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12 Nov 2009 14:59
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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 OctoberΒ 2009, the unaudited net asset value per Ordinary Share of 1 penny each of the CompanyΒ wasΒ 28.64Β penceΒ (30 SeptemberΒ 2009:Β 28.53Β pence). The unaudited net asset value per "D" Ordinary Share of 1 penny each wasΒ 1.72Β pence (30 SeptemberΒ 2009:Β 1.94 pence).Β This represents anΒ increase ofΒ 0.39Β per cent per Ordinary Share and aΒ decreaseΒ ofΒ 11.34Β per cent per "D" Ordinary Share.
During the month the market value of theΒ firstΒ interest rate swapΒ liabilityΒ entered intoΒ by Ordinary ShareΒ decreased byΒ Β£0.19Β millionΒ to a liability ofΒ Β£3.45Β millionΒ (30 SeptemberΒ 2009:Β liability ofΒ Β£3.64Β million).Β On 15 October 2009 the Ordinary SharesΒ fixed the rate of interest on a further Β£8.00m of its loan facility with Nationwide Building Society ("Nationwide") at 2.75%. This interest rate is fixed until 23 October 2012. The market value of theΒ interest rate swap as at 31 October 2009 was a liability of Β£0.09m (30 September 2009: Β£nil). TheΒ totalΒ movementΒ during the month represented anΒ increaseΒ in net asset valueΒ ofΒ 0.41Β per cent per Ordinary Share.
OnΒ 12Β October 2009 theΒ "D" OrdinaryΒ Shares fixed the rate of interestΒ on Β£18.00m of its loan facility with NationwideΒ at 2.79%. ThisΒ interest rateΒ is fixed untilΒ 1 March 2013.Β The market value of theΒ interest rateΒ swapΒ entered into by "D" Ordinary Share as at 31 October 2009 was a liability of Β£0.05mΒ (30 September 2009: Β£nil).Β The movementΒ during the month represented aΒ decrease in net asset value ofΒ 9.86Β per cent perΒ "D"Β Ordinary Share.Β
Whilst the total market valuation of theΒ interest rate swaps is currently in deficit, theirΒ value will run to zero over the term of the contracts. The swapsΒ continue to provide a fixed rate of interest to the Company. It is not the intention of theΒ Company to dispose of the swapsΒ and realise the deficit as the Company continues to benefit from fixed rate funding.
There were noΒ property sales completed duringΒ OctoberΒ 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 atΒ 30 SeptemberΒ 2009 |
28.53 |
- |
1.94 |
- |
|
Decrease/(increase)Β in interest rate swapΒ liabilityΒ valuation |
0.12 |
0.41 |
(0.19) |
(9.86) |
|
Movement in revenue reserves |
(0.01) |
(0.02) |
(0.03) |
(1.48) |
|
Net asset value per share as atΒ 31 OctoberΒ 2009 |
28.64 |
0.39 |
1.72 |
(11.34) |
The property portfolio will next be valued by an external valuer at 31 DecemberΒ 2009Β and the netΒ asset value per share as at 30 NovemberΒ 2009Β will be announced inΒ DecemberΒ 2009.
For further information contact:
Peter RoscrowΒ orΒ Steven Oliver
Close InvestmentsΒ Limited
020 7426 4000
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