Blue Star Capital plc Portfolio Update (7492J)
14 September 2016 - 4:01PM
UK Regulatory
TIDMBLU
RNS Number : 7492J
Blue Star Capital plc
14 September 2016
Blue Star Capital plc
("Blue Star" of the "Company")
Portfolio Update
Blue Star Capital plc (AIM: BLU), the investing company with a
focus on technology and its applications within media and gaming,
announces an update in respect of its investments.
Oak Media Limited ("Oak")
Blue Star has been notified that Oak has ceased trading and as a
result Blue Star has written down its 65% holding in Oak to
nil.
As previously reported, Oak has not performed as expected and
accordingly the carrying value was written down to GBP50,000 in the
Company's annual results for the year ended 30 September 2015.
Disruptive Tech Limited ("DTL")
Blue Star holds a 2.1% investment in DTL, an investing company
with five investments including a 38% holding in VNU Group LLC
("VNU") a speciality online direct retailer of premium goods paid
for through an instant credit facility. VNU launched its sales
website, Emporium.com ("Emporium"), in April 2016 and has performed
well in its initial trading.
The carrying value of DTL at 31 March 2016 was GBP1.6 million
and DTL has been carried at this value since 31 March 2014. The
Directors will provide further updates in respect to its investment
in DTL in due course.
Sthaler Limited ("Sthaler")
The Company's investment in Sthaler is performing in line with
Sthaler's managements expectations. The first commercial
application of the Fingopay solution is expected to go live this
month with a further launch planned for later this year In
addition, Sthaler continues to attract larger merchants and payment
providers and hopes to announce a major deal within the next six
months, however, there can be no guarantee that this will
occur.
Assuming there are no other changes to the carrying values of
the other investments at this time, the impact of the write down
noted above in respect to Oak is minimal with a revised overall net
asset value for Blue Star of GBP1.8 million, equivalent to
approximately 0.36p per share.
For further information, please contact:
Blue Star Capital plc
Tony Fabrizi, Chief Executive +44 777 178 2434
Cairn Financial Advisers
LLP +44 20 7148 7900
Nomad and Broker
Emma Earl/Jo Turner
This information is provided by RNS
The company news service from the London Stock Exchange
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