
Ordinary Shares

Price (p)	149.40
Published NAV	171.60
Yield	3.89
Discount	-13.84

Prices correct as of close 2010-09-09. Last Published NAV is as at the previous business day. Source: Trustnet

Sigma Shares

Price (p)	66.90
Published NAV	88.60
Yield	2.99
Discount	-25.20

Prices correct as of close 2010-09-09. Last Published NAV is as at the previous business day. Source: Trustnet

For Ordinary Shares

June 2009
Though Pan European property stocks declined in June, the underlying investment tone improved and pricing generally had a more stable and solid feel with trading ranges narrowing and volatility declining. Rights issues and property sales continued to improve the industry’s balance sheet. There were another 13 separate capital raisings totalling £1.4 billion, ten of which were on the Continent and major asset disposals continued to be reported especially by Hammerson (whose bond pricing improved by over 10% on the month). Another sign of normality was the reappearance of takeovers with agreed share for share bids for Brixton in the UK and Jelmoli in Switzerland. The benchmark Index in Sterling fell 4.85%, the Ordinary Share NAV fell 3.30% and the Ordinary share price fell 1.82%. The tone of the direct investment market also improved. With the banks holding back on foreclosures, the market is slightly starved of good quality stock. June’s IPD result showed the smallest monthly decline since last summer. The one sour note is that rental values continue to fall by about 1% per month. However, for the time being, buyers are ignoring the future cash implications of such weakness. Gross cash in the Ordinary share class declined from £46m to £37m principally as a result of the take-up of rights and placings in Liberty, Great Portland, St Modwen and Befimmo. Net cash (adjusting for debt and the final dividend) fell from £25m to £16m. The Ordinary shares went ex the final dividend of 3.45p on July 1 and the dividend is payable on 4 Aug. The AGM is at noon on July 28.