29th May 2015 09:06
LONDON (Alliance News) - Ediston Property Investment Co PLC Friday said its share price stood at a premium to its net asset value at the end of the first half of its financial year and said that various options regarding shareholder returns are being considered.
The company said that its net asset value in the five months from launch to March 31 increased 6.7% to 102.56 pence per share, while its share price total return was at 9.9%. The premium of share price to net asset value stood at 5.3%, and its annualised dividend yield was 5.1% based on the 108.00p share price at March 31.
Shares in Ediston last traded at 112.12 pence.
Ediston said the biggest contributor to the rise in net asset value was the extension of its Sheffield lease from 10 years to 25 years and introduction of annual rent reviews linked to inflation, which "improved the defensive nature of the portfolio and was helpful in negotiating improved terms from lenders".
"The board believes that the market environment remains sufficiently attractive to support raising new capital to assist the company to grow and achieve its investment objectives. The board also believes that the market conditions are especially conducive to the skill set of the investment adviser where careful stock selection coupled with innovative and creative asset management should add further to returns. As a consequence various options are being considered and proposals will be made to shareholders shortly," Chairman William Hill said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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