Law Debenture Corp PLC Net Asset Value(s) (4361L)
January 12 2021 - 7:57AM
UK Regulatory
TIDMLWDB
RNS Number : 4361L
Law Debenture Corp PLC
12 January 2021
The Law Debenture Corporation p.l.c.
Net Asset Value as at 11 January 2021
The Law Debenture Corporation p.l.c. announces that its Net
Asset Value ("NAV") with borrowings at par and including the fair
value of IPS business(1) on 11 January 2021 was 716.88 pence per
share (cum income) which includes the proposed 2020 third interim
dividend of 6.5 pence as the shares go ex-dividend on 24 December
2020.
The fair value of the IPS business is consistent with the most
recent formal valuation at 30 June 2020. The fair value at 31
December 2020 is currently being calculated and will be published
as part of our audited results. This, along with other year-end
adjustments, will result in a slight variance between the NAV we
have and the final audited NAV we will disclose in our Annual
Report and Accounts.
With the Corporation's long term debt stated at fair value, the
NAV was 674.38 pence per share (cum income). The mid-market price
at the close of business on 11 January 2021 was 682.00 pence per
share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 710.79 716.88
------------------------ ------------------------
NAV with debt at fair value 668.29 674.38
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) 3.0 4.3 13.3 66.8 146.1
------------------------------------------------ ---- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) 3.5 3.1 11.2 61.5 133.6
------------------------------------------------ ---- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) 4.5 -6.0 1.6 34.2 77.2
------------------------------------------------ ---- ------ ------- ------- --------
Share price total return (3) -1.2 13.0 21.5 73.6 166.9
------------------------------------------------ ---- ------ ------- ------- --------
Change in Retail Price Index (4) 0.5 0.9 6.4 13.0 29.4
------------------------------------------------ ---- ------ ------- ------- --------
(1) The fair value of the IPS business has been calculated as at
30 June 2020 and was published as part of the interim results
announcement on 31 July 2020.
(2) NAV is calculated in accordance with the Association of
Investment Companies (AIC) methodology, based on performance data
held by Law Debenture including fair value of IPS business and
long-term borrowings. NAV is shown with debt measured at par and
with debt measured at fair value.
(3) Source: Refinitiv.
(4) Source: Bloomberg, subject to latest published RPI; November
2020.
In accordance with listing rule 15.6.8, The Law Debenture
Corporation p.l.c. announces that it has no investments in other UK
listed investment companies that require to be disclosed.
Released by The Law Debenture Corporation p.l.c., 8th Floor, 100
Bishopsgate, London, EC2N 4AG (contact Alison Skerritt-Black,
Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number -
2138006E39QX7XV6PP21
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END
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