Law Debenture Corp PLC Net Asset Value (2887H)

TIDMLWDB

RNS Number : 2887H

Law Debenture Corp PLC

24 March 2020

The Law Debenture Corporation p.l.c.

Net Asset Value as at 20 March 2020

The Law Debenture Corporation p.l.c. announces that its Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business(1) on 20 March 2020 was 486.05 pence per share (cum income), which excludes the proposed 2019 final dividend of 19.40p as the shares went ex-dividend on 12 March. With the Corporation's long term debt stated at fair value, the NAV was 466.15 pence per share (cum income). The mid-market price at the close of business on 20 March 2020 was 431.00 pence per share. The final dividend will be paid, subject to shareholder approval, on 16 April 2020 to holders on the register at the record date of 13 March 2020.

 
Net Asset Value               Excluding Income  Including Income 
                                       (pence)           (pence) 
NAV with debt at par                    483.08            486.05 
                              ----------------  ---------------- 
NAV with debt at fair value             463.18            466.15 
                              ----------------  ----------------

Performance

 
                                                    YTD  1 year  3 years  5 years  10 years 
                                                      %       %        %        %         % 
NAV total return (with debt at par) (2)           -31.3   -23.1    -16.5     -0.3      86.7 
------------------------------------------------  -----  ------  -------  -------  -------- 
NAV total return (with debt at fair value) (2)    -31.1   -23.1    -16.2     -1.6      80.4 
------------------------------------------------  -----  ------  -------  -------  -------- 
FTSE Actuaries All-Share Index Total Return (3)   -31.7   -25.6    -19.9     -6.1      40.1 
------------------------------------------------  -----  ------  -------  -------  -------- 
Share price total return (3)                      -31.3   -25.4    -13.0      0.0      99.4 
------------------------------------------------  -----  ------  -------  -------  -------- 
Change in Retail Price Index(4)                    -0.4     2.7      9.5     13.8      33.8 
------------------------------------------------  -----  ------  -------  -------  --------

(1) The fair value of the IPS business has been calculated as at 31 December 2019 and was published as part of the year end results announcement on 27 February 2020.

(2) NAV is calculated in accordance with the Association of Investment Companies (AIC) methodology, based on performance data held by Law Debenture including fair value of IPS business and long-term borrowings. NAV is shown with debt measured at par and with debt measured at fair value.

(3) Source: Thomson Reuters.

(4) Source: Bloomberg, subject to the latest published RPI data based on January 2020.

In accordance with listing rule 15.6.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed investment companies that require to be disclosed.

Released by The Law Debenture Corporation p.l.c., Fifth Floor, 100 Wood Street, London, EC2V 7EX (contact Debbie Fish, Company Secretariat, 020 7696 5940).

The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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March 24, 2020 03:00 ET (07:00 GMT)

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