Net Asset Value(s)

RNS Number : 6615K

Law Debenture Corp PLC

05 January 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 4 January 2021

The Law Debenture Corporation p.l.c. announces that its Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business¹ on 4 January 2021 was 699.80 pence per share (cum income) which includes the proposed 2020 third interim dividend of 6.5 pence as the shares go ex-dividend on 24 December 2020.

The fair value of the IPS business is consistent with the most recent formal valuation at 30 June 2020.  The fair value at 31 December 2020 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 and the final audited NAV we will disclose in our Annual Report and Accounts.

With the Corporation's long term debt stated at fair value, the NAV was 655.02 pence per share (cum income). The mid-market price at the close of business on 4 January 2021 was 690.00 pence per share. The third interim dividend will be paid on 28 January 2021 to holders on the register at the record date of 29 December 2020.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	693.70	699.80
NAV with debt at fair value	648.93	655.02

Performance

	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	1.1	12.8	55.3	141.8
NAV total return (with debt at fair value) 2	-0.7	10.2	49.0	128.5
FTSE Actuaries All-Share Index Total Return 3	-8.6	-1.4	30.2	74.3
Share price total return 3	12.9	24.3	67.3	174.8
Change in Retail Price Index 4	0.9	6.4	13.0	29.4

¹ The fair value of the IPS business has been calculated as at 30 June 2020 and was published as part of the interim results announcement on 31 July 2020.

² NAV is calculated in accordance with the Association of Investment Companies (AIC) methodology, based on performance data held by Law Debenture including fair value of IPS business and long-term borrowings. NAV is shown with debt measured at par and with debt measured at fair value.

³ Source: Refinitiv.

⁴ Source: Bloomberg, subject to latest published RPI; November 2020. 

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.

Released by The Law Debenture Corporation p.l.c., 8th Floor, 100 Bishopsgate, London, EC2N 4AG (contact Alison Skerritt-Black, Company Secretariat, 020 7606 5451).

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

 

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