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15 Sep 2008 15:11
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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 31 AugustΒ 2008, the unaudited net asset value per Ordinary Share of 1 penny each of the Company wasΒ 79.95Β pence (31 JulyΒ 2008:Β 80.55Β pence). The unaudited net asset value per "D" Ordinary Share of 1 penny each wasΒ 57.09Β pence (31 JulyΒ 2008:Β 56.76Β pence). This represents aΒ decrease ofΒ 0.74Β per cent per Ordinary Share and an increaseΒ ofΒ 0.59Β 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 30 June 2008Β andΒ subsequentΒ property transactions completed to 31 August 2008.Β It also incorporates the movement in the interest rate swap valuations as seen in the table below.
During the monthΒ of August 2008 contracts were exchanged on a portfolio of sevenΒ properties within the Ordinary share portfolio for Β£17.25 million before costs of sale. These properties were valued at 30 June 2008 at Β£19.43 millionΒ and their disposal will result in aΒ shortfallΒ of Β£2.39 million compared to this valuation. In addition, in September 2008, contracts were exchanged for the sale of a property within the Ordinary share portfolio for Β£4.1 million before costs of sale. This property was valued at 30 June 2008 at Β£4.66 million and its disposal will result in aΒ short fallΒ of Β£0.6 million compared to this valuation.Β Each property has generated significant income since they were first acquired. It is expected, while not guaranteed, that these property transactions will complete during September 2008.
The net asset value is calculated under International Financial Reporting Standards ("IFRS").
Set out below is a breakdown of the changeΒ to the unaudited net asset values per share calculated over the period fromΒ 1Β AugustΒ 2008Β to 31Β AugustΒ 2008.
|
Ordinary Share |
"D" Ordinary Share |
|||
|
Pence per share |
% of opening NAV |
Pence per share |
% of opening NAV |
|
|
Net asset value per share as at 31Β JulyΒ 2008 |
80.55 |
56.76 |
||
|
Increase / (decrease)Β in interest rate swap valuation |
(0.49) |
(0.60) |
0.49 |
0.86 |
|
Movement in revenue reserves |
(0.11) |
(0.14) |
(0.16) |
(0.27) |
|
Net asset value per share as at 31Β AugustΒ 2008 |
79.95 |
(0.74) |
57.09 |
0.59 |
The property portfolio will next be valued by an external valuer at 30Β SeptemberΒ 2008 and the netΒ asset value per share as at 30 SeptemberΒ 2008 will be announced inΒ OctoberΒ 2008.
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