SUMMARY
· Net asset value per share 203.0p at 30 September 2017 increased by 3.1% from 196.9p at 30 September 2016.
· Disposed of the majority of our investment properties for £129.8 million.
· The disposal crystallised capital gains of £48.2 million realised between 2009 and March 2017 on assets acquired for £113.4 million. Net income before tax of £47.0 million was also received over the same period from these assets.
· Acquired a 37 acre development site in Nottingham city centre for £13.5 million.
· Total cash available for acquisitions and development funding of £37 million and no debt.
· Bought back 10.3 million shares (13.4% of ordinary share capital) at an average price of 165 pence per share.
Summary Group Net Assets as at 30 September 2017
|
|
|
Per Share |
|
|
£'m |
p |
|
Properties and Projects |
70.9 |
106.0 |
|
Investment in Regional REIT Limited |
27.6 |
41.3 |
|
Cash and other net assets |
37.3 |
55.7 |
|
Net Assets |
135.8 |
203.0 |
Robert Ware, Chief Executive, commented:
“The disposal of the investment property portfolio enables us to concentrate on our goal of maximising the value of the development pipeline. This area of the business will be the main driver of shareholder growth in the medium term.
Our strong balance sheet, with cash reserves and no debt, places us in a good position to take advantage of opportunities as they arise and we will make further acquisitions if it makes sense to do so.
In the meantime, we will work hard to deliver the projects and investments we currently hold.”