Business
Interim Management Statement
Interim Management Statement.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 3798J Graphite Enterprise Trust PLC 11 June 2014 \n\n11 June 2014\nGRAPHITE ENTERPRISE TRUST PLC\n \nINTERIM MANAGEMENT STATEMENT\nQUARTER ENDED 30 APRIL 2014\n \nGraphite Enterprise Trust PLC (\"Graphite Enterprise\" or the \"Company\") presents its Interim Management Statement for the quarter ended 30 April 2014. \n \nPerformance summary\n \nIn the three months to 30 April 2014 the net asset value per share rose by 1.6% from 677.2p to 688.1p. The increase over the twelve months to that date was 8.2%.\n \nIn a quarter when little new valuation information is usually received, the rise in the valuation of the portfolio in local currency generated a 2.1% increase in net asset value. This was partially offset by expenses of 0.4% and a small adverse impact from currency movements of 0.1%. \n \nThe year end dividend of 15.5p per share (see Dividend section below) has not been reflected in the first quarter's results.\n \nOver the three months the share price rose by 1.5% from 563.5p to 572.0p. While this was less than the increase in the FTSE All-Share Index of 3.5%, over the twelve months to 30 April the share price increased by 16.3% against a rise of 6.8% in the Index. \n \nThe discount of the share price to the net asset value at 30 April was 16.9%, which was very similar to the level of 16.8% at 31 January.\n \nInvestment portfolio \n \nInvestment performance\nThe underlying value of the portfolio in local currencies rose by £10.5 million in the quarter, increasing the net asset value by 2.1%. Currency movements reduced the net asset value by £0.3 million or 0.1%. \n \nWe had received March valuations for 62% of the portfolio by the cut-off date. As many of those managers who did report do not prepare full portfolio revaluations at March, the great majority of the portfolio effectively remains at its reported December valuation.\n \nThe largest gain was generated by Graphite Capital's disposal of the investment in Education Personnel (\"EP\"), which was held through Graphite Capital Partners VII (\"CPVII\"). The acquirer was Intermediate Capital Group (\"ICG\"). Although the disposal was completed after the quarter end, the April net asset value reflects the agreed exit price. The disposal increased the net ass...