There's a name that is just so 2009 and to have a portfolio company boldly named Proven Energy, that's damn near hubris. The world has changed in three short years.
Low Carbon Accelerator Ltd, a UK-listed low-carbon investment company, said it would make no new investments after its net asset value dropped by over 50 percent last year due to a challenging global economy.
Its adjusted net asset value dropped by 53 percent in the 12 months ended November 30 to 24 million pounds ($38 million), or 28.2 pence per share, from 52 million pounds or 60.3 pence per share a year earlier, the firm said this week.
Its shares, listed on the London Stock Exchange's Alternative Investment Market, were trading at 6.6 pence on Tuesday, down from 36 pence a year ago.
"The low carbon sector has not been immune to the impact of the wider testing economic backdrop as bank finance has been scarce and corporations have been preserving cash for core activities," LCA said.
"The board is extremely disappointed with the material loss in shareholder value over the period," said Chairman Andrew Affleck.
A plan will be put to shareholders at an annual general meeting on April 11.
LCA had a stake in wind turbine company Proven Energy but suffered when the Scottish firm went into receivership last year....MORE