of the company’s assets sold as at March 31, 2019, and the proceeds realised were declared a capital payment to shareholders of $0.88394 per Astoria share, which equates to R12.57 per Astoria share.

Operational costs were $5.825 million for the quarter ended March 31, which consists of management fees of $5.253m, of which $4.96m is the termination fee to the investment manager with the balance being operating expenses of $0.572m.