Valuation Announcement

RNS Number : 3672B

Off-Plan Fund Limited (The)

14 August 2008

 



For Immediate Release

14 August 2008

The Off-plan Fund Limited

Valuation Announcement

The Board of The Off-plan Fund Limited (the 'Fund'), which specialises in providing forward finance to UK housebuilders, is pleased to announce the Fund's quarterly valuation for the period ending 30 June 2008.

• The net asset value of the Fund prepared under historical cost convention as at that date was £9.4m (84.6p per share) (84.9p as at 31 March 2008)

• Using Red Book* valuations for the underlying properties, the estimated net asset value of the Fund was £10.9m (98.2p per share) (101.6p as at 31 March 2008)

* The nature of the Fund's investments mean that, under current accounting standards, the discounts to market value achieved by the Fund, cannot be recognised in the reported balance sheet. The Fund therefore obtains an independent 'Red Book' valuation of the assets within the property portfolio in order that shareholders can identify this additional value. The Red Book is the Asset Valuation Practice and Guidance Notes of the Royal Institution of Chartered Surveyors and is the industry standard method for valuing investment properties. The valuations were prepared by independent surveyors as at 31 March 2008, the date of the last interim financial statements.

List of Contacts

Development Capital Management

Roger Hornett

Andy Gardiner

020 7399 4270

Numis Securities Limited

Nominated Adviser

Nick Westlake

020 7260 100

Corporate Broking

Charles Farquhar

020 7260 100

Buchanan Communications

Charles Ryland

Isabel Podda

020 7466 5000

 

END

 

 

MSCEADPLFLXPEFE