14th Apr 2010 10:07
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 31 March 2010, the unaudited net asset value per Ordinary Share of 1 penny each of the Company was 31.28 pence (28 February 2010: 29.44 pence). This represents an increase of 6.25 per cent per Ordinary Share.
The property portfolio was valued at 31 March 2010 by DTZ Debenham Tie Leung Limited. There has been an average increase in valuation from 31 December 2009 of 1.32% across the Company's property portfolio. This represents an increase in valuation of £1.46 million to a total valuation for the property portfolio of £111.73 million (31 December 2009: £110.27 million).
During the month the market value of the first interest rate swap liability entered into by the Company decreased by £0.26 million to a liability of £2.35 million (28 February 2010: liability of £2.61 million). The market value of the second interest rate swap liability entered into by the Company decreased by £0.01 million to a liability of £0.21 million (28 February 2010: liability of £0.22 million). The market value of the third interest rate swap liability entered into by the Company decreased by £0.01 million to a liability of £0.47 million (28 February 2010: £0.48 million). The total decrease in the Company's interest rate swap liabilities during the month represented an increase in net asset value of £0.28 million to a total liability of £3.03 million (28 February 2010: total liability of £3.31 million).
Whilst the total market valuation of the interest rate swaps is currently in deficit, their value will run to zero over the term of the contracts. The swaps continue to provide a fixed rate of interest to the Company. It is not the intention of the Company to dispose of the swaps and realise the deficit as the Company continues to benefit from fixed rate funding.
There were no property sales completed during March 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 28 February 2010 |
29.44 |
- |
|
Decrease in interest rate swap liability valuation |
0.33 |
1.13 |
|
Movement in revenue reserves |
(0.22) |
(0.76) |
|
Unrealised increase in valuation of property portfolio (including effect of gearing) |
1.73 |
5.88 |
|
Net asset value per share as at 31 March 2010 |
31.28 |
6.25 |
The property portfolio will next be valued by an external valuer at 30 June 2010 and the net asset value per share as at 30 April 2010 will be announced in May 2010.
For further information contact:
Peter Roscrow or Steven Oliver
Close Investments Limited
020 7426 4000
Related Shares:
IMPT.L