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15 Jul 2008 16:31
CLOSE HIGH INCOME PROPERTIES PLC (the "Company")
ANNOUNCEMENT OF NAV / DISPOSALS
The board of Close High Income Properties PLC advises that as at close of business on 30 June 2008, the unaudited net asset value per Ordinary Share of 1 penny each of the Company was 83.65 pence (31 May 2008: 87.03 pence). The unaudited net asset value per "D" Ordinary Share of 1 penny each was 58.56 pence (31 May 2008: 62.71 pence). This represents a decrease of 3.88 per cent per Ordinary Share and a decrease of 6.62 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.
There were no property sales completed during June 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 31 May 2008 to 30 June 2008.
|
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 May 2008 |
87.03 |
62.71 |
||
|
Unrealised decrease in valuation of property portfolio (including the effect of gearing) |
(5.21) |
(5.98) |
(5.44) |
(8.67) |
|
Increase / (decrease) in interest rate swap valuation |
1.01 |
1.16 |
0.02 |
0.03 |
|
Movement in revenue reserves |
0.82 |
0.94 |
1.27 |
2.02 |
|
Net asset value per share as at 30 June 2008 |
83.65 |
(3.88) |
58.56 |
(6.62) |
The property portfolio will next be valued by an external valuer at 30 September 2008 and the net asset value per share as at 31 July 2008 will be announced in August 2008.
The board is also pleased to announce that completion has taken place for the sale of Vicarage Court, Edgbaston and that contracts have been exchanged for the sale of Unit 50, Chilton Industrial Estate, Chilton from its Ordinary Share property portfolio.
The sale of the property known as 4 Vicarage Court, Vicarage Road, Edgbaston, Birmingham completed on 3 July 2008 and was sold for £2.15 million cash. The net annual rent receivable for the building at the time of disposal was £244,400 per annum.
The property was originally acquired by the Company in October 2004. After taking into account all costs associated with the sale the Company is expected to realise a loss of £42,000 against the 30 June 2008 valuation amount.
An exchange of contracts has also taken place on the property known as Unit 50, Chilton Industrial Estate, Chilton, with the sale is due to complete on 16 July 2008. The property is being sold for £0.45 million cash. The net annual rent receivable for the building at the time of disposal was £36,000.
The property was originally acquired by the Company in May 2003 as part of a larger estate, all of which has been subsequently sold. After taking into account all costs associated with the sale the Company is expected to realise a profit of £9,000 against the 30 June 2008 valuation amount.
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