Last checked at 1 Nov 2010 09:38
ABERFORTH GEARED CAPITAL & INCOME TRUST plc ("AGCiT")
The Net Asset Values ("NAVs") for the above company - calculated using a bid pricing basis for the securities held on the company's portfolio - as at the close of business on 31 October 2010 were:-
Capital Share (per Articles) = 471.97p Capital Share (capital entitlement of 100p per Income Share) = 466.78p
Capital Share (capital entitlement of 100p per Income Share and nil swap valuation) = 479.97p
Income Share (excluding Current Year Revenue) = 102.53p Income Share (including All Revenue) = 107.72p
As at 31 October 2010, AGCiT held 67 investments, the largest of which represented 4.0% of investable assets. The market value of investments was £107.0m less bank debt and net current assets/liabilities (excluding Income Shares) of £31.1m to leave Shareholders' Funds (including Income Shares) of £75.9m. Details of the top 50 holdings, the portfolio's sectoral
composition and other general information can be found on the Aberforth website at http://www.aberforth.co.uk.
AGCiT employs a significant amount of bank debt to provide gearing in its capital structure.
The number of Income Shares of 1p currently in issue is 24,500,000. The number of Capital Shares of 1p currently in issue is 10,500,000. All net income will be attributed to Income Shares which have a capital entitlement of 97.77p each rising to 100p by the Planned Winding Up Date of 31 December 2011, which date will subsist unless an earlier reconstruction is approved. Capital Shares receive no dividends but all capital after repayment of bank debt and capital entitlement of Income Shares. AGCiT's Bank facility is £ 34.3m (£30.0m of which is at a fixed interest rate of 6.47%). The fair value of AGCiT's interest rate swap agreement based on the bid price at 31 October 2010 was a liability of £1,385,000 and is accounted for within the NAV of the Capital Share.
Dividends are paid, semi-annually, to Income Shareholders with the first interim announced each July and paid in August and the second interim announced each January and paid in February.
Contact - Gary Tait (Tel: 0131 220 0733) Aberforth Partners LLP, Secretaries - 1 November 2010
ANNOUNCEMENT ENDS
ABERFORTH GEARED CAPITAL & INCOME TRUST PLC (CAP SHS)