IMPT.L Regulatory News (IMPT)

14 Aug 2009 10:39



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 July 2009, the unaudited net asset value per Ordinary Share of 1 penny each of the Company was 27.98 pence (30 June 2009: 27.90 pence). The unaudited net asset value per "D" Ordinary Share of 1 penny each was 4.33 pence (30 June 2009: 4.36 pence). This represents an increase of 0.29 per cent per Ordinary Share and a decrease of 0.69 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 2009. It also incorporates the movement in the interest rate swap valuations as seen in the table below. 

During the month the market value of the interest rate swap liability entered into by Ordinary Share decreased by £0.08 million to a liability of £3.92 million (30 June 2009: liability of £4.00 million). The movement during the month represented an increase in net asset value of 0.40 per cent per Ordinary Share. Whilst the total market valuation of the interest rate swap is currently in deficit, its value will run to zero over the term of the contract. The swap continues to provide a fixed rate of interest to the Company. It is not the intention of the Company to dispose of the swap and realise the deficit as the Company continues to benefit from fixed rate funding.

There were no property sales completed during July 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 30 September 2009 and the net asset value per share as at 31 August 2009 will be announced in September 2009.