Net Asset Backing Update
New Zealand Exchange Limited
P.O. Box 2959
Wellington
3 June 2011
Dear Sir,
Widespread Portfolios Net Asset Backing
We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 8 a.m. today is 59.2 cents.
Effect of Proposed Restructure
As previously advised, the re-arrangement of assets held by Widespread Portfolios and associate company Chatham Rock Phosphate has, combined with the independently supported revaluation of the Chatham Rise project, had a marked beneficial effect on the value of Chatham Rock Phosphate shares and options. This has translated into a significant increase in the asset backing of Widespread Portfolios.
|
NET ASSET BACKING PER SHARE |
Per WID share |
Per WID share |
|
Investment |
AMR at market |
AMR at valuation |
|
Oil and gas assets |
0.022 |
0.022 |
|
Asian Mineral Resources (AMR) |
0.060 |
0.102 |
|
Chatham Rock Phosphate (based on independent valuation) |
0.386 |
0.386 |
|
King Solomon Mines |
0.047 |
0.047 |
|
Other investments & cash |
0.034 |
0.034 |
|
Total ($NZ per WID share) |
0.549 |
0.592 |
|
Current WID share price |
0.180 |
0.180 |
|
Discount to Net Asset Backing |
67.2% |
69.6% |
Diluted Net Assets per share
The fully diluted NTA per WID share is $1.00 assuming the listed warrants are exercised @ $2.982 and the unlisted director-held warrants are exercised @ $3.282. All warrants expire on 30 June 2012.
Net asset data is also available on our website (www.widespread.co.nz) and is updated daily. For more information on Chatham Rock Phosphate Limited see www.rockphosphate.co.nz.
For and on behalf of the Board,
Chris D Castle
Onekaka, 3 June 2011
