Business
NAV Update, dividend payment and CLO Test Results
NAV Update, dividend payment and CLO Test Results.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \nRNS Number : 1411W Greenwich Loan Income Fund Ltd 23 January 2013 \n \n\n \nGreenwich Loan Income Fund Limited\n23 January 2013\n \nGreenwich Loan Income Fund Limited\n(\"GLIF\" or the \"Company\")\n \n \n NAV Update, dividend payment and CLO tests for the quarter ended 31 December 2012\n \nGreenwich Loan Income Fund Limited (\"GLIF\" or \"the Company\") today announces its dividend for the fourth quarter, unaudited net asset value as at 31 December 2012 and the quarterly CLO test results.\n \nNet Asset Value\n \nThe Company's unaudited net asset value (NAV) per share as at 31 December 2012 was 49.1p. This compares to the unaudited NAV of 49.7p per share as at 30 September 2012.\n \nAs reported in the Company's full year results on 26 March 2012, the NAV has been calculated using the fair value of the Company's consolidated assets less the par value of the consolidated debt. \n \nDuring the last quarter of 2012 the US portfolio was flat, as a small gain in dollar terms was balanced by a small adverse movement in the dollar against sterling. Prepayments continued to be high within the CLO, with $54.9m received in prepayments and scheduled amortisations during the quarter, vs $47.5m in the same quarter of 2011 and $53.8m in the same quarter of 2010. \n \nAs a whole 2012 saw $141.6m of prepayments and scheduled amortisations, vs $141.6m in 2011 and $106.2m in 2010. Secondary sales were at broadly comparable levels with the previous two years, totaling $23.4m vs $26.5m in 2011 and $24.8m in 2010. \n \nAs primary issuance has accelerated reinvestment has continued to focus on both primary and secondary deals, and we believe certain opportunities remain to acquire loans below par and thus the potential to accrete value on eventual repayment, albeit that the rate at which it has been possible to accrete this value has reduced as market conditions have improved.\n \nBMS Finance, our UK business, has showed promising results since its acquisition in November and the Board ...