TIDMSLI
RNS Number : 1127N
Standard Life Invs Property Inc Tst
26 August 2011
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
INTERIM REPORT AND CONDENSED FINANCIAL STATEMENTS
1 January 2011 to 30 June 2011
Financial Highlights
- Dividend of 2.2p paid in respect of the
six months to 30 June 2011
- Dividend yield of 6.7% based on 30 June share price
- Net Asset Value per share decreased by
1.25% to 62.2p
- One property purchased during the period for GBP8.4m
(excluding purchase costs)
- One property sold during the period for
GBP2.2m (excluding selling costs)
Financial Summary
30 June 31 December
2011 2010 % Change
Net Asset Value per share1 63.3p 64.1p -1.25%
Published adjusted Net Asset Value
per share 2 62.2p 63.0p -1.25%
Share Price 66.0p 64.75p 1.9%
Value of total assets GBP178.0m GBP177.4m 0.3%
Loan to value 3 42.7% 40.8%
Cash balance GBP15.8m GBP21.2m
Dividends per share 4 2.20p 4.55p
Property Performance
Period ended Year ended
30 June 31 December
2011 2010
Property income return 3.9% 7.1%
IPD property income monthly index
5 3.4% 6.4%
Property total return (property
only) 2.8% 16.4%
Property total return (property
and cash only) 2.5% 13.7%
IPD property total return monthly
index 5 4.4% 13.3%
1 Calculated under International Financial
Reporting Standards.
2 Calculated under International Financial Reporting Standards,
adjusted to include the dividend of 1.1p per share in respect
of the quarter ending 30 June 2011.
3 Calculated as bank borrowings less full cash balance as a percentage
of the open market value of the property portfolio as at 30 June
2011.
4 Dividends paid during the 6 months to 30 June 2011 (paid during
12 months ended 31 December 2010).
5 Source: IPD
The Chairman, Paul Orchard-Lisle, stated:
'Overview of 2011 for the Company
As a prelude to my first report as Chairman of your Company, I
wish to pay tribute to my predecessor, David Moore. He guided the
Board and the Trust with skill and panache throughout its first
years and we all have good reason to be grateful to him.
The performance of the Company is set out in detail, both below
and in the Investment Manager's report. It should be read in the
context of an economy that is seeking to live with excesses of the
past while at the same time laying the foundations for future
growth. The immediate consequence for the property market is to
seek to protect income streams by investing in real estate that is
let to companies of genuine substance. However in portfolios that
have been assembled over some years, it is inevitable that there
will be tenants whose business is struggling to survive. Where this
is the case in our portfolio, we are trying to work with tenants to
find mutually worthwhile solutions. I am encouraged by the
relatively low level of bad debts and voids in the portfolio.
The state of the UK economy does not imply that funds such as
ours need to be lacklustre. There is money to be made by active
portfolio and asset management. It can enhance short term results
and also support longer term growth. Apart therefore from seeking
investments that meet our criteria and disposing of others that no
longer have a place in the portfolio, our Manager will work on
identified improvements to a number of properties. It will be a
busy last six months of the year.
Portfolio and Performance
In the six months to 30th June 2011, the property portfolio
generated a property income return of 3.9% compared with 3.4% for
the IPD monthly index. The property only total return was 2.8%,
compared with the IPD monthly
index of 4.4%. Including cash, the total return was 2.5%. The
published net asset value decreased over the period from 63.0p per
share to 62.2p per share, reflecting a reduction in the valuation
of the commercial property. This can mainly be attributed to the
failure of one of the tenants, Focus. The movements in the
valuation of the
interest rate swap and in other reserves made a positive
contribution.
Pence per % of opening
share NAV
Published NAV as at 31 December
2010 63.0 100.0
Decrease in valuation of property
portfolio (including effect of
gearing) (1.4) (2.3)
Decrease in interest rate SWAP
liability 0.5 0.8
Other reserve movements 0.1 0.2
Published NAV as at 30 June 2011 62.2 98.7
The net asset value is calculated under International Financial
Reporting Standards ("IFRS") and includes a provision for the
payment of the second interim dividend of 1.1p per ordinary share
for the quarter to 30 June 2011.
Dividends
On 27th February 2011 a dividend of 1.1p per share was paid to
shareholders, and a further dividend of 1.1p per share will be paid
on 26th August 2011 to those on the share register at 6th July 2011
(i.e. prior to the allotment of new ordinary shares on 21st July
2011). The Board intends to increase the quarterly dividend by 3%
to 1.133p per quarter with effect from the quarter ending 30
September 2011.
