26 Feb 2010 07:00
Greenwich Loan Income Fund Limited ("GLIF" or the "Company")
Quarterly Net Asset Value Update
26 February 2010
The Company announces that as at 31 December 2009, its preliminary unaudited net asset value (NAV) per share was £0.70 on a consolidated basis. The decrease in NAV, compared to the NAV of £1.31 per share as at 30 September 2009, was due primarily to the issuance of additional shares in October 2009, as well as mark-ups of the CLO notes in excess of mark-ups on the portfolio investments.
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 31 December 2009, due to the comparatively greater decline in the fair 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.
It should also be noted that the year-end audit is still in progress, and the results of operations and NAV are subject to possible adjustment. The Company expects to file their accounts for the year ended 31 December 2009 by 31 March 2010.
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
+44 207 383 5100
Jos Trusted
Singer Capital Markets Limited
+44 (0) 20 3205 7622
Ed Gascoigne Pees
Financial Dynamics
+44 (0) 207 269 7132