In its annual results published today (30 April), the trust posted an audited 2023 year-end NAV of £686.3m, equivalent to 79.3p per share. This is 5.6% lower than the unaudited NAV of £728m, or 84p per share, reported at the end of March this year. The board said the change reflects two material revisions to the unaudited independent valuation amounting to £41.5m, including a reduction in the potential earn-out from the Verne Global sale and a further write-down of the value of Aqua Comms. With regards to the earn-out valuation, the board said that after consultation with the auditor...
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