24 Jun 2011 15:38
ECOFIN WATER & POWER OPPORTUNITIES PLC | |||||
It is announced that at the close of business on 22 June 2011, the un-audited Net Asset Values per Ordinary Share and ZDP Shares of the above investment trust company were:- | |||||
Share Class | NAV (p) | Increase / (Decrease) | Absolute movement | ||
(inc. undistributed revenue) | % | (p) | |||
Ordinary Shares | 169.72 | 0.94 | 1.58 | ||
Ordinary Shares (dilutive)* | n/a | n/a | n/a | ||
ZDP Shares | 112.47 | 0.12 | 0.14 | ||
\* The Company's Subscription Shares and 6% Convertible Unsecured Loan Stock 2016 in issue may, but not necessarily will, dilute the Ordinary Shares Net Asset Value. | |||||
Where no dilution of Net Asset Value takes place the value box on this line will indicate "not applicable". | |||||
The diluted NAV assumes that the subscription shares rights have been exercised at 183p, being the exercise price for the period 1 June 2011 to 31 May 2012 (both dates inclusive) and 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) | 566,472 | ||||
Cash at Bank | 1,433 | ||||
Total Assets | 567,905 | ||||
Borrowings: | |||||
Prime Brokerage | 64,442 | ||||
6% CULS 2016 | 78,978 | ||||
ZDP Shares | 67,483 | ||||
210,903 | |||||
Net Assets (Ordinary Shareholders Funds) | 357,002 | ||||
Gearing (net debt/net assets) * | 58.7% | ||||
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 £19.8 million 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 58.7% to 53.1%. | |||||
The total assets of the Company also include approximately £85.0m in bonds. Adjusted for this, the total equity exposure of the Company is 134.9% of net assets. Adjusted for the bonds and the cash held by EIH Cyprus Group, the equity exposure of the Company is 129.3%. | |||||
Phoenix Administration Services Limited | Corporate Secretary | ||||