19 Apr 2012 17:00
Greenwich Loan Income Fund Limited
NAV Update and dividend payment for the quarter ended 31 March 2012
Greenwich Loan Income Fund Limited ("GLIF" or "the Company") today announces its unaudited net asset value as at 31 March 2012 and a maintained dividend for the first quarter of 2012.
Net Asset Value
The Company's unaudited net asset value (NAV) per share as at 31 March 2012 was 47.8p. This compares to the unaudited NAV of 48.3p per share as at 31 December 2011. The reduction in NAV during the quarter is principally attributable to a 3% fall in the value of the dollar against sterling.
At the quarter end, the weighted average market bid for the Company's loan portfolio was 93.1% of par and for the liabilities 87.1%. This compares to last quarter's figures of 92.3% of par and 84.5% respectively.
As reported in the Company's full year results on 26 March 2012, this NAV has been calculated using the fair value of the Company's consolidated assets less the par value of the consolidated debt. Previously the Company had published the NAV as the fair value of assets less the fair value of debt. The Board believes that the Restated Basis is better understood by the market than the previously published NAV basis, and represents the "immediate" value within the portfolio. It will also make GLIF's NAV more comparable with other investment companies with similar investment policies.
Dividend
The Directors of GLIF have today declared a dividend of 1.15p per share for the first quarter of 2012. The dividend will be payable to shareholders on the register on the record date of 27 April 2012.
The shares will have an ex-date of 25 April 2012 and the dividend will be paid on 14 May 2012.
Contacts:
Geoffrey Miller
Greenwich Loan Income Fund Limited
+44 7408 830719
Patrick Conroy
Greenwich Loan Income Fund Limited
+1 203 983 5282
Investec Bank plc
Hugh Field
Jeremy Ellis
+44 (0)20 7597 5970
Ed Gascoigne Pees
Financial Dynamics
+44 (0) 20 7269 7132