6 Jul 2012 14:15
ECOFIN WATER & POWER OPPORTUNITIES PLC | ||||||
It is announced that at the close of business on 4 July 2012, the un-audited Net Asset Values per Ordinary Share and ZDP Shares of the above investment trust company were:- | ||||||
Share Class | NAV (p) | NAV (p) | Increase / (Decrease) | Absolute movement | ||
(exc. undistributed revenue) | (inc. undistributed revenue) | (inc. undistributed revenue) % | (inc. undistributed revenue) pence | |||
Ordinary Shares | 158.31 | 160.27 | 1.62 | 2.55 | ||
Ordinary Shares (dilutive)* | n/a | n/a | n/a | n/a | ||
ZDP Shares | 120.96 | 120.96 | 0.07 | 0.09 | ||
\* The Company's 6% Convertible Unsecured Loan Stock 2016 in issue will not necessarily dilute the Ordinary Shares' Net Asset Value but may do so. Where no dilution of NAV takes place the value boxes on this line will show "not applicable". A diluted NAV assumes that the 6% Convertible Unsecured Loan Stock has been converted at the conversion price of 172.6445p. | ||||||
Fund Values (rounded) | £ '000 | £ '000 | ||||
Total Assets (less cash at bank) | 504,116 | |||||
Cash at Bank | 555 | |||||
Total Assets | 504,671 | |||||
Borrowings: | ||||||
Prime Brokerage | 16,709 | |||||
6% CULS 2016 | 79,122 | |||||
ZDP Shares | 72,575 | |||||
168,406 | ||||||
Net Assets (Ordinary Shareholders Funds) | 336,265 | |||||
Gearing (net debt/net assets) * | 49.9% | |||||
Net debt is bank debt, the Convertible Unsecured Loan Stock and the Zero Dividend Preference Shares, less cash at bank | ||||||
Notes: | ||||||
* The total assets of the Company include an equity investment of £6.4million in EIH Cyprus Group which is a joint venture between the Company and other funds managed by the Investment Manager, Ecofin Limited. 88.2% of the assets of EIH Cyprus are in cash representing the proceeds of the sale of one of the Company's investments, Solel Limited. If the above Cash at Bank figure was adjusted for this, the Company's gearing would decline from 49.9% to 48.2%. | ||||||
The total assets of the Company also include approximately £93.04m in bonds. Adjusted for this, the total equity exposure of the Company is 122.25% of net assets. Adjusted for the bonds and the cash held by EIH Cyprus Group, the equity exposure of the Company is 120.56%. | ||||||
Phoenix Administration Services Limited | Corporate Secretary | |||||