NAV Update for the quarter ended 30 September 2011

RNS Number : 9790S

Greenwich Loan Income Fund Ltd

29 November 2011

 



Greenwich Loan Income Fund Limited

NAV Update for the quarter ended 30 September 2011

29 November 2011

Greenwich Loan Income Fund Limited ("GLIF" or "the Company") announces that as at 30 September 2011, its unaudited net asset value (NAV) per share was 71.6p.  This compares to the unaudited NAV of 70.6p per share as at 30 June 2011. The increase in NAV during the most recent quarter is primarily attributable to a stronger US dollar during the quarter, partially offset by generally lower values on the portfolio.

At the quarter end, the weighted average market bid for the Company's investment portfolio, excluding the investments held in its AMIC subsidiary, was 92.4% of par, and for the liabilities 83.2%. This compares to last quarter's figures of 94.9% of par and 85.4% respectively.

As previously described to shareholders, under International Financial Reporting Standards (IFRS), the consolidated results of operations for the Company include the impact of carrying its investments and its liabilities at fair value. Shareholders should be aware that the Company's realisation of the full NAV is unlikely.  The NAV, as calculated in accordance with IFRS, reflects the theoretical fair value of the liabilities of the CLO but, because the market is rather illiquid, it may be difficult for the Company to acquire any or a significant portion of those liabilities.

The other two values customarily calculated to provide further clarity as to the dynamics within the value of the business are as follows:

- the value based upon assets at market value and liabilities at par was  44.4p per share as at 30 September 2011, compared to 45.4p per share as at 31 December 2010.

- the value based upon CLO assets as calculated for interest diversion purposes, remaining assets at market, and liabilities at par was 53.7p per share as at 30 September 2011, compared to 52.8p as at 31 December 2010.

It should be noted that the figures presented herein are unaudited, and may be subject to revision.

Contacts:

Geoffrey Miller

Greenwich Loan Income Fund Limited

[phone]

Patrick Conroy

Greenwich Loan Income Fund Limited

[phone]

Philip Secrett

Nominated Adviser

Grant Thornton Corporate Finance

[phone]

James Maxwell

Singer Capital Markets Limited

[phone]

Ed Gascoigne Pees

FTI Consulting

[phone]

 

END

 

 

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