Glossary

Glossary

Discount

The amount by which the market price per share of an Investment Trust Company is lower than the net asset value per share. The discount is normally expressed as a percentage of the net asset value per share.

Dividend Yield

The annual dividend expressed as a percentage of the share price.

Gearing

Total debt comprising debentures, loan stock, bank loans and overdrafts less cash at bank and short term deposits divided by shareholders’ funds.

Net Asset Value

The value of the total assets less the liabilities. Liabilities for this purpose include both current and long-term liabilities. To calculate the net asset value per ordinary share, divide the net asset value by the number of shares in issue.

Ordinary shares

Confer certain rights to the holder as laid down in the Articles of Association. These include entitlements to any income distributions paid by the Company, to all undistributed net income if the Company is wound-up and certain voting rights. They rank for payment of capital after repayment of borrowings and the entitlements of all other share classes.

Premium

The amount by which the market price per share of an Investment Trust Company exceeds the net asset value per share. The premium is normally expressed as a percentage of the net asset value per share.

Release of Results

The half-year results are announced in early December. The full year results are announced in early June.

Annual General Meeting

The AGM is held in London in July.

Dividend Payment Dates

Dividends are paid on the ordinary shares as follows:
Interim : early January
Final : late July

Dividend Payments

Dividends can be paid to ordinary shareholders by means of BACS (Bankers’ Automated Clearing Services); mandate forms for this purpose are available from the Registrar. Alternatively, shareholders can write to the Registrar to give their instructions; these must include the bank account number, the bank account title and the sort code of the bank to which payments are to be made.

Share Price Listings

The market price of the Company’s ordinary shares is published daily in The Financial Times. Some of the information is published in other leading newspapers. The Financial Times also shows figures for the estimated net asset values and the discounts applicable.

Share Price Information

The ISIN code/SEDOL (Stock Exchange Daily Official List) number of the Company’s ordinary shares is GB0009064097/0906409. Other sources include Bloomberg (TRY.LN) and Reuters (TRY.L).

Internet

Details of the market price and net asset value of the shares can be found at www.trproperty.co.uk on the Company’s website. Shareholders who hold their shares in certificated form can check their holdings with the Registrar, Computershare Investor Services PLC, via www.computershare.com. Please note that to gain access to your details on the Computershare site you will need the holder reference number stated on the top left-hand corner of your share certificate.

Disability Act

Copies of the Report and Accounts and other documents issued by the Company are available from the company secretary. If needed, copies can be made available in a variety of formats, including Braille, audio tape or larger type as appropriate. You can contact the Registrar, Computershare Investor Services PLC, which has installed telephones to allow speech and hearing impaired people who have their own telephone to contact them directly, without the need for an intermediate operator. Specially trained operators are available during normal business hours to answer queries via this service. Alternatively, if you prefer to go through a ‘typetalk’ operator (provided by The Royal National Institute for Deaf People) the number is 0800 959 598. For investors through the Henderson Investment Trust Share Plan, Henderson Selection ISA or Henderson Selection Transfer PEP, a textphone telephone service is available on 020 7850 5406. This service is available during normal business hours.

Nominee Share Code

Where notification has been provided in advance, the Company will arrange for copies of shareholder communications to be provided to the operators of nominee accounts. Nominee investors may attend general meetings and speak at meetings when invited to do so by the Chairman. Investors in the Henderson Investment Trust Share Plan, Henderson Selection ISA and Henderson Selection Transfer PEP receive all shareholder communications. A letter of direction is provided to facilitate voting at general meetings of the Company.

Capital Gains Tax

The value for CGT purposes of the Company’s shares on 31 March 1982, the start of indexation allowance for inflation, is shown below. Ordinary shares of 25p each 11.828p* Warrants issued 1994 3.775p For shareholders who acquired ordinary shares through the conversion of C Shares on 7 July 1994 the adjusted cost of the new shares for CGT purposes is 40.143p per share. Warrants issued to C shareholders have a base cost for CGT purposes of 12.811p per warrant. * Adjusted for share issues The Finance Act 1998 included provisions which made considerable changes to the way that chargeable gains are calculated for non-corporate shareholders in respect of disposals made on or after 6 April 1998. From that date pooling no longer applies and disposals are matched against shares acquired in the following order:

  • same date acquisitions;
  • acquisitions within the following 30 days;
  • previous acquisitions on or after 6 April 1998 (using ‘last in first out’ basis);
  • any shares held in the pool as at 5 April 1998;
  • any shares held in the pool as at 5 April 1982;
  • any shares acquired before 6 April 1965; and
  • any shares acquired subsequent to the disposal.

For disposals on or after 6 April 1998 indexation is still allowed but only up to April 1998. The Finance Act changes apply a taper relief to the amount of the chargeable gains on these disposals. The taper is 5% for each complete year of ownership after the first two complete years, with a maximum reduction of 40% after ten complete years. In calculating the taper relief, assets held before 17 March 1998 qualify for an extra year. The way that chargeable gains are calculated for companies remains under review by the Inland Revenue and for the time being pooling remains. The special rules that previously applied to shareholders disposing of shares, who had purchased their shares through the Henderson Investment Trust Share Plan on a monthly basis, was withdrawn by the Inland Revenue for savings commenced on or after 6 April 1998. When savings commenced before 6 April 1998, the simplified basis will still apply for acquisitions during the investment trust’s accounting period ended before 6 April 1999, which in the case of TR Property is 31 March 1999. The calculation of the tax on chargeable gains will depend on personal circumstances. The above information is of a general nature and is not exhaustive. If you are in any doubt about your personal tax position, you are recommended to contact your professional adviser.

Latest share price

Ordinary Shares
Price (p)
Published (NAV)
Yield
Discount

Prices correct as of close 2017-02-21. Last Published NAV is as at the previous business day.
Source: Trustnet

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