24th Sep 2010 09:56
ALPHA UK MULTI PROPERTY TRUST PLC (the "Company")
ANNOUNCEMENT OF NAV AND CHANGE OF NAV PUBLISHING POLICY
The board of Alpha UK Multi Property Trust Plc advises that as at close of business on 31 August 2010, the diluted unaudited net asset value per Ordinary Share of 1 penny each of the Company was 31.57 pence (31 July 2010: 32.14 pence). This represents a decrease of 1.77 per cent per Ordinary Share.
The diluted net asset value of Ordinary Share is calculated taking into account the effect on net asset value per Ordinary Share if the £4.75 million Convertible Unsecured Loan Stock ("CULS") issued by the Company on 9 August 2010 to Alpha Tiger Property Trust Limited ("Alpha Tiger") be converted. The CULS instrument is issued at a coupon of 4.75% per annum and enables Alpha Tiger to convert the total unpaid amount of the CULS instrument into Ordinary Shares at the rate of 31 pence per Ordinary Share. The Company has not received notice from Alpha Tiger of its intention to convert its CULS instrument into Ordinary Shares.
There were no property sales or acquisitions completed during August 2010.
The net asset value is calculated under International Financial Reporting Standards ("IFRS").
|
|
Ordinary Share |
|
|
|
Pence per share |
% of opening NAV |
|
Net asset value per share as at 31 July 2010 |
32.14 |
- |
|
Increase in interest rate swap liability valuation |
(0.72) |
(2.24) |
|
Movement in revenue reserves |
0.17 |
0.53 |
|
Undiluted Net asset value per share as at 31 August 2010 |
31.59 |
(1.71) |
|
CULS dilution adjustment |
(0.02) |
(0.06) |
|
Diluted net asset value per as at 31 August 2010 |
31.57 |
(1.77) |
The Company has previously released its net asset value on a monthly basis. However the Board has resolved to change its policy to publish its net asset value on a quarterly basis. This change in policy will align the publication of the net asset value of the Company with the external valuation of the Company's property portfolio, which is valued at the end of each calendar quarter. Consequently the Company will publish its net asset value for the quarter ending 30 September 2010 within its next Interim Management Statement which will be announced in November 2010. Subsequent net asset value updates will be provided as part of the Company's normal quarterly financial reporting and published in line with the Company's financial calendar.
For further information contact:
Steven Oliver
Close Investments Limited
020 7426 4000
Related Shares:
IMPT.L