Mvela Group -- net asset value statement
Mvela Group's monthly net asset value ("NAV") statement as at 31 May 2012 revealed the following information:
*NAV (millions) decreased to R2 billion (April 2012: R2.1 billion).
*NAV per share fell to 3.93c (4.12cps)
Mvela Group's NAV of R2 billion as at 31 May 2012 comprised the following investments:
*Absa Group Ltd. ("Absa") (Batho Bonke) -- R1.3 billion
*Avusa Ltd. -- R516.5 million
*Group Five Ltd -- R40.9 million
*Net cash/(debt) of R210.9 million
The intrinsic NAV per share decreased mainly due to the decrease in the share price of Absa. The investment portfolio continues to perform in line with expectations.