Ground Rents Income Fund PLC Unaudited Net Asset Value at 31 March 2019 (9486X)
May 03 2019 - 1:00AM
UK Regulatory
TIDMGRIO
RNS Number : 9486X
Ground Rents Income Fund PLC
03 May 2019
Ground Rents Income Fund plc (the 'Company')
03 May 2019
Unaudited Net Asset Value at 31 March 2019
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') at 31 March 2019 ('H1
2019').
Highlights:
-- NAV per ordinary share of 113.24 pence as at 31 March 2019 (30 September 2018: 116.65 pence)
-- Diluted NAV per ordinary share of 112.67 pence as at 31 March
2019 (30 September 2018: 115.92 pence)
-- One property acquired for GBP270k excluding costs in H1 2019
The unaudited NAV per share of the Company as at 31 March 2019
was 113.24 pence. This represents a decrease of 2.9% from the
audited net asset value of 116.65 pence per share at 30 September
2018.
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 2019.
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 2018 to 31 March 2019 is
set out below:
Net assets per audited accounts as at 30 September GBP113.2m
2018
Profit for the period 1 October 2018 to 31 GBP1.2m
March 2019
Revaluation plus costs of acquisition (GBP2.6m)
Dividends paid during H1 2019 (GBP1.9m)
Net assets as at 31 March 2018 GBP109.9m
The net asset values and diluted net asset values are calculated
under IFRS and are unaudited. The NAV per share is calculated using
97,006,397 ordinary shares of 50 pence each, being the number in
issue on 31 March 2019. The diluted NAV per share is calculated
using 4,423,976 warrants, being the number in issue on 31 March
2019.
Contacts:
Ground Rents Income Fund plc
Simon Wombwell (Director) 020 7499 6424
Brooks Macdonald Funds Limited
James Agar (Director) 020 7659 3454
N+1 Singer (Broker)
James Maxwell / Ben Farrow 020 7496 3000
Tavistock (Media)
Jeremy Carey / James Whitmore 020 7920 3150
Appleby Securities (Channel Islands)
Limited
Andrew Weaver / Zim Ceko 01481 755 600
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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