NAV and Performance Fee (6091E)
April 08 2011 - 10:24AM
UK Regulatory
TIDMWSAG
RNS Number : 6091E
Woodburne Square AG PLC
08 April 2011
08 April 2011
Woodburne Square Ag plc
("Woodburne Square" or the "Company")
NAV and Performance Fee
The Board of Woodburne Square, the silver and precious metals
focused investment company, is delighted to announce that its fully
diluted NAV has increased from 2.52p on 07 January 2011 to 3.37p on
07 April 2011 - an increase of 34%.
Woodburne Square's investment strategy is focused on high
quality silver companies listed on the TSX and ASX, together with
some special situations in gold. Its investments and assets as at
07 April 2011 are split as follows:
Cash GBP23,762
Value of investments quoted on the TSX GBP1,385,531
Value of investments quoted on the AMEX GBP211,577
Value of investments quoted on UK exchanges GBP687,650
Total Value of Assets GBP2,308,520
According to the management agreement signed with Tom
Winnifrith, the company's Chief Investment Officer, t1ps Investment
Management IOM (TIM) it is entitled to a fee payable quarterly in
shares of 15% of the uplift in NAV per share in each quarter with
no fee payable on the percentage of fully diluted equity owned by
funds managed by TIM.
On this basis the Company will therefore issue loan notes with a
0% coupon which convert at 5.75p into 1,003,148 new shares to TIM
in respect of its quarterly management fee.
In calculating the NAV the figure used for the fully diluted
number of shares in issue was 62,031,467.
Woodburne will next announce its NAV on 07 July 2011.
Tom Winnifrith commented: "We have invested wisely and silver
has post period end passed through $40 oz. We expect that it will
reach $60 oz by 2012. Operational gearing means that shares in the
high quality silver plays in which we have invested should prosper
and we therefore view the short and medium term outlook with
extreme confidence."
For further information please contact
Woodburne Square Ag plc
Martin Kiersnowski, Chairman
Tel: 0207 562 3350
Tom Winnifrith, Chief Investment Officer 01624 676848
Libertas Capital Corporate Finance Limited
Sandy Jamieson
Tel: 0207 569 9650
Rivington Street Corporate Finance
Dru Edmonstone
Tel: 020 7562 3350
Bishopsgate Communications
Laura Stevens/Giang Nguyen
Tel: 0207 562 3350
This information is provided by RNS
The company news service from the London Stock Exchange
END
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