EGM on 29th June 2011
On 31st May 2011, the Board announced proposals to convert the
redeemable zero dividend preference shares into ordinary shares and
to raise new funds through a placing and open offer. At the EGM on
29th June 2011, shareholders approved the proposals. A total of
21,231,747 new ordinary shares were issued as a result of the
conversion of preference shares and fund raising, increasing the
ordinary share capital by approximately GBP13.5m or 18.4% of the
issued share capital. The Company now has 136,631,746 ordinary
shares in issue.
The simplification of the capital structure that flows from the
EGM will enable the Board to make prudent long term plans for
future financing needs, not least of all in light of the bank
facility that matures in December 2013. I will report further on
this topic as we make progress.
Portfolio Activity
The Investment Manager's report provides greater detail, but the
highlights of the last six months were the purchase of an office
building in Staines for GBP8.4m at an initial yield of 9.2% and the
sale of a small Industrial estate in Leeds for GBP2.2m. Subsequent
to the period end, a further purchase has been completed of an
office building in Southampton for GBP6.1m at an initial yield of
7.9%.
Outlook
While the Company depends materially on the overall performance
of the UK economy, the portfolio offers significant opportunities
to release additional income and capital value. As circumstances
permit, we will maximise performance in these areas while seeking
to ensure that the Company is fully invested. We intend to continue
a policy of a fully covered dividend.'
Jason Baggaley, on behalf of Investment Manager, stated:
'UK Real Estate Market 2011
The first six months of 2011 have seen steady, but very small,
increases in capital values, with the IPD Monthly index showing
capital growth over the period of 1%. The slight capital gain has
masked an underlying trend of decline in the value of poorer
quality secondary stock whilst prime assets and central London
drives capital growth. Rental growth has remained negative in most
of the UK across all sectors, with only central London offices
showing strong growth in rents. Although capital values have
increased every month since July 2009, the rate of recovery is very
slow, as one would expect in a generally weak economic
environment.
In an environment of low capital growth, it is the income return
from real estate that will drive total returns. For the six months
to end June 2011 the UK IPD Monthly index recorded an income return
of 3.4%, giving a total return over the period of 4.4%.
As well as a widening gulf between prime and secondary there is
a clear focus of investment being concentrated on Central London
and well let "annuity" style income such as supermarkets, with a
clear North / South divide.
UK commercial real estate has remained fairly priced over the
period. The income component of real estate returns also looks
attractive compared to the FTSE 350 index dividend yield.
The listed real estate sector has outperformed the wider market
over the period with a total return of 14% versus the FTSE 350
index which recorded 1% over this time frame.
The polarisation of investment activity is beginning to give
rise to opportunities as one can invest into markets that many
investors are ignoring, and acquire very good assets at
historically high yields. This "good secondary" market is likely to
see increased interest as investors find it harder to invest into
central London and begin to look for more yield.
Portfolio Valuation:
The portfolio is valued by Jones Lang La Salle every quarter. As
at the 30 June 2011 the real estate portfolio was valued at
GBP160.6m with cash of GBP15.8m (excluding rent deposits). This
compares to GBP155.0m and GBP21.2m of cash at the 31 December 2010.
During the six months to the 30 June one property was bought for
GBP8.4m, and one sold for GBP2.2m. Since the quarter end a further
office investment has been purchased for GBP6.1m, a yield of
7.9%.
Portfolio Performance
The real estate portfolio has had a total return of 2.8% over
the period, with the IPD monthly index showing a return of 4.4%.
The two main reasons for the under performance over the period were
the failure of one of the tenants, Focus, and the impact of
purchase costs on Staines. Over three years the Company's
properties have returned 1.3% pa compared to the IPD monthly index
return of 0.2%.
Investment Activity
Purchases: The Company completed one purchase in the first half,
an office building in Staines for GBP8.4m, 9.2%, as reported in the
year end accounts. It was also under offer on an office in
Southampton for a price of GBP6.1m, 7.9%, with completion having
taken place just after the reporting period end, in July 2011.
Sales: The Company completed the sale of a small multi let
industrial estate in Normanton, Leeds for GBP2.2m. The property was
let on several short term leases to fairly weak covenants and the
sale has reduced the risk of future default or voids.
Tenant default: In the current difficult economic environment
the ability of tenants to pay rent is closely monitored, and the
Company benefits from its largest tenants being strong corporations
with a good payment history.
