Astoria final results December 2018
Total loss for the year was USD13.9 million (2017: total revenue of USD28.3 million), operating loss came to USD16.7 million (2017: operating profit of USD26 million) and total comprehensive loss for the year was recorded at USD17 million (2017: comprehensive income of USD26 million). Furthermore, headline loss per share was USD14.08 cents per share (2017: headline earnings of USD20.64 cents per share).
The board of directors of Astoria ("the Board") has convened a general meeting of shareholders to be held on 20 March 2019 to vote on a series of inter-conditional resolutions which, if passed, will result in, inter alia, the realisation of most of the Company's assets and a pro rata payment to shareholders as a return of capital. The exact details are contained in a circular posted to shareholders on 15 February 2019, which is available on Astoria's website at link www.astoria.mu/publications. Should these resolutions be approved, the result will be that Astoria would become a substantially smaller company. The board will keep shareholders appraised of all developments and will consider all proposals made to the Company in respect of the remaining assets not realised.
Should these resolutions not be approved, the Company's performance will be influenced by the direction taken by global developed equity markets. We believe that the Group's holdings of many structural growth assets with exceptional franchises, position the Group well. We anticipate further cash calls in terms of our commitment to four global private equity limited partnerships.