REFS is
a mine of invaluable information for the private investor.
Selecting shares without its help is like trying to
clap with one hand tied behind your back.
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Net
asset value per share
Net asset value per share is
based on information disclosed in the last published annual report. Net assets,
defined as shareholders' funds attributable to equity interests before deducting
intangibles, are divided by the number of ordinary shares in issue at the year-end.
The calculation of net asset value per share is summarised as follows:
EQUITY INTEREST IN SHAREHOLDERS'
FUNDS (£)
----------------------------------------------------
X 100p = NAV PER SHARE (p)
SHARES IN ISSUE AT YEAR-END
Net asset value per share can
be subject to adjustment for a variety of reasons, mostly reflecting share
capital changes which give rise to share price adjustment factors. In some
cases notional dilution must be taken
into account.
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