Middlefield Canadian Income Trusts Inv Co PCC (UK) – Net Asset Value(s)
Middlefield Canadian Income Trusts Investment Company PCC
Middlefield Canadian Income Trusts – GBP PC
(a protected cell company incorporated in Jersey with registration number 93546)
Net Asset Value
As at the close of business on 11 February 2010 the Net Asset Value per share was 79.19 pence (including accrued income.)
The Net Asset Value includes the Swap at its mark-to-market valuation. The mark-to-market valuation of the Cross Currency Margin Differential (which forms part of the Swap and is fixed for the duration of the Swap) was 2.12 pence as at 11 February 2010.
The mark-to-market value of the Cross Currency Margin Differential (“CCMD”) can be either positive or negative and will vary over the life of the Swap. The mark-to-market value of the CCMD at any particular time reflects the difference between (a) the market rate at that time for a cross-currency interest rate swap of 3-month £ LIBOR and C$ CDOR interest rates for the remaining life of the Swap and (b) that which has been fixed for the Swap.
The mark-to-market value of the CCMD will vary depending on the relevant interest rates and the £/C$ exchange rate at any given moment. As a result, the Swap will reflect positively or negatively the mark-to-market value of the CCMD at that time. All else being equal, the value of the CCMD will reduce as the Termination Date of 28 June 2013 for the Swap is approached. At the Termination Date there will be no value attributable to the CCMD.
Terms set out in this announcement are the same as in the Company’s prospectus dated 19 June 2006.
This Net Asset Value, which has been prepared in good faith by the Company’s Manager, is based partially on formal valuations supplied to the Company by the administrators of the Company’s underlying investments.
HUGIN /Source: Middlefield Canadian Income Trusts Inv Co PCC /LSE: MCT /ISIN: GB00B15PV034