HALF-YEARLY FINANCIAL REPORT 2024 - Flipbook - Page 29
THE EDINBURGH INVESTMENT TRUST PLC / OTHER INFORMATION FOR SHAREHOLDERS / 27
NET ASSET VALUE (NAV) – DEBT AT FAIR VALUE
The fair value of each tranche of the £120m Unsecured Senior Loan Notes is ascertained by the administrator by aggregating
the discounted value of future cashflows, being the contractual interest payments and the repayment of capital at maturity as
each falls due. The discount factor used for each tranche is based on the market yield of UK Treasuries with similar maturity
dates adjusted to incorporate a credit spread.
The net asset value per share adjusted to include the Unsecured Senior Loan Notes at fair value rather than at par is as follows:
30 September 2024
(Unaudited)
31 March 2024
(Audited)
NAV per share
pence
Shareholders’
funds
£’000
NAV per share
pence
Shareholders’
funds
£’000
798.41p
1,185,626
749.25p
1,135,047
80.81p
120,000
79.21p
120,000
NAV – debt at par
Unsecured Senior Loan Notes – at par
Unsecured Senior Loan Notes – at fair value
(48.83p)
NAV- debt at fair value
830.39p
(72,502)
1,233,124
(48.49p)
779.97p
(73,461)
1,181,586
RETURN
The return generated in a period from the investments.
CAPITAL RETURN
Reflects the return on NAV, excluding any dividends reinvested.
TOTAL RETURN
Total return is the theoretical return to shareholders that measures the combined effect of any dividends paid together with
the rise or fall in the share price or NAV. In this Half-Yearly Financial Report these return figures have been sourced from
Refinitiv who calculate returns on an industry comparative basis.
TREASURY SHARES
Shares previously issued by a Company that have been bought back from shareholders to be held by the Company for
potential sale or cancellation at a later date. Such shares are not capable of voting and carry no rights to dividends.
NET ASSET VALUE TOTAL RETURN (APM)
Total return on net asset value per share, with debt at fair value, assuming dividends paid by the Company were reinvested into
the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend.
