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Abacus Group Posts Reduction in Carrying Value of Storage King Securityholding After Accounting Reclassification; Shares Down 3%

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Abacus Group (ASX:ABG) said the accounting reclassification of the value of its retained security holding in Storage King Group (ASX:SKG) to fair value from an equity-accounted carrying value will result in a reduction in holding value of about AU$122.1 million or AU$0.137 per unit, according to a Friday filing with the Australian bourse.

The company no longer has "significant" influence over Storage King Group after the internalization on June 30, leading to the reclassification of the investment under Australian Accounting Standards, the filing said.

Abacus Group shares fell 3% in morning trade Friday.

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