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The Scottish Investment Trust PLC |
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Net (Frankfurt: A0Z22E - news) asset values per share (NAVs) at 23 May 2012 |
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Cum - income |
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NAV with borrowings at market value |
494.7p |
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NAV with borrowings at par |
520.9p |
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Ex - income |
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Discount |
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NAV with borrowings at market value |
487.4p |
10.3% |
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NAV with borrowings at par |
513.6p |
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Notes: |
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In line with our reporting policy, the NAVs are calculated taking the valuation |
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of investments at closing bid or last price as the case may be. NAVs are |
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unaudited. |
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Borrowings at market value is the company's estimate of the "fair value" of its |
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borrowings. The current estimated fair value of the company's borrowings is based on |
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the redemption yield of the relevant existing reference gilt plus a margin derived from the |
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spread of AA UK corporate bond yields (15 year+) over UK gilt yields (15 year+). |
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The reference gilt for the secured bonds is the 6% UK Treasury Stock 2028 and the |
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reference gilt for the perpetual debenture stocks is the longest dated UK Treasury stock |
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listed in the Financial Times. |
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"Borrowings at par" is the nominal value of the borrowings less any unamortised |
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issue expenses. |
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