Net Asset Value(s)

    RNS Number : 7934A
  Royal London UK Eqty&Income Tst PLC
  06 August 2008
   

    ROYAL LONDON UK EQUITY & INCOME TRUST PLC (the "Company")
    As at close of business on 1 August 2008, the unaudited net asset value ("NAV") per share class of the Company calculated in accordance
with the AIC formula, and the Notes below, was:
    A. Current NAVs pre-liquidation 
    NAV per Ordinary Share excluding current financial year revenue items = 27.50 pence
    NAV per Annuity Share = 75.00 pence 

    B. Estimated NAVs post liquidation
    NAV per Ordinary Share excluding current financial year revenue items and with final ZDP redemption value of 179.89 pence = 18.46 pence
    NAV per Annuity Share = 95.30 pence (plus the amount of any arrears of cumulative dividends thereon down to the date of liquidation)

    As a result of the announcement made on 15 May 2008 concerning the proposed liquidation of the Company, steps have been taken to
liquidate the majority of the underlying portfolio and the current market exposures are shown below.
    As at 1 August 2008  
    Asset Exposures: 
    Equities = £0.2m
    Income Portfolio = £0.7m
    Corporate Bonds = £5.5m  
    Short dated Gilts = £51.0m
    The remainder of the valuation consists of cash and unsettled trades.


    ROYAL LONDON UK EQUITY & INCOME SECURITIES PLC (the "Subsidiary")
    As at close of business on 1 August 2008, the NAV per Zero Dividend Preference share of the Subsidiary, a wholly owned subsidiary of the
Company = 178.08 pence. 

    Notes:
    1. The investments are valued at bid and the bank loan is included at fair value. 
    2.  The Current NAV pre-liquidation of 75.00 pence per Annuity Share stated above is the amount payable to Annuity Shareholders
according to the Articles of Association on their redemption date of 14 September 2021. Consent of the Annuity Shareholders to a winding-up
prior to that date is required.  
    3. On 15 May 2008 the Directors of the Company announced their intention to bring forward proposals for the liquidation of the Company,
to take effect on 12 September 2008.  As stated at that time, Royal London, which holds 100 per cent. of the Company's Annuity Shares and 10
million Ordinary Shares (equal to 14.29 per cent. of the Ordinary Shares in issue), has agreed to vote in favour of the liquidation
proposals on the basis that Royal London receives, in respect of the Annuity Shares, a payment of 95.3 pence per Annuity Share on the
winding up of the Company, equating to a redemption yield of 8.2 per cent. per annum over the period from the launch of the Company to the
proposed liquidation date. The Annuity Shareholder will also receive payment of any arrears of cumulative dividends down to the date of
liquidation. The NAV per Annuity Share post liquidation is stated above on the basis of that agreement. Investors are directed to the
following websites for the full text of this announcement: www.rlam.co.uk or www.londonstockexchange.com.
    4. These are capital NAVs and no provision has been made for the costs of liquidation.
    5. The NAVs per Ordinary Share stated above include a payment from Royal London Asset Management in respect of a refund of VAT on
management fees, further details of which can be found in the Chairman's Statement in the Company's Interim Report for the half year ended
29 February 2008.

    For further information, please contact:
    Rachael Nelson
Company Secretary
BNP Paribas Secretarial Services Limited
    020 7410 3132
    6 AUGUST 2008


This information is provided by RNS
The company news service from the London Stock Exchange
 
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