Ecofin Water & Power Opps PLC Net Asset Value(s) (3626J)
September 08 2016 - 10:16AM
UK Regulatory
TIDMECWO
RNS Number : 3626J
Ecofin Water & Power Opps PLC
08 September 2016
ECOFIN WATER & POWER OPPORTUNITIES PLC (the "Company")
The Company announces that at the close of business on 07
September 2016, the un-audited Net Asset Value per Ordinary Share
was:-
Share Class NAV (p) Increase/(Decrease) Absolute Movement
% (p)
(inc undistributed
revenue)
Ordinary Shares 161.62 4.06 6.31
All outstanding CULS were redeemed by the Company on 31 July,
2016 and as such there is no diluted NAV calculation. The CULS were
redeemed at their nominal value, together with interest accrued up
to the date of final repayment.
The ZDP Shares matured on 31 July, 2016 with holders entitled to
a repayment of 160.70p per Share.
Fund values (rounded) GBP'000 GBP'000
--------
Total Assets (less cash at bank) 283,219
Cash at Bank 56,408
Total Assets 339,627
Borrowings:
Prime Brokerage 397
--------
397
Net Assets (Ordinary Shareholders
Funds) 339,230
Net cash (net cash/net assets) * 16.5%
----------------------------------- -------- --------
*Net cash is bank debt, less cash at bank, including brokers net
outstanding balances.
Notes:
The total assets of the Company include approximately GBP3.1m in
bonds. Adjusted for this, the total equity exposure of the Company
is 82.6% of net assets.
The NAV has been prepared on a "break-up" or realisable value
basis following the approval of the Continuation Vote by
Shareholders on 24 June, 2016. Details of the accounting
adjustments and the accrual of liquidation costs are detailed in
the 31 March, 2016 interim accounts announced on 30 June, 2016.
In light of the EWPO Scheme of Reconstruction (the "EWPO
Scheme") and the publication of the EWPO Scheme Circular on 22
August 2016, the Company has amended the valuation methodology for
the equities to be transferred to EF Realisation Company Limited
("EF Realisation"). The new valuation methodology, which is in line
with the break-up basis to be adopted by EF Realisation, is to
value each of the assets on the basis of a disposal in an orderly
fashion as soon as practical in order to be conservative. Further,
the new methodology uses the 5-day volume-weighted average price
for the holding in Lonestar Resources US Inc. in order to reduce
the valuation swings that can occur by using pricing on any
individual day
BNP Paribas Secretarial Services Limited
Company Secretary
Tel: 020 7410 5971
8 September, 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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