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Ground Rents Income ignoring discount problem? – In its results announcement this morning, the chairman of Ground Rents Income managed to make no mention of either the fund’s share price return for the year or its discount. For the record, the fund is trading at a discount of 10.4% to the net asset value at the end of September and the shares have fallen by 13.6% over the past year.
The highlights from the results announcement were:
Malcom Naish, the chairman, said “We strive to continue to maintain returns for our shareholders, while ensuring we operate in an open and socially-responsible manner. We recognise there are political and legislative hurdles facing the industry during the next financial year, but we continue to focus on growing the Group and, subject to market conditions, seek new acquisitions to increase the net asset value“. While James Agar, head of Specialist Funds for Brooks Macdonald Funds, Alternative Investment Fund Manager to GRIO, added: “The results prove the resilience of the portfolio at a time of challenging macro-economic conditions and the government’s desire to reform the leasehold system”
GRIO : Ground Rents Income ignoring discount problem?