Our strategy is as follows:
The Company's current strategy is to wind down the portfolio in a timely fashion in accordance with the shareholder's decision at the EGM of November 19, 2010.
| Period End | Title | Format |
|---|---|---|
| 30/06/2011 | Interim Report 2011 |  |
| 31/12/2010 | Annual Report 2010 | |
For historical results please visit the News & Reporting section.
| Item | Value |
|---|---|
| Net assets (US$'000) | 96,892 |
| Net assets per share (US$) | 0.90 |
| Total assets (US$'000) | 182.068 |
| Property assets (US$'000) | 154,242 |
| Item | Value |
|---|---|
| Rent and related income (US$'000) | 3,959 |
| (Loss)/profit after tax (US$'000) | (1,021) |
| Basic (losses)/earnings per share (US cents) | (0.95) |
| Diluted (losses)/earnings per share (US cents) | (0.95) |
Business Highlights
30 cents per share returned to Shareholders during the period.
NAV of US$ 0.90 per share as of June 2011 down 0.83% on 2010 after taking account of the return of 30 cents per share in April 2011.
Performance in line with the corresponding period for 2010 with costs savings of about US$1.2 million from the termination of the Manager expected to feed through in the second half.
With the exception of the AIA tower, all remaining properties were disposed of in the period.
Bank borrowings reduced by $4.7 million in the period after disposal of the non AIA properties and the refinancing of the AIA Tower.
AIA Tower successfully refinanced with an LTV of 46%, well short of the 70% covenant level.
Investment Manager notice period concluded on 28 June, 2011 resulting in expected cost savings in second half of US$1.2 million as compared to the current period.
AIA Tower occupancy levels increasing with retail space being substantially fully let with effect from October 2011 and overall vacancy levels reduced from 21% to 11% in the period from January to October 2011 which is expected to improve operational cash flows.