ISIS Property Trust Limited NAV Announcement and proposal update (8460B)
09 Avril 2013 - 8:00AM
UK Regulatory
TIDMIPT
RNS Number : 8460B
ISIS Property Trust Limited
09 April 2013
To: Company Announcements
Date: 9 April 2013
Company: ISIS Property Trust Limited
Subject: Net Asset Value and update on recommended proposals
Net asset value
The unaudited net asset value per share of ISIS Property Trust
Limited ("IPT") as at 31 March 2013 was 91.2 pence. This represents
a decrease of 1.7 per cent from the net asset value per share as at
31 December 2012 of 92.8 pence.
The net asset value is based on the external valuation of the
Group's property portfolio prepared by DTZ Debenham Tie Leung
Limited.
The net asset value is calculated under International Financial
Reporting Standards ("IFRS").
The net asset value includes all income to 31 March 2013 and is
calculated after deduction of all dividends paid prior to that
date. It does not include a provision for the dividend for the
quarter to 31 March 2013 which will be paid in April 2013.
Breakdown of NAV movement
Set out below is a breakdown of the change to the unaudited net
asset value per share calculated under IFRS over the period from 31
December 2012 to 31 March 2013.
Pence % of
per opening
share NAV
---------------------------------------------- ------- ---------
Net asset value per share as at 31 December
2012 92.8
---------------------------------------------- ------- ---------
Unrealised decrease in valuation of property
portfolio (including the effect of gearing) (1.4) (1.5)*
---------------------------------------------- ------- ---------
Movement in interest rate swap valuation 0.3 0.4
---------------------------------------------- ------- ---------
Movement in revenue reserves (0.5) (0.6)
---------------------------------------------- ------- ---------
Net asset value per share as at 31 March
2013 91.2 (1.7)
---------------------------------------------- ------- ---------
*The un-geared decrease in the valuation of the property
portfolio over the quarter to 31 March 2013 was 0.8%.
The net gearing as at 31 March 2013 was 34.8% #.
# Bank debt (less net current assets) divided by fair value of
investment properties
Portfolio Analysis GBPm % of % capital
portfolio value
as at movement
31 March in quarter
2013
-------------------- ------ ----------- ------------
Offices 48.4 40.6 (0.2)
-------------------- ------ ----------- ------------
West End 17.8 14.9 -
-------------------- ------ ----------- ------------
South East 18.8 15.8 -
-------------------- ------ ----------- ------------
Rest of UK 11.8 9.9 (0.8)
-------------------- ------ ----------- ------------
Retail 19.6 16.4 (3.1)
-------------------- ------ ----------- ------------
Rest of London 2.5 2.0 -
-------------------- ------ ----------- ------------
Rest of UK 17.1 14.4 (3.6)
-------------------- ------ ----------- ------------
Industrial 25.2 21.2 2.4
-------------------- ------ ----------- ------------
Rest of London 2.3 2.0 -
-------------------- ------ ----------- ------------
South East 16.9 14.2 4.3
-------------------- ------ ----------- ------------
Rest of UK 6.0 5.0 (1.6)
-------------------- ------ ----------- ------------
Retail Warehouse 26.0 21.8 (3.1)
-------------------- ------ ----------- ------------
Rest of London 7.3 6.1 (1.1)
-------------------- ------ ----------- ------------
Rest of UK 18.7 15.7 (3.8)
-------------------- ------ ----------- ------------
Total Property 119.2 100.0 (0.8)
-------------------- ------ ----------- ------------
Update on recommended proposals
Further to the recommended proposals for the reconstruction and
winding up of IPT which were announced on 7 February 2013, the
Board confirms the adjusted unaudited net asset values that will be
used for the calculation of entitlements under the recommended
Scheme (the "Scheme") for the acquisition of IPT's assets by IRP
Property Investments Limited ("IRP").
The unaudited adjusted net asset value per IPT share is
89.2p.
The unaudited adjusted net asset value per IRP share is
69.2p.
The adjusted net asset values include all income to 31 March
2013 and have been adjusted for any dividends declared with a
record date in the period from the date of the calculation of the
respective adjusted net asset values to the completion of the
Scheme and for any transaction costs already incurred by either IPT
or IRP prior to the calculation of the adjusted net asset
values.
Based on the adjusted net asset value of IPT and the adjusted
net asset value of IRP, set out above, an IPT Shareholder would
receive 1.2895 New Shares in respect of each IPT Share held
(rounded down to the nearest whole number).
The recommended Scheme is conditional on the passing of
resolutions to be proposed at a General Meeting of IPT convened for
11 April 2013. The Scheme is also conditional on the approval of
IRP shareholders at a general meeting also convened for 11 April
2013. The Scheme will not become effective unless these resolutions
are passed.
Summary timetable
Latest time for receipt of Forms of Proxy 10.00a.m. on
for use at the IPT General Meeting 9 April
Final interim dividend paid to Shareholders 10 April
IRP General Meeting 9.45a.m. on
11 April
IPT General Meeting 10.00a.m. on
11 April
Effective Date of the Scheme 11 April
Admission of New Shares to the Official List 8.00a.m. on
and to trading on the London Stock Exchange 12 April
and the CISX
Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745001 Fax: 01481 745051
Ian McBryde
Scott Macrae
F&C Investment Business Ltd
Tel: 0207 628 8000 Fax: 0131 225 2375
This information is provided by RNS
The company news service from the London Stock Exchange
END
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