Despite the generally strong covenant profile, at the end of the
reporting period one of the Company's larger tenants, Focus DIY,
went into administration. The Company had two units let to Focus.
Terms had been agreed to relet one to B&M Home by the period
end at the current rent (letting completed after the period end),
and the other unit is currently vacant with the lease remaining
vested with the Administrator. We are talking to several parties on
the unit, which provides good quality modern retail warehouse
accommodation close to a Waitrose food store. No other tenant
failure has been experienced in the last twelve months, however one
tenant has been unable to pay rent, and we have agreed terms,
subject to planning, to relet the unit to a stronger retailer.
Vacancies: During the reporting period vacancies within the
portfolio were maintained at a low level of just over 3% (IPD
monthly index is 8.5%), although at the period end this increased,
with Focus, to 5.2%. A key focus of attention for the Investment
Manager is to let the six vacant units in the fund and to seek to
secure future income flows from lease expiries and breaks over the
next two years.
Lease expiries and breaks: All lease expiries in 2011 had been
renewed by the end of May and the Manager has engaged with all
tenants with a break option or lease expiry in 2012.
Bank Loan Facility
There have been no changes to the bank debt facility of GBP84m
during the period. The facility matures in December 2013 and we
have commenced discussions with a number of providers about an
early extension. The Company is confident this can be achieved. The
LTV as at 30 June 2011 is 42.7% against a bank covenant of 65% and
the interest cover is 245% against a covenant of 170%.
Company structure
On 21st July, just after the reporting period end, the Company's
zero dividend preference shares were converted to Ordinary shares
in the Company. As a result the capital structure of the Company
has been simplified.'
All enquires to:
The Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3Ql
Tel: 01481 745001
Fax: 01481 745051
Gordon Humphries
Standard Life Investments Limited
Tel: 0131 245 2735
Jason Baggaley
Standard Life Investments Limited
Tel : 0131 245 2833
Principal Risks and Risk Uncertainties
The Company's assets consist of direct investments in UK
commercial property. Its principal risks are therefore related to
the commercial property market in general, but also the particular
circumstances of the properties in which it is invested and their
tenants. The Directors with the Investment Manager also seek to
mitigate these risks through continual review of the portfolio,
active asset management initiatives, and carrying out due diligence
work on potential tenants before entering into new lease
agreements. All of the properties in the portfolio are insured.
Other risks faced by the Company include economic, strategic,
regulatory, financial and operational. The Board seeks to mitigate
and manage these risks through continual review, policy setting and
enforcement of contractual obligations. It also regularly monitors
the investment environment and the management of the Company's
property portfolio. More detailed explanations of these risks and
the way in which they are managed are provided in the 2010 Annual
Report.
These principal risks and uncertainties have not changed from
those disclosed in the 2010 Annual Report.
Directors' Responsibility Statement
The Directors are responsible for preparing the Interim
Management Report in accordance with applicable law and
regulations. The Directors confirm that to the best of their
knowledge:
-- The condensed set of Financial Statements have been prepared
in accordance with IAS 34; and
-- The Interim Management Report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the Financial Services
Authority's Disclosure and Transparency Rules.
-- In accordance with 4.2.9R of the Financial Services
Authority's Disclosure and Transparency Rules, it is confirmed that
this publication has not been audited, or reviewed by the Company's
auditors.
The Interim Report, for the six months ended 30 June 2011,
comprises an Interim Management Report in the form of the
Chairman's Statement, the Investment Manager's Report, the
Directors' Responsibility Statement and a condensed set of
Unaudited Consolidated Financial Statements.
For and on behalf of the Directors of Standard Life Investments
Property Income Trust Limited
Paul Orchard-Lisle CBE
Chairman
25 August 2011
UNAUDITED FINANCIAL STATEMENTS
Unaudited Consolidated Statement of Comprehensive Income
for the period ended 30 June 2011
01 Jan
01 Jan 11 10 to
to 30 Jun
30 Jun 11 10
GBP GBP
Rental income 6,889,256 5,633,089
(Loss) / gain on valuation of investment
properties (1,663,851) 7,310,916
(Loss) / gain on disposal of investment
properties (30,877) 1,812,387
Investment management fee (653,902) (624,712)
Other direct property operating
expenses (586,721) (555,401)
Directors' fees and expenses (60,927) (51,402)
Valuer's fee (15,792) (23,099)
Auditor's fee (17,500) (16,000)
Other administration expenses (92,304) (92,402)
Operating profit 3,767,382 13,393,376
Finance income 15,076 41,874
Finance cost (2,770,566) (2,762,832)
Profit for the period 1,011,892 10,672,418
Other comprehensive income
Valuation profit / (loss) on cash
flow hedges 613,936 (2,519,448)
Total comprehensive income for
the period, net of tax 1,625,828 8,152,970
Earnings per share:
Basic and diluted earnings / (losses)
per share 0.88 9.33
pence Pence
All items in the above Unaudited Consolidated Statement of
Comprehensive Income derive from continuing operations.
