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Blackstone Loan Financing Ltd - invests in floating-rate senior secured loans and bonds and in collateralised loan obligations - The board says it has put forward proposals for a managed wind-down of the company. Says the board and Blackstone Ireland Ltd, its investment advisor, unanimously recommended to shareholders to vote in favour of the proposals.
Says: "The board took into account a number of factors, including the prevailing discount to net asset value at which the shares have been trading, the market capitalisation and liquidity of the shares, and the company's structure. Furthermore, it was recognised that while the company's share price continues to trade at a discount to net asset value, it is limited in its reinvestment opportunities and ability to grow through further share issuance. The board therefore believes that an orderly realisation of the company's investments will be in the best interest of shareholders as a whole."
Notes approval of the wind-down would not result in an immediate liquidation of the company. Says: "Rather, an orderly realisation of the company's underlying assets in a manner consistent with regulatory risk retention requirements and other contractual restrictions on the liquidity of the company's portfolio."
Current stock price: 58.95 pence
12-month change: down 9.3%
By Greg Rosenvinge, Alliance News reporter
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