8 Apr 2011 15:24
08 April 2011
Woodburne Square Ag plc
("Woodburne Square" or the "Company")
NAV and Performance Fee
The Board of Woodburne Square, the silver and precious metals focused investment company, is delighted to announce that its fully diluted NAV has increased from 2.52p on 07 January 2011 to 3.37p on 07 April 2011 - an increase of 34%.
Woodburne Square's investment strategy is focused on high quality silver companies listed on the TSX and ASX, together with some special situations in gold. Its investments and assets as at 07 April 2011 are split as follows:
Cash £23,762
Value of investments quoted on the TSX £1,385,531
Value of investments quoted on the AMEX £211,577
Value of investments quoted on UK exchanges £687,650
Total Value of Assets £2,308,520
According to the management agreement signed with Tom Winnifrith, the company's Chief Investment Officer, t1ps Investment Management IOM (TIM) it is entitled to a fee payable quarterly in shares of 15% of the uplift in NAV per share in each quarter with no fee payable on the percentage of fully diluted equity owned by funds managed by TIM.
On this basis the Company will therefore issue loan notes with a 0% coupon which convert at 5.75p into 1,003,148 new shares to TIM in respect of its quarterly management fee.
In calculating the NAV the figure used for the fully diluted number of shares in issue was 62,031,467.
Woodburne will next announce its NAV on 07 July 2011.
Tom Winnifrith commented: "We have invested wisely and silver has post period end passed through $40 oz. We expect that it will reach $60 oz by 2012. Operational gearing means that shares in the high quality silver plays in which we have invested should prosper and we therefore view the short and medium term outlook with extreme confidence."
For further information please contact
Woodburne Square Ag plc
Martin Kiersnowski, Chairman
Tel: 0207 562 3350
Tom Winnifrith, Chief Investment Officer01624 676848
Libertas Capital Corporate Finance Limited
Sandy Jamieson
Tel: 0207 569 9650
Rivington Street Corporate Finance
Dru Edmonstone
Tel: 020 7562 3350
Bishopsgate Communications
Laura Stevens/Giang Nguyen
Tel: 0207 562 3350