Unaudited Consolidated Balance Sheet
as at 30 June 2011
31 Dec
30 Jun 2011 2010
GBP GBP
ASSETS
Non-current assets
Freehold investment properties 125,564,065 119,911,195
Leasehold investment properties 31,631,594 31,481,594
Lease incentives 3,122,887 3,273,974
160,318,546 154,666,763
Current assets
Trade and other receivables 1,894,018 1,607,101
Cash and cash equivalents 15,810,679 21,170,716
17,704,697 22,777,817
Total assets 178,023,244 177,444,580
EQUITY
Capital and reserves attributable
to Company's equity holders
Share capital 7,308,943 6,671,438
Retained earnings 5,608,953 5,158,901
Capital reserves (37,718,896) (36,638,104)
Other distributable reserves 97,867,354 98,138,586
Total equity 73,066,354 73,330,821
LIABILITIES
Non-current liabilities
Bank borrowings 84,189,356 84,140,896
Interest rate swaps 3,794,060 4,578,987
Redeemable preference shares 9,312,292 9,041,060
Leasehold obligations 6,094 6,094
97,301,802 97,767,037
Current liabilities
Trade and other payables 4,667,932 3,530,557
Interest rate swaps 2,986,656 2,815,665
Leasehold obligations 500 500
7,655,088 6,346,722
Total liabilities 104,956,890 104,113,759
Total equity and liabilities 178,023,244 177,444,580
Approved by the Board of Directors on 25 August 2011
Unaudited Consolidated Statement of Changes in Equity
for the period ended 30 June 2011
Other
Share Share Retained Capital distributable
Total
capital premium earnings reserves reserves equity
GBP GBP GBP GBP GBP GBP
Opening
balance 1
January 2011 6,671,438 - 5,158,901 (36,638,104) 98,138,586 73,330,821
Profit for
the period - - 1,011,892 - - 1,011,892
Valuation loss
on cash flow
hedges - - - 613,936 - 613,936
Total
comprehensive
income for
the period - - 1,011,892 613,936 - 1,625,828
Dividends - - (2,527,800) - - (2,527,800)
Ordinary
shares
issued* 637,505 - - - - 637,505
Loss on
valuation of
investment
properties - - 1,663,851 (1,663,851) - -
Loss on
disposal of
investment
properties - - 30,877 (30,877) - -
Transfer
between
reserves** - - 271,232 - (271,232) -
Balance as
at 30 June
2011 7,308,943 - 5,608,953 (37,718,896) 97,867,354 73,066,354
*this value represents both the nominal and the premium raised
on issuing the ordinary shares.
** this is a transfer to move redeemable preference share
finance costs from the retained earnings reserve to the other
distributable reserves.
Unaudited Consolidated Statement of Changes in Equity
for the period ended 30 June 2010
Other
Share Share Retained Capital distributable
Total
capital premium earnings reserves reserves equity
GBP GBP GBP GBP GBP GBP
Opening
balance 1
January 2010 6,671,438 5,217,022 6,662,276 (46,055,762) 93,433,322 65,928,296
Profit for
the period - - 10,672,418 - - 10,672,418
Valuation loss
on cash flow
hedges - - - (2,519,448) - (2,519,448)
Total
comprehensive
income for
the period - - 10,672,418 (2,519,448) - 8,152,970
Dividends - - (2,688,400) - - (2,688,400)
Gain on
valuation of
investment
properties - - (7,310,916) 7,310,916 - -
Gain on
disposal of
investment
properties - - (1,812,387) 1,812,387 - -
Transfer
between
reserves* - - 255,879 - (255,879) -
Transfer
between
reserves** - (5,217,022) - - 5,217,022 -
Balance as
at 30 June
2010 6,671,438 - 5,778,870 (39,451,907) 98,394,465 71,392,866
* this is a transfer to move redeemable preference share finance
costs from the retained earnings reserve to the other distributable
reserves.
