BP Marsh new investment opportunities more than halve amid Covid-19
Venture capital firm BP Marsh said on Tuesday that it was presented with a total of 22 new investment opportunities over the six months ended 31 July, down from 49 a year earlier.
BP Marsh attributed the decrease to challenges created as a result of the Covid-19 pandemic, but stated it was still "well-positioned" to carry out new investments, with a number of early-stage opportunities in the pipeline.
The AIM-listed group also noted that it was restricted to act on its strategy of making small market buy-backs of its own shares when their discount to the most recently announced net asset value exceeds 15%, due to chairman Brian Marsh and people acting in concert with him, holding approximately 41.85% of BP's voting rights.
"The company is aware that it may seek approval for an exemption to this requirement, however at the current time the board feels it prudent to prioritise its cash resources in other areas of the business," said BP Marsh.
Under Rule 9 of the City Code on Takeovers and Mergers, any such purchases would result in Brian Marsh having to make a general offer for the company.
As of 1540 BST, BP Marsh shares were down 1.02% at 242.50p.