Sign In
13 Nov 2009 14:15
๏ปฟ
Greenwich Loanย Income Fund Limited ("GLIF" or the "Company")
Quarterly Netย Assetย Valueย Update
13ย November 2009
The Company announces that as at 30ย Septemberย 2009,ย itsย preliminaryย ย unaudited net asset valueย (NAV)ย per share was ยฃ1.31. Theย decrease in NAV, compared to the NAVย of ยฃ1.44ย per shareย as at 30 Juneย 2009,ย was due primarily to mark-ups of theย CLO notesย in excess of mark-ups on theย portfolio investments, offset to some extent by theย slightย weakening of theย British pound sterling against theย US dollar,ย for theย three-month period.ย
As has been previously reported, the Company carries itsย investments and liabilities at fair value, which for financial reporting purposes under Internationalย Financial Reportingย Standards (IFRS)ย hasย resulted in anย overallย increase in NAV, on a cumulative basis from inception through 30 September 2009,ย due to the comparatively greater decline in value of the CLO loan notes than the portfolio investments. Shareholders should be aware that the Company's realization of the full incremental value suggested by the markdowns on the CLO loan notes is almost certain to prove to be unattainable and should consider evaluating the NAV reported under IFRS accordingly.
During the coming week,ย the Companyย will announceย the test results as of 2ย Novemberย 2009 pursuant to the indenture of the Company's subsidiary, T2 Income Fund CLO I Ltd (the "CLO").ย
Contacts:
Geoffrey Miller
Greenwich Loan Incomeย Fund Limited
+353 1 4433 466
Patrickย Conroy
Greenwich Loanย Income Fund Limited
+1 203 983 5282
Philip Secrett
Nominated Adviser
Grant Thorntonย Corporate Finance
+44ย (0)ย 20ย 7383 5100
Jos Trusted
Singer Capital Markets Limitedย
+44 (0) 20ย 3205ย 7622
Ed Gascoigne Pees
Financial Dynamics
+44 (0) 207 269 7132
Follow the stocks
