12th Mar 2007 07:04
Dawnay, Day Carpathian PLC12 March 2007 DAWNAY, DAY CARPATHIAN PLC Twenty nine percent adjusted NAV uplift for Dawnay, Day Carpathian. Dawnay, Day Carpathian PLC ("DDC" or the "Company") is pleased to announce thatDTZ Debenham Tie Leung Limited has completed its revaluation of the Company'sproperty portfolio. The portfolio has been valued as at 31 December 2006 at £368.7 million, giving anet uplift of £36.8 million compared to the 31 December 2005 valuation or thepurchase price if acquired thereafter. The unaudited net asset value per share adjusted to exclude goodwill and anydeferred tax liabilities arising on the property valuations, has risen to126.7p from 98.2p, an increase of 29%. Non adjusted, unaudited net asset value per share has risen to 114.2 p from 97.4p at 31 December 2005, an increase of 17.2%. As noted in the trading update on 1 February 2007, the pipeline of potentialfuture transactions remains strong and now significantly exceeds the remainingliquidity within the Company. In addition, as was also noted in the trading update, a substantial number of forward commitment development opportunitiesexist which the Company is seeking to pursue. Overall, the Directors'objective is to ensure that the Company is able to maintain the existingpositive momentum. Rupert Cottrell, Chairman of Dawnay, Day Carpathian said: "As we expected DTZ'sreport has reflected the attractive transactions undertaken since flotation.This valuation uplift is a positive recognition of the Company's acquisition strategy and asset management capabilities. The immediate and longer termpipelines remain strong and we look forward to providing further updates." The financial results in this statement are unaudited, the audited preliminaryresults for the 12 months ended 31 December 2006 will be announced in April2007. A results date will be announced shortly. Enquiries: Dawnay, Day PanTerra Peter Klimt 020 7834 8060 Paul Rogers Balazs CsepregiCardew Group Tim Robertson 020 7930 0777 Catherine Maitland This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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