28 Jul 2009 07:00
28 July 2009
The Advantage Property Income Trust Limited
("TAP" or the "Company")
Net Asset Value as at 30 June 2009
Net Asset Value
The unaudited net asset value per share of The Advantage Property Income Trust Limited ('TAP') as at 30 June 2009 is 37.0 pence. This represents a decline of 9.3 pence per share or 20.1 per cent from the unaudited net asset value per share as at 31 March 2009 of 46.3 pence.
The net asset value is calculated under International Financial Reporting Standards ("IFRS") and to The Standards required by Rule 29 of The City Code on Takeovers and Mergers.
The net asset value includes all income to 30 June 2009 and is calculated after deduction of all dividends paid prior to that date.
Breakdown of NAV movement
Set out below is a breakdown of the change to the unaudited net asset value per share calculated under IFRS over the period from 31 March 2009 to 30 June 2009.
|
| Pence per share | % of opening NAV |
| Net asset value per share as at 31 March 2009 | 46.3 |
|
| Unrealised decrease in valuation of property portfolio (including the effect of gearing) | (9.0) | (19.4%) |
| Realised loss on sales of properties | (2.1) | (4.5%) |
| Increase in interest rate swap valuation | 1.1 | (2.4%) |
| Movement in revenue reserves | 0.7 | 1.5% |
| Net asset value per share as at 30 June 2009 | 37.0 |
|
Compliance with Banking Covenants
As at 30 June 2009 the Company was compliant with all banking covenants.
PROPERTY PORTFOLIO
The following tables reflect the position based on the 30 June 2009 valuation:
Total Return
The Total Return of the property portfolio over the quarter to 30 June 2009 was -7.1% on an ungeared IPD basis.
| Portfolio analysis | % of Portfolio | Capital Growth % | Income Return % | Total Return % |
| Retail | 34.7 | -8.7 | 1.9 | -6.9 |
| Offices | 39.6 | -8.6 | 1.8 | -6.9 |
| Industrial | 20.9 | -10.6 | 2.0 | -8.7 |
| Leisure | 4.8 | -3.9 | 2.0 | -2.0 |
| All Sectors | 100.0 | -8.9 | 1.9 | -7.1 |
Regional Weightings
| 38.40 | South East |
| 12.52 | Scotland |
| 9.33 | West Midlands |
| 8.33 | East Midlands |
| 6.90 | North West |
| 5.92 | Yorkshire & Humberside |
| 5.47 | Channel Islands |
| 4.79 | Outer London |
| 3.59 | South West |
| 2.80 | Eastern |
| 1.56 | Wales |
| 0.39 | North East |
Top Ten Property Investments
|
| Location | Valuation Weighting |
| National Westminster House | Guernsey | 5.65% |
| Waterfront Business Park | Fleet | 5.55% |
| The Brunel Centre | Bletchley | 5.41% |
| Kingscourt Leisure Complex | Dundee | 4.96% |
| Brunswick Point | Leeds | 4.69% |
| The Links | Warrington | 4.22% |
| Geoffrey House | Maidenhead | 3.94% |
| Silver Court | Welwyn Garden City | 3.52% |
| Southgate Retail Park | Derby | 3.15% |
| Pagoda Park | Swindon | 2.40% |
| Total |
| 43.49% |
Top Ten Tenants
|
| Income Weighting |
| Halfords Limited | 11.80% |
| Nisaba Group Ltd | 5.18% |
| National Westminster Bank plc | 4.64% |
| Toys R Us | 4.25% |
| Odeon Multiplex Ltd | 3.76% |
| Amtek Investments UK 2 Ltd | 3.63% |
| Clydesdale Bank plc | 2.93% |
| Exel Europe Ltd | 2.71% |
| GeoPost Ltd | 2.19% |
| Wilkinson Hardwear Stores Ltd | 1.98% |
The property portfolio will next be valued by an external valuer during September 2009 and the net asset value per share as at 30 September 2009 will be announced in October 2009.
For further information:
| Chris Carter Keall/Fraser Kennedy, Valad Property Group | 020 7659 6666 |
| Jeremy Carey, Tavistock Communications Limited | 020 7920 3150 |
| Jeff Keating/James Maxwell, Singer Capital Markets | 020 3205 7500 |
| Anson Fund Managers Limited, Secretary | 01481 722260 |
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of TAP or The Conygar Investment Company Plc ("Conygar"), all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of TAP or Conygar, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of TAP or Conygar by the offeror or the offeree company, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.
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