Last checked at 19 May 2023 07:00
19 May 2023
SLF Realisation Fund Limited
("the Company")
LEI: 2138007S3YRY3IUU4W39
NET ASSET VALUE UPDATE
SLF Realisation Fund Limited (the "Company") announces the following NAV update.
Ordinary Shares:
As at 31 March 2023, the unaudited estimated NAV was £ 35.1 million or 9.85 pence per Ordinary Share. This compares to £43.9 million or 12.34 pence per Ordinary Share from the December 2022 unaudited NAV.
The reduction was due to several asset realisations, notably the Teeside AD plants Borrowers 1 and 2. As announced on 27 March Borrowers 1 & 2, two anaerobic digestions plants located in Teesside were refinanced with the positions being restructured and sold. Borrower 1 repaid the fund £6.3 million and Borrower 2 repaid the fund £3.2 million. They had a carrying values of £6.8 million and £3.7 million respectively as at 31 December 2022. Relatively small exposures to Borrowers 1 & 2 remain due to deferred consideration elements of the settlement.
A further reduction related to increased uncertainty on payments from Borrower 6, a French glass manufacturer. Borrower 6 is reliant on securing new financing to repay the Company's facility, however its efforts are constrained by high costs, in particular energy and raw material price inflation
C Shares:
As at 31 March 2023, the unaudited estimated NAV was £17.7 million or 12.75 pence per C Share. This compares to £18.3 million or 13.18 pence per C Share from the December 2022 unaudited NAV.
Since 31 March 2023, the Company has returned further capital amounting to 3.5p per Ordinary Share and 3.5p per C Share.
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* as referenced in the June 2022 Full Year Report and Accounts