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13 Feb 2009 15:46
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CLOSE HIGH INCOME PROPERTIES PLC (the "Company")
ANNOUNCEMENT OF NAV
The board of Close High Income Properties PLC advisesΒ that as at close of business onΒ 31Β January 2009, the unaudited net asset value per Ordinary Share of 1 penny each of the Company wasΒ 41.13Β pence (31 DecemberΒ 2008:Β 41.30Β pence). The unaudited net asset value per "D" Ordinary Share of 1 penny each wasΒ 15.14Β pence (31 DecemberΒ 2008:Β 15.17Β pence). This represents aΒ decrease ofΒ 0.41Β per cent per Ordinary Share and aΒ decreaseΒ ofΒ 0.20Β 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 31 DecemberΒ 2008.Β It also incorporates the movement in the interest rate swap valuations as seen in the table below.Β
During the month the market value of the interest rate swap entered intoΒ by Ordinary ShareΒ increased byΒ Β£0.20Β millionΒ to a liability ofΒ Β£5.08Β millionΒ (31 DecemberΒ 2008:Β liability ofΒ Β£4.88Β million) andΒ the market value of the interest rate swap entered into by "D"Β Ordinary ShareΒ decreasedΒ byΒ Β£0.02Β millionΒ toΒ aΒ liabilityΒ ofΒ Β£0.04Β millionΒ (31 DecemberΒ 2008: liabilityΒ of Β£0.06Β million). The movements during the month represented a decrease against NAV ofΒ 0.66Β per cent per Ordinary Share and an increase ofΒ 0.42Β per cent per "D" Ordinary Share. 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 duringΒ JanuaryΒ 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 DecemberΒ 2008 |
41.30 |
15.17 |
||
|
Increase / (decrease)Β in interest rate swap valuation |
(0.27) |
(0.66) |
0.07 |
0.46 |
|
Movement in revenue reserves |
0.10 |
0.25 |
(0.10) |
(0.66) |
|
Net asset value per share as at 31Β January 2009 |
41.13 |
(0.41) |
15.14 |
(0.20) |
The property portfolio will next be valued by an external valuer at 31Β MarchΒ 2009Β and the netΒ asset value per share as at 28 FebruaryΒ 2009Β will be announced inΒ MarchΒ 2009.
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