July Zero Dividend Preference Shares

We have updated the ZDP sheet for you with numbers from the morning of 4 July 2014. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out of date for funds that invest in assets such as private equity and property.

There was a new issue in the month – Utilico ZDP 2020 or UTLE. Some of the holders of the 2014 issue rolled over into the 2020 issue and some extra money was raised from new investors.

We have updated the glossary entry for ZDP Cover to explain in more detail how we calculate this number. we thought this might be necessary as the prospectus for the Utilico ZDP 2020 issue says that the asset cover on this issue is 1.4x. They got to this number by comparing the total assets of the fund against the total amount payable on every Utilico issue – this is like a gearing number. Our figure of 4x is worked out on the basis that Utilico’s assets do not grow from today’s level and every earlier issue is repaid in full – on that basis the amount left is 4x the amount needed to repay the 2020 ZDP.