28 Aug 2012 07:00
Carador Income Fund plc
Unaudited Interim Results for the period ended 30 June 2012
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
Carador Income Fund PLC (the "Company"), a closed-ended limited liability investment company listed on the London Stock Exchange, which invests in a diversified portfolio of senior notes of collateralised loan obligations ("CLOs") collateralised by senior secured bank loans and equity and mezzanine tranches of CLOs, today announces its unaudited results for the six months ended 30 June 2012.
Financial highlights
·; NAV per US Dollar share increased over the six month period by 10.02% to US$0.8912 per share, as at 30 June 2012
·; The NAV total return per US Dollar shares, including distributions, was 18.69% over the six-month period
·; At 30 June 2012, shares traded at US$0.9063, a 1.69% premium to NAV
·; The annualised dividend yield, based on the last declared dividend, for the US Dollar shares was 14.56% at the closing mid-market price
Portfolio highlights
·; Portfolio actively traded in the period, the Company added24 new investments (total consideration of US$98 million) and sold 6 securities (total consideration of US$20 million)
·; Effectively fully invested at 30 June 2012 with a cash balance of 4.08%
Subsequent events
·; On 23 July 2012, the Company announced it had raised US$125 million (before costs) though a placing of U.S. Dollar C Shares in the Company
For further information, please contact:
GSO Capital Partners International LLP | +44 (0)20 7451 4000 |
Mark Moffat |
Financial Dynamics
Ed Gascoigne Pees +44 (0) 207 269 7132
Notes to Editors
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Defined terms used and not otherwise defined herein shall have the meanings set forth in the most recent Prospectus, which is available for review on the Company's website.
Disclaimer
This announcement and the information contained herein is not for release, publication or distribution (directly or indirectly) in or into the United States, Canada, Australia or Japan or to any "US person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") or into any other jurisdiction where applicable laws prohibit its release, distribution or publication. It does not constitute an offer of securities for sale anywhere in the world, including in or into the United States, Canada, Australia or Japan. No recipient may distribute, or make available, this announcement (directly or indirectly) to any other person. Recipients of this announcement in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of this announcement may in certain jurisdictions be restricted by law. Accordingly, recipients represent that they are able to receive this announcement without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business.
This announcement has been prepared by Carador Income Fund PLC ("Carador") and is the sole responsibility of Carador. No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this announcement is accepted and no representation, warranty or undertaking, express or implied, is or will be made by Carador, GSO Capital Partners International LLP ("GSOCPI") or any of their respective directors, officers, employees, advisers, representatives or other agents ("Agents") for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of GSOCPI nor any of its respective Agents makes or has been authorised to make any representation or warranties (express or implied) in relation to Carador or as to the truth, accuracy or completeness of this announcement, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this announcement and nothing in this announcement is or should be relied on as a promise or representation as to the future.
Carador will not be registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act") and investors will not be entitled to the benefits of that Act. The securities described in this announcement have not been and will not be registered under the Securities Act, or the laws of any state of the United States. Consequently, such securities may not be offered, sold or otherwise transferred within the United States or to or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, applicable state laws and under circumstances which will not require Carador to register under the Investment Company Act. No public offering of the securities is being made in the United States.
This announcement may contain certain forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, forward-looking statements can be indentified by terms such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "potential", "should", "will", and "would", or the negative of those terms or other comparable terminology. The forward-looking statements are based on Carador's beliefs, assumptions, and expectations of future performance and market developments, taking into account all information currently available. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known or are within Carador's control. If a change occurs, Carador's business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Some of the factors that could cause actual results to vary from those expressed in forward-looking statements, include, but are not limited to: the factors described in this announcement; the rate at which Carador deploys its capital in investments and achieves expected rates of return; Carador or GSOCPI's ability to execute Carador's investment strategy, including through the identification of a sufficient number of appropriate investments; the continuation of GSOCPI as investment manager of Carador's investments; the continued affiliation with GSOCPI of its key investment professionals; Carador's financial condition and liquidity; changes in the values of or returns on investments that the Company makes; changes in financial markets, interest rates or industry, general economic or political conditions; and the general volatility of the capital markets and the market price of Carador's shares.
By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events, and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are only made as at the date of this announcement, and Carador neither intends nor assumes any obligation to update forward-looking statements set forth in this announcement whether as a result of new information, future events, or otherwise, except as required by law or other applicable regulation. In light of these risks, uncertainties, and assumptions, the events described by any such forward-looking statements might not occur. Carador qualifies any and all of their forward-looking statements by these cautionary factors. Please keep this cautionary note in mind while reading this announcement.
This announcement is an advertisement and does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any decision in respect of Carador or other evaluation of any securities of Carador or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities. Neither the issue of this announcement nor any part of its contents constitutes an offer to sell or invitation to purchase any securities of Carador or any other entity or any persons holding securities of Carador.
Prospective investors should take note that any securities may not be acquired by investors using assets of any retirement plan or pension plan that is subject to Part 4 of Subtitle B of Title I of the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA") or section 4975 of the United States Internal Revenue Code of 1986, as amended (the "Code"), entities whose underlying assets are considered to include "plan assets" of any such retirement plan or pension plan, or any governmental plan, church plan, non-U.S. plan or other investor subject to any state, local, non-U.S. or other laws or regulations similar to Title I or ERISA or Section 4975 of the Code or that would have the effect of the regulations issued by the United States Department of Labor set forth at 29 CFR Section 2510.3-101, as modified by section 3(42) of ERISA.
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