By Elena Vardon
Literacy Capital sold one of its largest investments for more than 20 million pounds ($25.2 million) in cash.
The London-listed investment trust on Tuesday said it sold the undisclosed asset at a 54% premium to its carrying value, adding GBP7.6 million to the group’s second-quarter net asset value, or NAV.
Its NAV per share for the three months ended June 30 was 488.5 pence a share, with a total NAV return after fees and charitable donation provisions at 4.5% in the three month-period, Literacy Capital said.
The proceeds from the transaction will be enough to repay Literacy’s revolving credit line and fund future investments, it said.
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