Ecofin Water & Power Opps PLC Net Asset Value(s) (7508I)

TIDMECWO

RNS Number : 7508I

Ecofin Water & Power Opps PLC

01 September 2016

ECOFIN WATER & POWER OPPORTUNITIES PLC (the "Company")

The Company announces that at the close of business on 31 August 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                 155.31                 -1.16               -1.82 
 

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)                272,947 
 
 Cash at Bank                                     53,043 
 
 Total Assets                                    325,990 
 
 Borrowings: 
 Prime Brokerage                             - 
                                     --------- 
                                                       - 
 
 Net Assets (Ordinary Shareholders 
  Funds)                                         325,990 
 
 Net cash (net cash/net assets) *                  16.3% 
----------------------------------------------  -------- 
 

*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 82.8% 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: [phone]

1 September, 2016

This information is provided by RNS

The company news service from the London Stock Exchange

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September 01, 2016 11:45 ET (15:45 GMT)