Net Asset Value(s) (7977Z)
March 21 2012 - 9:32AM
UK Regulatory
TIDMTLI
RNS Number : 7977Z
Alternative Asset Opps PCC Ltd
21 March 2012
Alternative Asset Opportunities PCC Limited
The Board of Alternative Asset Opportunities PCC Limited wishes
to announce that the net asset value per share of the US Traded
Life Interests Fund as at 29th February 2012 was 72.3 pence. This
represents no change from the NAV at 31st January 2012.
This month's revaluation of the portfolio has contributed a net
1.0 pence per share, of which the policy maturities previously
announced had a positive impact of 0.9 pence per share. Exchange
rate movements had a negative effect of 0.7 pence per share.
As at the end of February 2012, the Company had total
borrowings, excluding the loss on the foreign exchange contracts
due for settlement on 30th March 2012, of US$20,839,000. This does
not take account of policy sales amounting to c.US$4.4 million that
have been subsequently settled.
Subject to final sign-off by the Central Bank of Ireland,
discussions with Allied Irish Banks about the renewal of the loan
agreement have concluded. Once formally approved, this new
agreement will enable the Company to settle its outstanding foreign
exchange contracts, due for settlement on 30th March 2012, and will
provide the necessary finance for the six months to 30th September
2012. However, if maturities remain low, the Company's debt will
become higher than the Board feels is acceptable. Accordingly, and
as highlighted in the half-yearly report, further action to reduce
gearing or refinance the portfolio may be necessary.
Peter Ingram
Company Secretary
Tel: 020 7065 1467
21st March 2012
This information is provided by RNS
The company news service from the London Stock Exchange
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