IMPT.L Regulatory News (IMPT)

15 Sep 2008 15:11



CLOSE HIGH INCOME PROPERTIES PLC (the "Company")

ANNOUNCEMENT OF NAV

The board of Close High Income Properties PLC advises that as at close of business on 31 August 2008, the unaudited net asset value per Ordinary Share of 1 penny each of the Company was 79.95 pence (31 July 2008: 80.55 pence). The unaudited net asset value per "D" Ordinary Share of 1 penny each was 57.09 pence (31 July 2008: 56.76 pence). This represents a decrease of 0.74 per cent per Ordinary Share and an increase of 0.59 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 2008 and subsequent property transactions completed to 31 August 2008. It also incorporates the movement in the interest rate swap valuations as seen in the table below.

During the month of August 2008 contracts were exchanged on a portfolio of seven properties within the Ordinary share portfolio for £17.25 million before costs of sale. These properties were valued at 30 June 2008 at £19.43 million and their disposal will result in a shortfall of £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 £4.1 million before costs of sale. This property was valued at 30 June 2008 at £4.66 million and its disposal will result in a short fall of £0.6 million compared to this valuation. 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 change to the unaudited net asset values per share calculated over the period from 1 August 2008 to 31 August 2008.

The property portfolio will next be valued by an external valuer at 30 September 2008 and the net asset value per share as at 30 September 2008 will be announced in October 2008.