OPF Off-Plan Fd

    RNS Number : 3672B
  Off-Plan Fund Limited (The)
  14 August 2008
   

 For Immediate Release  14 August 2008


    The Off-plan Fund Limited

    Valuation Announcement

    The Board of The Off-plan Fund Limited (the "Fund"), which specialises in providing forward finance to UK housebuilders, is pleased to
announce the Fund's quarterly valuation for the period ending 30 June 2008.

    * The net asset value of the Fund prepared under historical cost convention as at that date was �9.4m (84.6p per share) (84.9p as at 31
March 2008)

    * Using Red Book* valuations for the underlying properties, the estimated net asset value of the Fund was �10.9m (98.2p per share)
(101.6p as at 31 March 2008)

    * The nature of the Fund's investments mean that, under current accounting standards, the discounts to market value achieved by the
Fund, cannot be recognised in the reported balance sheet. The Fund therefore obtains an independent 'Red Book' valuation of the assets
within the property portfolio in order that shareholders can identify this additional value. The Red Book is the Asset Valuation Practice
and Guidance Notes of the Royal Institution of Chartered Surveyors and is the industry standard method for valuing investment properties.
The valuations were prepared by independent surveyors as at 31 March 2008, the date of the last interim financial statements.


    List of Contacts
    Development Capital Management
    Roger Hornett
    Andy Gardiner
    020 7399 4270

    Numis Securities Limited
    Nominated Adviser
    Nick Westlake
    020 7260 100
    Corporate Broking
    Charles Farquhar
    020 7260 100

    Buchanan Communications
    Charles Ryland
    Isabel Podda
    020 7466 5000


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