Annual Financial Report

RNS Number : 3414I

Fair Oaks Income Limited

14 April 2022

 

14 April 2022

FAIR OAKS INCOME LIMITED (the "Company")

(Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, as amended, with registered number 58123 and registered as a Registered Closed-ended Collective Investment Scheme with the Guernsey Financial Services Commission)

Annual Financial Report

Fair Oaks Income Limited (the "Company") is pleased to release the Annual Report and Audited Financial Statements for the year ended 31 December 2021 .

Highlights

· The Company's Net Asset Value ("NAV") return per 2021 Share was +22.7% (31 December 2020: -8.3%) for the year ended 31 December 2021 on a total return basis (with dividends reinvested). The NAV return per Realisation Share was 22.7% (31 December 2020: -8.3%) for the year ended 31 December 2021 on the same basis.

· As at 31 December 2021, the Company's total market capitalisation was US$296 million, comprising US$252 million of 2021 Shares and US$44 million of Realisation Shares.

· The 2021 Shares closed at a mid-price of US$0.6225 on 31 December 2021. The 2021 Shares traded at an average discount to NAV of 1.85% during the year ended 31 December 2021.

· The Company's Realisation shares closed at a mid-price of US$0.7000 on 31 December 2021. The Realisation Shares traded at an average premium to NAV of 0.20% during the year ended 31 December 2021.

· On 19 April 2021, the Company announced the result of its reorganisation proposal, being that 62,562,883 2017 Shares had been elected for re-designation as Realisation Shares, representing 13.4% of the 2017 Shares in issue, and 405,815,477 2017 Shares were re-designated as 2021 Shares, representing the balance of 86.6% of the 2017 Shares in issue (including 650,000 shares held in Treasury). The purpose of the reorganisation was to allow those Shareholders who wished to extend the life of their investment in the Company beyond the planned end date of FOIF II LP ("Master Fund II"), to be able to do so by having their 2017 Shares re-designated as 2021 Shares, with such 2021 Shares investing in a new master fund, FOMC III LP (the "Master Fund III"), which will have a planned end date of 12 June 2028 and an investment objective and policy substantially similar to that of Master Fund II.

· The Company declared dividends of 9.75 US cents per 2021 Share and Realisation Share in the year ended 31 December 2021 (31 December 2020: 5.80 US cents per 2017 Share), an increase of 3.95 US cents per share or 68% compared to the year ended 31 December 2020.

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http://www.rns-pdf.londonstockexchange.com/rns/3414I_1-2022-4-13.pdf

LEI: 2138008KETEC1WM5YP90

Enquiries:

Fair Oaks Income Limited

Email: [e-mail]

Web: www.fairoaksincome.com

Fair Oaks Capital Limited

Investor Relations

DDI: [phone]

Email: [e-mail]

Sanne Fund Services (Guernsey) Limited

Ben Le Prevost

DDI: [phone]

Email:  [e-mail]

Numis Securities Limited

Nathan Brown, Corporate Broking

DDI: [phone]

Email: [e-mail]

Liberum Capital Limited

Chris Clarke, Investment Banking

DDI: [phone]

Email: [e-mail]

Fair Oaks Income Limited

Fair Oaks Income Limited is a registered closed-ended investment company incorporated in Guernsey. The Company was admitted to trading on the Specialist Fund Market of the London Stock Exchange (now the Specialist Fund Segment of the Main Market of the London Stock Exchange) on 12 June 2014.

The investment policy of the Company is to invest (either directly and/or indirectly through FOIF II LP and FOMC III LP) in US and European CLOs or other vehicles and structures which provide exposure to portfolios consisting primarily of US and European floating-rate senior secured loans and which may include non-recourse financing.

 

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