Business
Half Year Results 2011
Half Year Results 2011.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \nRNS Number : 3041O Greenwich Loan Income Fund Ltd 15 September 2011 \n \n\n \n \n \nGreenwich Loan Income Fund Limited\n \nHalf Year Results 2011\n \n \n15 September 2011\n \nGreenwich Loan Income Fund Limited (\"GLIF\" or the \"Company\"), a closed-ended Guernsey exempt investment company, investing principally in corporate loans across multiple sectors, today announces its audited results for the six months ended 30 June 2011. \n \nFinancial highlights\n· Net asset value at 30 June 2011 of 70.56p per share (31 Dec 2010:79.21p).\n· Unaudited value based upon assets at market value and liabilities at par was 47.6p per share as at 30 June 2011, compared to 45.4p at 30 December 2010.\n· Value based upon CLO assets as calculated for interest diversion purposes, other assets at market value, and liabilities at par was 51.7p per share as at 30 June 2011, compared to 52.8p at 30 December 2010\n· Invested assets with a fair value of £172m (31 Dec 2010: £161.5m) and cash of £27m at 30 June 2011 (31 Dec 2010: £36.7m), of which £23.2m of cash is within the CLO structure.\n· Dividends declared of 2.0p per share for the 6 month period to 30 June 2011 \n· Full interest payments made to the Company from the CLO, resulting in four quarters of dividend payments. \n \nOutlook and strategy\n· Continuation of the upward move in the prices of syndicated corporate loans, albeit at a significantly slower pace than in 2010. \n· The pricing of the investment portfolio increased from a weighted average bid of 93.4 to 94.9 over that period. \n· Continued focus on middle-market issues.\n· Continued belief that, especially in the case of less liquid middle-market loans, supply and demand issues will likely continue to outweigh issuer operating fundamentals, creating opportunities to acquire certain middle-market loans at attractive prices. In looking to take advantage of these opportunities, the fact that the CLO now has built significant cover in its interest diversion tests allows the manager more flexibi...