Net Asset Value and Portfolio Update

RNS Number : 8972Y

Law Debenture Corp PLC

07 January 2020

 

Net Asset Value

The Law Debenture Corporation p.l.c. announces that its preliminary unaudited Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business* on 31 December 2019 was 704.52 pence per share (ex income) and 728.28 pence per share (cum income).  With the Corporation's long term debt stated at fair value, the NAV was 673.23 pence per share (ex income) and 696.98 pence per share (cum income).  The mid-market price at the close of business on 31 December 2019 was 650.00 pence per share. 

In accordance with listing rule 15.6.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed investment companies that require to be disclosed. Its top ten holdings, including all holdings with a value greater than 5% of the Corporation's gross assets as at 31 December 2019 are set out below.

Top 10 Holdings

The top 10 holdings in the investment portfolio as at 31 December 2019 were:

Rank	Name of Holding	% of portfolio (excl. cash)
1.	GlaxoSmithKline	3.62
2.	Royal Dutch Shell	3.41
3.	Rio Tinto	2.05
4.	HSBC	1.90
5.	BP	1.84
6.	Relx	1.74
7.	Johnson Service	1.74
8.	AstraZeneca	1.66
9.	Prudential	1.64
10.	National Grid	1.62

Geographical Split of investment portfolio

Region	% of portfolio
UK	74
Europe	7
North America	8
Japan	1
Other Pacific	1
Other	1
Cash and Fixed Interest	8
TOTAL	100

* The fair value of the IPS business is consistent with the most recent formal valuation at 30 June 2019.  The fair value at 31 December 2019 is currently being calculated and will be published as part of our audited results.  This, along with other year-end adjustments, will result in a slight variance between the NAV we have published today and the final audited NAV we will disclose in our Annual Report and Accounts.

Released by The Law Debenture Corporation p.l.c., Fifth Floor, 100 Wood Street, London, EC2V 7EX (contact Virginia Duncan, Company Secretariat, 020 7696 5233).

The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21

 

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