Macau Property sees fall in NAV

Macau Property Opportunities Fund said currency fluctuations resulted in its Net Asset Value (NAV) falling over the last quarter.The firm said in the three months to the end of September, NAV per share was $3.07, representing a rise of 2%. However, in Sterling terms this was 190p, a fall of 0.79% due to exchange rate fluctuations.It tried to reassure investors that new property cooling measures announced by the Macau government in October would not damage the business."We do not expect the new property cooling measures to have a significant impact on [our] portfolio and in the case of The Waterside, [an ultra-luxury residential site] they could help drive rental values," the firm said.The fund's property portfolio value was up 2.6% to $385m and it reported cash balances of $34.6m, of which $6.7m was pledged as collateral for the company's banking facilities. "[Macau Property] continues to hold the view that its share price remains significantly undervalued and does not accurately reflect the quality and positioning of its portfolio and potential for further NAV growth," the company said. "The board therefore remains actively committed to buying back shares at attractive levels of discount of share price to Net Asset Value." The fund has repurchased 2.57m of its own shares for cancellation since May, bringing the total number of shares repurchased since mid-2011 to over 5m - around 5% of the company's issued share capital.Shares were up 3.7% at 10:35 on Monday following the announcement,