13 Nov 2009 14:15
Greenwich Loan Income Fund Limited ("GLIF" or the "Company")
Quarterly Net Asset Value Update
13 November 2009
The Company announces that as at 30 September 2009, its preliminary unaudited net asset value (NAV) per share was £1.31. The decrease in NAV, compared to the NAV of £1.44 per share as at 30 June 2009, was due primarily to mark-ups of the CLO notes in excess of mark-ups on the portfolio investments, offset to some extent by the slight weakening of the British pound sterling against the US dollar, for the three-month period.
As has been previously reported, the Company carries its investments and liabilities at fair value, which for financial reporting purposes under International Financial Reporting Standards (IFRS) has resulted in an overall increase in NAV, on a cumulative basis from inception through 30 September 2009, 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, the Company will announce the test results as of 2 November 2009 pursuant to the indenture of the Company's subsidiary, T2 Income Fund CLO I Ltd (the "CLO").
Contacts:
Geoffrey Miller
Greenwich Loan Income Fund Limited
+353 1 4433 466
Patrick Conroy
Greenwich Loan Income Fund Limited
+1 203 983 5282
Philip Secrett
Nominated Adviser
Grant Thornton Corporate Finance
+44 (0) 20 7383 5100
Jos Trusted
Singer Capital Markets Limited
+44 (0) 20 3205 7622
Ed Gascoigne Pees
Financial Dynamics
+44 (0) 207 269 7132