News

Key Financial Information
 

As at 31 December 2017

• Sterling currency Net Asset Value ("NAV") was £14.9 million (30 June 2017: £15.7 million)
• NAV was 63.69 pence per share (30 June 2017: 66.94 pence)
• Share price¹ was 57.88 pence per share (30 June 2017: 61.25 pence per share)

For the six months ended 31 December 2017

• Loss was 4.24 pence per share (31 December 2016: loss was 0.58 pence per share)
• No dividends or redemptions of shares were paid during the period (31 December 2016: none)

Source: AXA Investment Managers UK Limited and Stifel Nicolaus Europe Limited

Chairman’s Statement

AXA Property Trust Limited’s (the " Company") remaining property holding is a multiplex cinema near Bergamo in Northern Italy. Its value, fundamentally, lies in a contracted rent flow of €1.5 million p.a payable by UCI Italy Ltd for a remaining 7 year term, plus the reversionary value at the end of that term. The independent valuation as at December 2017 was €13.2 million but a thorough marketing campaign over some years has not elicited any sustained interest at all from buyers. As the Investment Managers report the prospects of an open market sale are weaker and there is the prospect of a lease renegotiation with the tenant. The outturn may have an impact on valuation. Any liquidation of the asset is likely, therefore, to take a considerable time and the Board are reviewing how the costs of the running the Company can be minimised.