Dublin-listed investment company Boundary Capital has reported a pre-tax loss of €54.7m for last year, compared with a loss of €2.7m a year earlier, due to a fall in the value of its investments.
During 2008 Boundary Capital increased its debt facilities to €38.6m from Anglo Irish Bank to finance current investments. It says it is in discussions to rearrange and extend its debt facility with Anglo. 'The outcome of these discussions is uncertain and ongoing,' the company said.
Boundary said most of its investments were trading well in their respective sectors but were also being badly affected by the economic downturn.
Its investments in Arnotts, CJ Fallon and ODC accounted for almost €35m of the investment losses, while a revaluation of its stakes in quoted companies Veris and SiteServ led to a loss of just over €6m.
Chairman Niall McFadden said the company expected 2009 to be a year of consolidation with opportunities to make further investments being limited due to a lack of funding.
