14 Jul 2011 16:50
14 July 2011
WOODBURNE SQUARE AG PLC
("Woodburne Square" or the "Company")
QUARTERLY NAV UPDATE
The Board of Woodburne Square, the silver and precious metals focused investment company, apologises to shareholders for delays in announcing its quarterly Net Asset Value (NAV) which were down to key personel being unavailable to finalise numbers.
The NAV per share fell from 3.37p to 2.77p during the three months ended 07 July 2011. In the six months since the inception of the new investment strategy, the NAV has increased by 9.9%.
Woodburne Square is focused upon investments within high quality silver companies listed on the TSX, AMEX and, together with some special situations in gold and the UK market. Its investments and assets as at 07 July 2011 are split as follows:
Cash £11,672
Value of investments quoted on the TSX £1,159,465
Value of investments quoted on the AMEX £146,475
Value of investments quoted on UK exchanges £640,140
Total Value of Assets £1,957,152
Woodburne Square will next release its NAV as at 07 November 2011.
Tom Winnifrith, Chief Investment Officer, commented:
"Despite a compelling bull case for Silver, which has become increasingly apparent since the reported period ended, silver and gold mining equities have performed woefully so far in 2011.
"The Global X Silver Miner ETF grew its NAV by just 3.8% in the six months to 07 July 2011 and against that backdrop our performance is more than credible.
"We note that fund manager Eric Sprott's target of $100 per silver oz within two years makes our own target of $60 seem cautious. However, given the operational gearing and the high quality silver plays we hold we remain very confident about our near and medium term prospects."
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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