Net Asset Value(s)

RNS Number : 4755B

Close High Income Properties PLC

15 August 2008

 



CLOSE HIGH INCOME PROPERTIES PLC (the 'Company')

ANNOUNCEMENT OF NAV

The board of Close High Income Properties PLC advises that as at close of business on 31 July 2008, the unaudited net asset value per Ordinary Share of 1 penny each of the Company was 80.55 pence (30 June 2008: 83.65 pence). The unaudited net asset value per 'D' Ordinary Share of 1 penny each was 56.76 pence (30 June 2008: 58.56 pence). This represents a decrease of 3.71 per cent per Ordinary Share and a decrease of 3.08 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 as well as property transactions completed during the month of July 2008.

During the month of July 2008 two properties within the Ordinary share portfolio were sold for £2.6 million before costs of sale. These properties were valued at 30 June 2008 at £2.57 million and the sales represent a net loss of £10,000 after including costs of sale.

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 1 July 2008 to 31 July 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	83.65		58.56
Capital distribution paid to shareholders	(1.63)	(1.94)	(1.25)	(2.13)
Movement from sales of property during July 2008	(0.01)	(0.01)	-	-
Decrease in interest rate swap valuation	(1.28)	(1.53)	(0.19)	(0.33)
Movement in revenue reserves	(0.18)	(0.23)	(0.36)	(0.62)
Net asset value per share as at 31 July 2008	80.55	(3.71)	56.76	(3.08)

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 August 2008 will be announced in September 2008.

 

END

 

 

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