City of London Trust reports 2024 NAV

The City of London Investment Trust has reported its unaudited net asset value (NAV) per share as at the close of business on March 13 2024.

The NAV per share, calculated in accordance with the AIC formula and excluding shares held in treasury, was 401.7p.

When debt was marked at fair value, the NAV per share stood at 406.7p.

In addition, the company disclosed that the unaudited NAV per share, excluding current financial year revenue items and shares held in treasury, was 399.5p, while the NAV per share with debt marked at fair value was 404.9p.

The fair value of the company's senior secured notes is based on a discount rate calculated using the redemption yield of the relevant existing UK Gilt and a credit spread determined by the month-end difference in redemption yields.