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15 Dec 2009 16:37
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 30 November 2009, the unaudited net asset value per Ordinary Share of 1 penny each of the Company was 28.73 pence (31 October 2009: 28.64 pence). The unaudited net asset value per "D" Ordinary Share of 1 penny each was 0.69 pence (31 October 2009: 1.72 pence). This represents an increase of 0.31 per cent per Ordinary Share and a decrease of 60.04 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 £0.15 million to a liability of £3.30 million (31 October 2009: liability of £3.45 million). The market value of the second interest rate swap liability entered into by Ordinary Share decreased by £0.04 million to a liability of £0.13 million (31 October 2009: liability of £0.09 million). The interest rate swap liability entered into by "D" Ordinary Share increased by £0.20 million to a liability of £0.25 million (31 October 2009: £0.05 million). The movement during the month represented an increase in net asset value of 0.53 per cent per Ordinary Share and a decrease in net asset value of 45.03 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 November 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 at 31 October 2009 |
28.64 |
- |
1.72 |
- |
|
Decrease/(increase) in interest rate swap liability valuation |
0.15 |
0.53 |
(0.78) |
(45.03) |
|
Movement in revenue reserves |
(0.06) |
(0.22) |
(0.25) |
(15.01) |
|
Net asset value per share as at 30 November 2009 |
28.73 |
0.35 |
0.69 |
(60.04) |
The property portfolio will next be valued by an external valuer at 31 December 2009 and the net asset value per share as at 31 December 2009 will be announced in January 2010.
For further information contact:
Peter Roscrow or Steven Oliver
Close Investments Limited
020 7426 4000
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