Net Asset Value(s)
February 16 2009 - 12:15PM
UK Regulatory
TIDMTAR
Third Advance Value Realisation Company Limited ("the Company")
announces that as at the close of business on 13 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 74.84p 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. The
Manager's group has received interest in respect of its entire claim
and is presently calculating the amount of interest on the principal
which relates to the Company. The Manager's group has agreed to pay
the relevant amount to the Company. The interest payable to the
Company is expected to be approximately GBP20,000, which is less than
0.15p per Ordinary Share. The net asset value above includes the
recovered VAT but not any interest thereon.
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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