Humboldt Capital Corporation announces that effective March 31, 2008, the Corporation reported a net asset value of $4.37 per share compared with $4.42 per share at December 31, 2007.
The value of Humboldt’s investment portfolio declined by 1% in the first quarter of 2008 due to the continued weakness in the gas related equities and shares in the mining sector. Subsequent to the end of the quarter, the resource equity market has improved and Humboldt has increased its liquidity to over 25% of its net asset value.
During the quarter, Humboldt continued to reduce its investment in the Canadian oil and gas sector, primarily in gas weighted stocks; more speculative stocks in the international oil and gas sector; and mining stocks. The Company realized gains of $2.0 million and proceeds of $4.9 million on sales during the quarter. Humboldt reinvested only $4.0 million of the proceeds in the equities market, increased it working capital to $9.8 million at the end of the quarter.
Tags: asset value, canadian oil, decline, first quarter, gas sector, international, international oil, investment portfolio, liquidity, oil and gas, proceeds, speculative stocks, three months, three months ended march, ubs, working capital