9 May 2013 12:53
HENDERSON VALUE TRUST PLC - Net Asset Value(s)HENDERSON VALUE TRUST PLC - Net Asset Value(s)
PR Newswire
London, May 9
HENDERSON GLOBAL INVESTORS
HENDERSON VALUE TRUST PLC (FORMERLY SVM GLOBAL FUND PLC)
9 May 2013
Henderson Value Trust plc (the `Company')The Company announces that its unaudited net asset value (`NAV') per ordinaryshare at close of business on 3 May 2013 was 287.11p.
In accordance with AIC guidance, this unaudited NAV per ordinary share usesclosing BID prices and is on a cum income basis.
As advised in the NAV announcement dated 11 April 2013, the Manager has beenundertaking a full analysis of the Company's investment portfolio which hasincluded a review of the valuations of the Company's unlisted/illiquid holdings(the "Valuation Review").
The Valuation Review is now complete and has resulted in two further valuationadjustments as follows:
(i) a 100% reduction in the value the Company's holding in Buena Vista LatinAmerican Fund Limited Convertible Unsecured Loan Stock (NAV impact £2.3million); and
(ii) a 25% reduction in the value of the Company's holding in Ceiba Investments
Limited (NAV impact £1.3 million).
These two adjustments are in addition to the £0.4 million reduction in thevaluation of the Company's holding in iO Adria Limited already announced to themarket on 11 April 2013.
The Company's auditor, Ernst & Young, has reviewed and agrees with each of theManager's valuation adjustments.
It should also be noted that, as part of the Valuation Review, the Manager andErnst & Young have agreed in principle that the Company's investment in ZoukSolar Opportunities Limited ("Zouk") should, in future, be valued using thefair value approach rather than the current IFRS accounting method. This islikely to result in an uplift to the Company's current £3.2 million carryingvalue of its holding in Zouk once Zouk's year end financial information hasbeen received and assessed later this month.
Enquiries: Ian BarrassCo-Portfolio ManagerHenderson Value Trust plcTel: 020 7818 2964