Quarterly Net Asset Value Upd

RNS Number : 5001C

Greenwich Loan Income Fund Ltd

13 November 2009

 



Greenwich Loan Income Fund Limited ("GLIF" or the "Company")

Quarterly Net Asset Value Update

13 November 2009

The Company announces that as at 30 September 2009, its preliminary  unaudited net asset value (NAV) per share was £1.31. The decrease in NAV, compared to the NAV of £1.44 per share as at 30 June 2009, was due primarily to mark-ups of the CLO notes in excess of mark-ups on the portfolio investments, offset to some extent by the slight weakening of the British pound sterling against the US dollar, for the three-month period. 

As has been previously reported, the Company carries its investments and liabilities at fair value, which for financial reporting purposes under International Financial Reporting  Standards (IFRS) has resulted in an overall increase in NAV, on a cumulative basis from inception through 30 September 2009, due to the comparatively greater decline in value of the CLO loan notes than the portfolio investments.  Shareholders should be aware that the Company's realization of the full incremental value suggested by the markdowns on the CLO loan notes is almost certain to prove to be unattainable and should consider evaluating the NAV reported under IFRS accordingly.

During the coming week, the Company will announce the test results as of 2 November 2009 pursuant to the indenture of the Company's subsidiary, T2 Income Fund CLO I Ltd (the "CLO"). 

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]

Jos Trusted

Singer Capital Markets Limited 

[phone]

Ed Gascoigne Pees

Financial Dynamics

[phone]

 

END

 

 

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