13th Mar 2009 13:30
CLOSE HIGH INCOME PROPERTIES PLC (the "Company")
ANNOUNCEMENT OF NAV
The board of Close High Income Properties PLC advises that as at close of business on 28 February 2009, the unaudited net asset value per Ordinary Share of 1 penny each of the Company was 41.29 pence (31 January 2009: 41.13 pence). The unaudited net asset value per "D" Ordinary Share of 1 penny each was 14.92 pence (31 January 2009: 15.14 pence). This represents an increase of 0.39 per cent per Ordinary Share and a decrease of 1.45 per cent per "D" Ordinary Share.
The net asset value is based on the external valuation of the Company's property portfolio prepared by DTZ Debenham Tie Leung Limited at 31 December 2008. It also incorporates the movement in the interest rate swap valuations as seen in the table below.
During the month the market value of the interest rate swap liability entered into by Ordinary Share decreased by £0.28 million to a liability of £4.81 million (31 January 2009: liability of £5.09 million). The interest rate swap entered into by "D" Ordinary Share expired on 3 March 2009 which meant the value of the liability decreased by £0.04 million to nil (31 January 2009: liability of £0.04 million). The movements during the month represented an increase against NAV of 0.91 per cent per Ordinary Share and an increase of 1.15 per cent per "D" Ordinary Share. Whilst the total market valuation of the remaining interest rate swap is currently in deficit, its value will run to zero over the term of the contract. The swap continues to provide a fixed rate of interest to the Company. It is not the intention of the Company to dispose of the swap and realise the deficit as the Company continues to benefit from fixed rate funding.
There were no property sales completed during February 2009.
The net asset value is calculated under International Financial Reporting Standards ("IFRS").
|
Ordinary Share |
"D" Ordinary Share |
|||
|
Pence per share |
% of opening NAV |
Pence per share |
% of opening NAV |
|
|
Net asset value per share as at 31 January 2009 |
41.13 |
15.14 |
||
|
Increase / (decrease) in interest rate swap valuation |
0.37 |
0.91 |
0.17 |
1.15 |
|
Movement in revenue reserves |
(0.21) |
(0.52) |
(0.39) |
(2.60) |
|
Net asset value per share as at 28 February 2009 |
41.29 |
0.39 |
14.92 |
(1.45) |
The property portfolio will next be valued by an external valuer at 31 March 2009 and the net asset value per share as at 31 March 2009 will be announced in April 2009.
Related Shares:
IMPT.L