(Alliance News) - Carador Income Fund PLC on Monday said it has sold 46 positions in total raising USD160.2 million, which were returned to USD shareholders through a compulsory redemptions.
Back in December 2018, the investment company's shareholders approved the wind down of its USD class portfolio.
On Monday, Carador said, inclusive of the December 2018 dividend, these realisations have resulted in an effective realised gain to shareholders of 1.6% above the net asset value at that time.
As a result, at January 31, the company's USD portfolio had been "significantly" realised in accordance with the expected timing and the total portfolio consisted of only five assets.
However, Carador said there is now a higher level of uncertainty as to both the value of the remaining assets to be realised and the timing of distributions to shareholders. Therefore, the company noted that there is a possibility that these assets may sell at a discount to the carrying value.
In addition, Carador said Directors Adrian Waters and Edward D'Alelio have stepped down from the board at the end of January, with Nicholas Moss expected to leave upon approval of the company's 2019 report.
It is anticipated, Carador said, that Fergus Sheridan will be appointed as chair of the Audit Committee.
"The board and I would like to thank Adrian, Edward, Nicholas, and Dik for their many years of dedicated commitment and valuable service," said Carador Chair Werner Schwanberg.
Carador shares were trading 2.6% lower in London on Tuesday at USD0.38 each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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