IMPT.L Regulatory News (IMPT)

12 Nov 2009 14:59



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 October 2009, the unaudited net asset value per Ordinary Share of 1 penny each of the Company was 28.64 pence (30 September 2009: 28.53 pence). The unaudited net asset value per "D" Ordinary Share of 1 penny each was 1.72 pence (30 September 2009: 1.94 pence). This represents an increase of 0.39 per cent per Ordinary Share and a decrease of 11.34 per cent per "D" Ordinary Share.

During the month the market value of the first interest rate swap liability entered into by Ordinary Share decreased by £0.19 million to a liability of £3.45 million (30 September 2009: liability of £3.64 million). On 15 October 2009 the Ordinary Shares fixed the rate of interest on a further £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 the interest rate swap as at 31 October 2009 was a liability of £0.09m (30 September 2009: £nil). The total movement during the month represented an increase in net asset value of 0.41 per cent per Ordinary Share.

On 12 October 2009 the "D" Ordinary Shares fixed the rate of interest on £18.00m of its loan facility with Nationwide at 2.79%. This interest rate is fixed until 1 March 2013. The market value of the interest rate swap entered into by "D" Ordinary Share as at 31 October 2009 was a liability of £0.05m (30 September 2009: £nil). The movement during the month represented a decrease in net asset value of 9.86 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 during October 2009.

The net asset value is calculated under International Financial Reporting Standards ("IFRS").

The property portfolio will next be valued by an external valuer at 31 December 2009 and the net asset value per share as at 30 November 2009 will be announced in December 2009.

For further information contact:

Peter Roscrow or Steven Oliver

Close Investments Limited

020 7426 4000