On 6 August 2014 the Company issued 37.5m Subscriptions Shares at nil cost on a 1:2 basis to ordinary shareholders who, at the time, held 75m Ordinary Shares. The Subscription Shares entitled the holder to acquire one Ordinary Share for each Subscription Share at a cost of 61p in August 2016.
Following the issue of Subscription Shares the headline NAV per share published by Bloomberg and other third party data providers was the Diluted NAV per share rather than the Basic NAV per share. Additionally the Investment Manager (IM) produced a Rebased NAV per share which the IM believes is the fairest representation of its performance across all periods excluding the dilutive effect of the issue of Subscription Shares. The reason for this, and the basis of calculating the Company’s NAVs is explained in this document.