Join our daily newsletter At The Bell to receive exclusive market insights
- Imperial Pacific (IPC) has reported a welcome increase in the company’s investment portfolio values, in spite of COVID-19
- In particular, the company’s 31 per cent interest in London City Equities has performed very well
- An associated group of Imperial Pacific has now increased its shareholding in Excelsior Capital to above six per cent
- The company has noted that these developments have created an overall positive effect on its net worth values
- Imperial Pacific shares are unchanged at the morning bell, trading for just over a dollar per share
Imperial Pacific (IPC) has reported a welcome increase in the company’s investment portfolio values, in spite of COVID-19.
The investment management company has noted how global markets continue to struggle because of the ongoing pandemic. However, Imperial Pacific’s specialised portfolio holdings have provided the company with a much-needed boost during this time.
In particular, the company’s 31 per cent interest in London City Equities has performed very well. These positive results were supported in turn by London City Equities’ own investments. The company has a seven per cent shareholding in Fiducian Group, which yielded encouraging results.
Imperial Pacific noted that such a performance in current conditions is admirable, and surpasses that of the ASX All Ordinaries Index. Since late April, the All Ordinaries index has only risen by 11 points, from 5598 to 5609.
Imperial Pacific and its associates have been investors in Excelsior Capital Limited since 2016, when ECL underwent restructuring. At the time, the investee’s board also implemented a new investment management direction. This was reportedly the governing factor for Imperial’s interest in ECL, and continues to be.
Since 2016, ECL’s share price has broadly gone upwards, although it has suffered in more recent times. This is supposedly because of board and management changes, slow progress on the investment management front, and COVID-19’s impacts.
In July 2019, Imperial Pacific and its associates passed the five per cent shareholder level. Now, the company’s associated group has increased its shareholding in Excelsior Capital to above six per cent.
The collective result of these developments has created an overall positive effect on Imperial’s net worth values.
Imperial Pacific shares are unchanged at the morning bell, trading for $1.01 per share at 10:45 am AEST.