** on 18 March 2010 the Audit Committee approved the
re-categorisation of the share premium to
other distributable reserves under the provisions of The
Companies (Guernsey) Law, 2008.
Consolidated Cash Flow Statement
for the period ended 30 June 2011
01 Jan 01 Jan
11 to 10 to
30 Jun 30 Jun
11 10
GBP GBP
Cash generated from operating activities 6,314,906 5,328,278
Cash flows from investing activities
Interest received 15,076 41,874
Purchase of investment property (8,827,916) (25,729,251)
Capital expenditure on investment properties (725,298) (4,776,751)
Proceeds from disposal of investment
properties 2,107,234 23,224,787
Net cash used in investing activities (7,430,904) (7,239,341)
Cash flows from financing activities
Proceeds from issue of shares 637,505 -
Interest paid on bank borrowings (772,617) (852,074)
Interest rate swap cost (1,581,127) (1,606,727)
Dividends paid to the Company's shareholders (2,527,800) (2,688,400)
Net cash used in financing activities (4,244,039) (5,147,201)
Net decrease in cash and cash equivalents
in the period (5,360,037) (7,058,264)
Cash and cash equivalents at beginning
of the period 21,170,716 30,796,998
Cash and cash equivalents at end of period 15,810,679 23,738,734
Standard Life Investments Property Income Trust Limited
Notes to the Unaudited Condensed Consolidated Financial
Statements
for the period ended 30 June 2011
1. General Information
Standard Life Investments Property Income Trust Limited ("the
Company") and its subsidiary (together the "Group") carries on the
business of property investment through a portfolio of freehold and
leasehold investment properties located in the United Kingdom. The
Company is a limited liability company incorporated and domiciled
in Guernsey, Channel Islands. The Company has its primary listing
on the London Stock Exchange with a secondary listing on the
Channel Islands Stock Exchange.
The address of the registered office is Trafalgar Court, Les
Banques, St Peter Port, Guernsey.
These Unaudited Consolidated Financial Statements were approved
for issue by the Board of Directors on 25 August 2011.
The Audited Consolidated Financial Statements of the Company for
the year ended 31 December 2010 are available upon request from the
registered office.
2. Accounting Policies
Basis of preparation
The Unaudited Consolidated Financial Statements of the Group
have been prepared in accordance with and comply with International
Financial Reporting Standards as adopted by the European Union
("IFRS"), and all applicable requirements of The Companies
(Guernsey) Law, 2008. The Unaudited Consolidated Financial
Statements have been prepared under the historical cost convention
as modified by the measurement of investment property and
derivative financial instruments at fair value. The consolidated
financial statements are presented in pound sterling and all values
are not rounded except when otherwise indicated.
These statements do not contain all of the information required
for full annual statements and should be read in conjunction with
the Audited Consolidated Financial Statements of the Company for
the year ended 31 December 2010. The same accounting policies and
methods of computation are followed in these interim financial
statements as compared with the Audited Consolidated Financial
Statements prepared for the year ended 31 December 2010.
3. Related Party Disclosures
Parties are considered to be related if one party has the
ability to control the other party or exercise significant
influence over the other party in making financial or operational
decisions.
Redeemable preference shares
On 19 December 2003 the Company issued 6,000,000 25p redeemable
zero dividend preference shares for GBP6,000,000 to The Standard
Life Assurance Company. On 10 July 2006 these shares were
transferred to Standard Life Assurance Limited. These shares have a
nominal value of GBP1,500,000 and are redeemable by the Company on
the tenth anniversary of admission at a redemption price of
GBP1.7908. These shares do not carry any voting rights. (Please
refer to Note 7, events after the balance sheet date.)
Ordinary share capital
Standard Life Investment Funds Limited held 16,644,609 of the
issued ordinary shares at the balance sheet date on behalf of its
Unit Linked Property Funds (2010: 16,644,609). This equates to
14.4% (31 Dec 2010: 14.5%) of the ordinary share capital in issue
at the balance sheet date, however, Standard Life Investments Funds
Limited is not considered to exercise control of the Group. Those
parties related to the Investment Manager waived their rights to
commission on the initial purchase of these shares in order to
maintain the fairness of the transaction to all parties. (Please
refer to Note 7, events after the balance sheet date.)
Investment Manager
On 19 December 2003 Standard Life Investments (Corporate Funds)
Limited ("the Investment Manager") was appointed as Investment
Manager to manage the property assets of the Group.
