Trading Update

9 Oct 2008 14:52

Due to the current uncertainty in the equity markets Ocean Wilsons Holdings Limited makes the following announcement.

The interim report showed the investment portfolio holding an investment of US$36.5 million in the Lehman Brothers Liquidity Fund plc. The Group liquidated this investment in August 2008 and transferred the proceeds to JP Morgan USD liquidity fund.

Liquidity funds provide an attractive alternative to traditional bank deposits. They provide an opportunity to diversify cash reserves into an actively managed fund that is rated AAA and which offers daily liquidity management, with same-day settlement. By actively managing the funds, there is a potential to benefit from a yield enhancement above conventional 7-day cash deposits.

Each fund is a separate legal entity and the assets of each fund are segregated from those of the bank, and each fund is a stand alone investment company. Each fund has over 100 individual holdings.

At 30 September the investment portfolio held the following investments in liquidity funds 

US$

Goldman Sachs Plc liquid reserves fund 42,150,722

JP Morgan USD liquidity fund  36,670,545

Morgan Stanley Funds Plc USD liquidity fund 40,885,097

Total liquidity funds 119,706,364

The total liquidity funds of US$ 119,706,364 equates to US$3.39 per share.

The Group intends to publish the third quarter interim management statement on 14 November  2008.