mic - Cleaning out

H119 has seen a respite from the drastic write-downs of financial assets of recent years (€0.3m against, for example, €3.9m in H218). Even so, mic remained mildly loss-making at the net level in the period, reducing equity at June 2019 to just €2.9m (€0.19 NAV per share). This is below 50% of total share capital, hence a statutory requirement to call a general meeting. Full 2018 results (net loss €4.9m) have also only just been reported, as correction of the company’s accounts for 2015 to 2017 was not completed until May this year. The main impact was on 2015 (net loss €35.7m vs net profit €1.4m, as originally reported), with consequential changes thereafter.