A quick summary of interim results for periods ended 30 June 2015 announced on 27 August 2015
The Company’s Net Asset Values (“NAVs”) per share have fallen slightly from $5.28 and 521p at the end of 2014 to $5.20 and 511p as at 30 June 2015. The US$ and GBP share prices stood at US$3.85 and 370p respectively as at 30 June 2015, decreases of 4.94% and 5.85% respectively against 31 December 2014 levels.
The main contributors to negative performance were Asian Genco, Largo Resources and Bedfordbury (previously Alphaland). These detractors were substantially off-set by positive contributions from Microvast, AEI, the Everbright Ashmore China Real Estate Fund, and a further earn-out from GEMS/Utileco (which was
sold during the previous financial year).
The Board is confident that the target set in the 2014 Annual Report remains achievable, namely; to realise approximately half of the Company’s remaining NAV as at 31 December 2014 after January’s distribution of US$40.5 million, during 2015. This of course remains subject to market conditions being conducive to the sale of the Company’s holdings by the Investment Manager.
Blackstone / GSO Loan Financing
The Company generated a Net Asset Value (“NAV”) total return of 4.88%. Phoenix Park, the first CLO established by the Originator, made its first CLO income note distribution at the end of January. The annual distribution was 15.4% which was higher than originally targeted.
NAV return of 0.8%, share price return of 1.1%.
AGOL / AGOU / BGLF / BABS