Ground Rents Income Fund PLC Unaudited Net Asset Value at 31 March 2018 (3999P)
May 29 2018 - 2:01AM
UK Regulatory
TIDMGRIO
RNS Number : 3999P
Ground Rents Income Fund PLC
29 May 2018
Ground Rents Income Fund plc
(the 'Company')
29 May 2018
Unaudited Net Asset Value at 31 March 2018
Ground Rents Income Fund plc (LSE: GRIO), a listed real estate
investment trust ('REIT') investing in UK ground rents, announces
its unaudited Net Asset Value ('NAV') for the six months ended 31
March 2018 ('H1 2018').
Highlights:
-- NAV per ordinary share of 124.58 pence as at 31 March 2018 (30 Sept 2017: 131.72 pence)
-- Diluted NAV per ordinary share of 123.44 pence as at 31 March
2018 (30 Sept 2017: 130.20 pence)
-- Three properties acquired for GBP2.3m excluding costs in H1 2018
The unaudited NAV per share of the Company as at 31 March 2018
was 124.58 pence. This represents a decrease of 5.4% from the
audited net asset value of 131.72 pence per share at 30 September
2017.
The decrease in the net asset value has been driven by the
reduction in the independent portfolio valuation by Savills
Advisory Services Limited ('Savills') as at 31 March 2018.
Breakdown of NAV movement
A breakdown of the change to the unaudited NAV per share
calculated under International Financial Reporting Standards
('IFRS') over the period from 1 October 2017 to 31 March 2018 is
set out below:
Net assets per audited accounts GBP127.4m
as at 30 September 2017
Profit for the period 1 October GBP1.6m
2017 to 31 March 2018
Revaluation plus costs of acquisition (GBP6.6m)
Dividends paid during H1 2018 (GBP1.9m)
Net assets as at 31 March 2018 GBP120.5m
The net asset values and diluted net asset values are calculated
under IFRS and are unaudited. The NAV per share is calculated using
96,712,100 ordinary shares of 50 pence each, being the number in
issue on 31 March 2018. The diluted NAV per share is calculated
using 4,718,273 warrants, being the number in issue on 31 March
2018.
Contacts:
Ground Rents Income Fund
plc
020 7499
Simon Wombwell (Director) 6424
Brooks Macdonald Funds Limited
020 7659
James Agar (Director) 3454
N+1 Singer (Broker)
020 7496
James Maxwell / Liz Yong 3000
Tavistock (Media)
020 7920
Jeremy Carey / James Whitmore 3150
Appleby Securities (Channel
Islands) Limited
Kate Storey / Danielle Machon 01481 755600
This announcement is released by Ground Rents Income Fund plc
and contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 ('MAR'), encompassing
information relating to the NAV described herein, and is disclosed
in accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Simon Wombwell, Director.
END OF ANNOUNCEMENT
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END
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