Net Asset Value(s)

SLF Realisation Fund Limited

19 May 2023

 

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.

For further information please contact: 

SLF Realisation Fund Limited Brett Miller via the Company Secretary BNP Paribas S.A., Guernsey Branch Company Secretary 01481 750 853 [e-mail] Winterflood Securities Limited Neil Langford

* as referenced in the June 2022 Full Year Report and Accounts

 

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