15th Jul 2009 11:47
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 30 June 2009, the unaudited net asset value per Ordinary Share of 1 penny each of the Company was 27.90 pence (31 May 2009: 29.43 pence). The unaudited net asset value per "D" Ordinary Share of 1 penny each was 4.36 pence (31 May 2009: 6.57 pence). This represents a decrease of 5.20 per cent per Ordinary Share and a decrease of 33.64 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 30 June 2009. It also incorporates the movement in the interest rate swap valuations as seen in the table below.
The Ordinary Share and "D" Ordinary Share property portfolios were valued at 30 June 2009 by DTZ Debenham Tie Leung Limited ("DTZ"). On a like for like basis there has been an average fall in valuation from 31 March 2009 of 1.90% across the Ordinary Share portfolio and a 2.08% fall in valuation across the "D" Ordinary Share property portfolio.
During the month the market value of the interest rate swap liability entered into by Ordinary Share decreased by £0.54 million to a liability of £4.00 million (31 May 2009: liability of £4.54 million). The movement during the month represented an increase in net asset value of 2.44 per cent per Ordinary Share. Whilst the total market valuation of the 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 June 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 May 2009 |
29.43 |
- |
6.57 |
- |
|
Decrease in interest rate swap liability valuation |
0.72 |
2.44 |
- |
- |
|
Movement in revenue reserves |
0.01 |
0.05 |
0.16 |
2.40 |
|
Unrealised decrease in valuation of property portfolio (including effect of gearing) |
(2.26) |
(7.69) |
(2.37) |
(36.04) |
|
Net asset value per share as at 30 June 2009 |
27.90 |
(5.20) |
4.36 |
(33.64) |
The property portfolio will next be valued by an external valuer at 30 September 2009 and the net asset value per share as at 31 July 2009 will be announced in August 2009.
Related Shares:
IMPT.L