- Underlying pre-tax profit up 14 per cent to £3.1mn
- First-half EPS of 5p
- Net asset value (NAV) up to £125.8mn (208.8p)
- 1p a share quarterly dividend
- Cash and money market investments exceed market value
- 46 per cent discount to NAV
It’s not often that a company’s cash exceeds its market capitalisation, but that’s the tantalising opportunity at Alpha Real Trust (ARTL:117.5p), a company that invests in high-yielding property and asset-backed debt and equity investments.
At the half-year-end, Alpha had a £55.1mn (91p) combined holding of cash, money market deposits and short-dated UK government securities, a sum that accounted for 44 per cent of net asset value (NAV) of £125.8mn and 80 per cent of its market capitalisation of £68mn.