RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC
The Net Asset Value of the ordinary 25p shares of the Company at 23 November 2011 was:
Including current period revenue 245.58 pence (US 381.03c) (includes revenue reserve losses up to and including 23 November 2011)
Excluding current period revenue 252.69 pence (US 392.06c) (includes revenue reserve losses up to and including the year ended 31 March 2011)
The exchange rate at which this was calculated was £=US$1.55155
The Net Asset Value calculation includes the time value of unlisted warrants in respect of the portfolio valuation. The Company has adopted the Black Scholes methodology and will calculate the time value (in US Dollars) of unlisted warrants every quarter. The warrants included in the portfolio for the twice weekly NAV calculations will be calculated by valuing the intrinsic value of the warrants and adding the time value as at the most recently calculated quarterly valuation.
Intrinsic value of unlisted warrants as at 23 November 2011: $595,001
Sterling equivalent at exchange rate above: £383,488
Time value of unlisted warrants as at 30 September 2011: $10,870
(adjusted for warrants subsequently acquired, exercised,
expired or disposed)
Sterling equivalent at exchange rate above: £7,006
Share price as at 23 November 2011: 164.00pDiscount: (33.22%) 24 November 2011 Write Down of Investment
On 17 November 2011 Healthzone Limited went into receivership. As a result the Board have considered the valuation and as a precautionary measure have taken the decision to write down the value of Healthzone Limited from $1,866,000 to $780,000 with effect from 23 November 2011. This will have the effect of reducing the NAV by 1.55 per cent.
