Net Asset Value(s)
February 23 2009 - 12:34PM
UK Regulatory
TIDMTAR
Third Advance Value Realisation Company Limited ("the Company")
announces that as at the close of business on 20 February 2009 its
unaudited net asset value, after providing for the estimated costs of
liquidating the Company and of running the Company until the
appointment of the liquidator was GBP10.9m, representing 74.99p per
Ordinary Share.
The Company is managed by Progressive Value Management Limited ("the
Manager"). Following the European Court of Justice ruling on 28 June
2007 in the VAT case, brought by JP Morgan Claverhouse Trust plc in
conjunction with the AIC, concerning VAT exemption on management
expenses for investment trusts, the Manager's group submitted a claim
to HM Revenue & Customs for recovery of VAT on management fees
including those charged to the Company. The Manager's group has paid
the Company GBP265,358, equivalent to 1.82p per Ordinary Share, in
respect of the principal amount relevant to the Company that the
Manager's group has received from HM Revenue & Customs which was
included in the NAV per Ordinary Share as at 13 February 2009. The
Manager's group has confirmed that it will be paying GBP21,969 to the
Company in respect of interest on the principal amount. The net asset
value above now includes the recovered VAT and the associated
interest receivable.
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