RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC
The Net Asset Value of the ordinary 25p shares of the Company at
03 April 2013 was as follows:
Including current period revenue 325.18
pence (US492.18c) (includes revenue reserve losses up to and
including 03 April 2013)
Excluding current period revenue 331.74
pence (US502.11c) (includes revenue reserve losses up to and
including the year ended 31 March
2012)
The exchange rate at which this was calculated was £=US$1.51355
The Net Asset Value calculation includes the time value of
unlisted warrants in respect of the portfolio valuation. The
Company has adopted the Black Scholes methodology and will
calculate the time value (in US Dollars) of unlisted warrants every
quarter. The warrants included in the portfolio for the twice
weekly NAV calculations will be calculated by valuing the
intrinsic value of the warrants and adding the time value as at
the most recently calculated quarterly valuation.
Intrinsic value of unlisted warrants as at 03 April $1,138,004
2013
Sterling equivalent at exchange rate above: £751,878
Time value of unlisted warrants as at 28 March 2013:
(adjusted for warrants subsequently acquired,
exercised, expired or disposed) $889
Sterling equivalent at exchange rate above: £587
Share price as at 03 April 2013 233.00p
Discount: (28.35%)
Because of the illiquidity/volatility of Plures Technologies,
one of the Company's larger shareholdings, the Investment Manager,
with agreement from the Board of Directors of the Company, are
valuing that company at a fixed price of $2.03 per share until further notice. There has
been a small amount of recent trading activity (less than
$10,000 worth) in the shares and this
pushed the share price to a low of 51
cents, well below the carrying value. Nevertheless, the
Directors believe that the lack of liquidity in the shares warrants
a fixed valuation which is based on a recent capital injection into
the company.
05 April 2013