LONDON (ShareCast) - London Finance & Investment Group saw net assets fall 18% to 45p in the five months to 31 May, largely due to share price weakness at key investments Finsbury Food and Marylebone Warwick Balfour.
“The company is confident with its strategy and portfolio of investments, and believe that these will drive the growth forward in the medium to longer term,” said the investment firm in today’s third quarter report.
Cake maker and baker Finsbury Food lost almost a third of its value during the first five months of 2008, while property firm MWB almost halved in price.
London Finance is currently trading at a 23% discount to its net asset value.
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