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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
F&C Commercial | LSE:FCPX | London | Ordinary Share | GB00B05KL904 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 75.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFCPX RNS Number : 7779W F&C Commercial Property Trust Ltd 03 August 2009 To: Company Announcements Date:3 August 2009 Company:F&C Commercial Property Trust Limited Subject: Net Asset Value Net Asset Value The unaudited net asset value ('NAV') per share of the Company as at 30 June 2009 was 75.9 pence. This represents a decrease of 1.0 per cent from the published NAV per share as at 30 April 2009 of 76.7 pence. The NAV has been calculated under International Financial Reporting Standards ('IFRS'). It is based principally on the external valuation of the Company's direct property portfolio prepared by DTZ Debenham Tie Leung Limited. As previously announced, the Board has appointed an independent valuer to value the Company's unitised investments in two indirectly held property funds, the Industrial Property Investment Fund and The Mall Fund (the 'Indirect Holdings'). The NAV per share as at 30 June 2009 incorporates the Indirect Holdings at the Directors' valuation which reflects these independently produced values. The basis of valuation of the Indirect Holdings will continue to be reviewed regularly by the Board, with independent advice as appropriate, and amended, as required, to reflect changes in market conditions and practice. The NAV includes all income to 30 June 2009 and is calculated after deduction of all dividends paid prior to that date. As at 30 June 2009 no adjustments were required to the NAV in respect of dividends for which the share price had gone ex-dividend. Analysis of Movement in NAV The following table provides an analysis of the movement in the unaudited NAV per share for the period from 30 April 2009 to 30 June 2009 (including the effect of gearing): +----------------------------------------------------+--------+---------+ | | Pence | % of | | | per | opening | | | share | NAV | +----------------------------------------------------+--------+---------+ | Published NAV per share as at 30 April 2009 | 76.7 | | +----------------------------------------------------+--------+---------+ | Unrealised decrease in valuation of direct | (0.2) | (0.2)* | | property portfolio | | | +----------------------------------------------------+--------+---------+ | Increase due to movement in Indirect | - | - | | Holdings (realised and unrealised) | | | +----------------------------------------------------+--------+---------+ | Movement in revenue reserve | (0.6) | (0.8) | +----------------------------------------------------+--------+---------+ | Published NAV per share as at 30 June 2009 | 75.9 | (1.0) | +----------------------------------------------------+--------+---------+ * the ungeared decrease in the valuation of the direct property portfolio over the two months to 30 June 2009 was 0.2%. Portfolio Analysis +------------------------------------------+-------+-----------+------------+ | | GBPm | % of | % | | | | portfolio | unrealised | | | | as at 30 | movement | | | | June 2009 | in two | | | | | months | +------------------------------------------+-------+-----------+------------+ | Offices | 273.3 | 45.4 | (0.4) | +------------------------------------------+-------+-----------+------------+ | West End | 128.5 | 21.3 | 0.7 | +------------------------------------------+-------+-----------+------------+ | South East | 84.0 | 14.0 | (1.2) | +------------------------------------------+-------+-----------+------------+ | Rest of UK | 55.0 | 9.1 | (1.8) | +------------------------------------------+-------+-----------+------------+ | City | 5.8 | 1.0 | - | +------------------------------------------+-------+-----------+------------+ | Retail | 172.2 | 28.6 | 0.5 | +------------------------------------------+-------+-----------+------------+ | South East | 153.4 | 25.5 | 0.6 | +------------------------------------------+-------+-----------+------------+ | Rest of UK | 18.8 | 3.1 | (0.7) | +------------------------------------------+-------+-----------+------------+ | Industrial | 30.0 | 5.0 | - | +------------------------------------------+-------+-----------+------------+ | South East | 13.5 | 2.2 | (0.1) | +------------------------------------------+-------+-----------+------------+ | Rest of UK | 16.5 | 2.8 | - | +------------------------------------------+-------+-----------+------------+ | Retail Warehouse | 122.6 | 20.4 | - | +------------------------------------------+-------+-----------+------------+ | Total Direct Property | 598.1 | 99.4 | (0.2) | +------------------------------------------+-------+-----------+------------+ | Indirect Holdings | 3.7 | 0.6 | | +------------------------------------------+-------+-----------+------------+ | Total Property Portfolio | 601.8 | 100.0 | | +------------------------------------------+-------+-----------+------------+ It is expected that the direct property portfolio will next be valued by an external valuer during September 2009 and the NAV per share as at 30 September 2009, which will also include the valuation of the Indirect Holdings on that date, will be announced in October 2009. Enquiries: Richard Kirby F&C REIT Property Asset Management plc Tel: 0207 499 2244 Graham Reaves G&N Collective Funds Services Limited Tel: 0131 226 4411 This information is provided by RNS The company news service from the London Stock Exchange END NAVZGGGRFFDGLZM
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