Under the terms of the Investment Management Agreement the
Investment Manager is entitled to receive a fee at the annual rate
of 0.85% of the total assets, payable quarterly in arrears. On 1
July 2008 a supplemental agreement to the Investment Management
Agreement was put in place to amend the fee basis to be 0.85% per
annum of the total assets except where cash balances exceed 10% of
total assets. The fee applicable to the amount of cash exceeding
10% of total assets is altered to be 0.20% per annum, payable
quarterly in arrears. The Investment Manager has also agreed to
reduce its charge to 0.75% of the total assets of the Group until
such time as the net asset value per share returns to the launch
level of 97p. This is applicable from the quarter ending 31
December 2008 onwards and does not affect the reduced fee of 0.20%
on cash holdings above 10% of total assets. The total fees charged
for the period ended 30 June 2011 amounted to GBP653,902 (period
ended 30 June 2010: GBP624,712). The amount due and payable at the
period end amounted to GBP325,651 excluding VAT (period ended 30
June 2010: GBP320,892 excluding VAT).
4. Dividends
The interim dividends paid to date in 2011 are as follows (30
June 2010: GBP2,688,400*):
GBP1,258,400 (1.1p per ordinary share) paid in February relating
to the quarter ending 31 December 2010
GBP1,269,400 (1.1p per ordinary share) paid in May relating to
the quarter ending 31 March 2011
GBP2,527,800
* Includes special dividend paid in February 2010 relating to
year ending 31 December 2009 of 0.25 pence per share.
5. Reconciliation of Consolidated Net Asset Value to Published
Net Asset Value
The net asset value attributable to ordinary shares is published
quarterly and is based on the most recent valuation of the
investment properties and calculated on a basis which adjusts the
underlying reported IFRS numbers. The adjustment made is to include
a provision for payment of a dividend in respect of the quarter
then ended.
30 Jun 11 31 Dec 10
Number of
Number of shares shares
Number of ordinary shares
at the reporting date 115,399,999 114,399,999
30 Jun 11 31 Dec 10
GBP GBP
Total equity per unaudited
(audited 31 Dec 2010)
consolidated financial statements 73,066,354 73,330,821
Net asset value per share 63.3p 64.1p
Adjustments:
Provision for dividend in
respect of the quarter
ending 30 Jun 2011 (31 Dec
2010 ) (1,269,400) (1,258,400)
Published adjusted net asset
value 71,796,954 72,072,421
Published adjusted net asset 62.2p 63.0p
value per share
6. Commitments
As at 30 June 2011, the Group had agreed construction contracts
with third parties and is committed to future expenditure of
GBP0.1m (31 December 2010 : GBP1.0m) for Hydrasun, Aberdeen.
7. Events After The Balance Sheet Date
Property Purchases
On 21 July 2011 the Group completed the purchase of an office
investment in Southampton for GBP6.1m. The office was built in 2007
and is let to Grant Thornton, Santander and Michael Page. The
purchase price reflects an initial yield of 7.9%.
Dividends and Shares
On 6 July 2011 the directors declared that an interim dividend
be payable in respect of the quarter ended 30 June 2011 of 1.1p per
share.
On 21 July 2011 the directors announced the allotment of
21,231,747 ordinary shares of 1p each, which rank pari passu with
the existing ordinary shares in issue, in connection with the
conversion of the Company's six million redeemable preference
shares into ordinary shares and the placing and open offer of new
ordinary shares. The total number of ordinary shares in issue will
be 136,641,746 and the total number of voting rights in the Company
will be 136,631,746.
On 21 July 2011, Standard Life Investment Funds Limited held
34,151,690 of the issued ordinary shares. This equates to 25.0% of
the ordinary share capital.
On 21 July 2011, Paul Orchard-Lisle purchased 9,275 ordinary
shares via the Company's placing and open offer of new ordinary
shares.
On 21 July 2011, Richard Barfield purchased 10,000 ordinary
shares via the Company's placing and open offer of new ordinary
shares.
On 21 July 2011, the fund manager, Jason Baggaley, purchased
22,917 ordinary shares via the Company's placing and open offer of
ordinary shares.
Additional Notes to the Interim Financial Report
The interim report for the financial period ended 30 June 2011
was approved by the Directors on 25 August 2011 and will be
available for download from the Company's website hosted by the
Investment Manager (www.standardlifeinvestments.co.uk/its) by end
August 2011.
Please note that past performance is not necessarily a guide to
the future and that the value of investments and the income from
them may fall as well as rise. Investors may not get back the
amount they originally invested.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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