Global Fixed Income Realisation has announced that, at the end of December 2014, its net asset value was 50.25p. £1.4m of that was in cash. The fund holds three investments in funds managed by Vision Brazil where the primary underlying asset is undeveloped farm land in Brazil. They say “Over the last year, Gottex Asset Management (UK) Limited has been made aware of litigation affecting these farm assets. Vision Brazil had hoped to resolve this litigation relatively quickly. It has since become apparent that this litigation is more serious than anticipated and is likely to be protracted.”
The Board has decided to write down the value of these assets by 80%. The total impact on the Company NAV of the change in stated NAV at 31 December 2014 is approximately -3.2%
GFIR : Global Fixed Income Realisation writes down Vision Brazil assets