Business
Full Year Results 2009 - Repl
Full Year Results 2009 - Repl.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n RNS Number : 2971J Greenwich Loan Income Fund Ltd 26 March 2010 \n \n\nThis announcement replaces RNS 2192J which was released earlier today.\n \nIn the Consolidated and Company Income Statement, the total income for the year ended 31 December 2008 should read £20,863,973 and the total expenses for the same period should read £4,445,634. All other information in the announcement remains the same. \n \n \nPlease see below for corrected version:\n \n \n \nGreenwich Loan Income Fund Limited\n \nFull Year Results 2009\n \n26 March 2010\n \n \nGreenwich Loan Income Fund Limited (\"GLIF\" or the \"Company\"), a close-ended Guernsey exempt investment company, investing in debt securities of companies across multiple sectors, today announces its audited results for the twelve months ended 31 December 2009. The Company's portfolio consists of corporate loans, almost all of which are held within the Company's collateralized loan obligation (\"CLO\") subsidiary.\n \nFinancial highlights\n· Invested assets with a fair value of £153.3 million (2008: £126.6m) and cash of £24.3 million (2008: £16.2 million) at 31 December 2010, of which £150.2million of the investments and £15.5 million of cash are within the CLO structure.\n· Net asset value at 31 December 2009 of 70p per share (2008:125p). \n· Net profit, including the combination of net unrealized gains on investments and liabilities, for the period of £2.0 million (2008: £16.4 million). \n· Basic earnings per share of 3.9p (2008: 38.2p).\n· Dividends declared of 2.0p per share in respect of the 12 month period to 31 December 2009 (2008: 5.0p).\n· Completion of £11.0 million capital raise in October 2009. \n \nOperational and Portfolio highlights\n· At the end of the second, third and fourth quarter of 2009 the CLO met all of the covenant tests necessary for full interest payments to be made to the Company and resulted in subsequent dividend payments. \n· Additional capital has given the Company flexibility to buy in notes issued by the CLO, as and when they become available at attractiv...