Ground Rents Income Fund PLC Unaudited Net Asset Value at 31 March 2019 (9486X)

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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May 03, 2019 02:00 ET (06:00 GMT)