Saltus European Debt Strategies Ltd Net Asset Value(s) (8493H)
July 17 2012 - 6:07AM
UK Regulatory
TIDMSED
RNS Number : 8493H
Saltus European Debt Strategies Ltd
17 July 2012
SALTUS EUROPEAN DEBT STRATEGIES LIMITED
(The "Company") (Registered in Guernsey - Number 46912)
Registered Office:
2(ND) FLOOR, REGENCY COURT, GLATEGNY ESPLANADE,
ST PETER PORT, GUERNSEY GY1 3NQ
TELEPHONE: +44 1481 720321 FACSIMILE: +44 1481 716117
E-MAIL: Funds@bfgl.com
For immediate Release 17 July 2012
Saltus European Debt Strategies Limited
(SED LN / SED.L)
Estimated Net Asset Value as at end June 2012
As at the close of business on 30 June 2012, the Company's
Estimated Net Asset Value per share was as follows:
Ordinary shares
56.50p
This reflects an increase of 0.1% versus the Net Asset Value per
share on 31 May 2012, comprising a positive 0.2% foreign exchange
translation effect and a negative return of 0.1% in local currency
terms.
As at end June, approximately 61% of the Company's net assets
were invested in EUR denominated assets, 13% in $ denominated
assets and 26% in GBP denominated assets.
These valuations, which have been prepared in good faith by the
Company's Sub Manager, are for information purposes only and are
based on the unaudited estimated valuations supplied to the
administrators or managers of the Company's underlying investments.
Such estimates may be subject to little verification or other due
diligence and may not comply with generally accepted accounting
practices or other generally accepted valuation principles. In
addition, some of those estimates may not be supplied on a regular
or timely basis with the result that the values of such investments
are based on the latest available estimates which may be some time
before the date set out above. Other risk factors which may be
relevant to this valuation are set out in the Company's prospectus
dated 23 May 2007.
Change in basis of valuation
Investors should note that, as previously announced on 22 June
2012, the Board intends as part of the Proposals which were
approved by Shareholders at the Annual General Meeting of the
Company on 13 July 2012, to change the basis upon which the
Company's investment portfolio is valued. The Board may apply
discretion in the application of the revised basis of valuation at
its sole authority.
The Company's portfolio currently comprises assets which, under
IFRS 7, have been categorised as Level 2 assets, being assets which
do not have quoted prices but have inputs (in this instance prices
provided by the underlying funds as notified to the Company by the
relevant fund manager or the relevant administrator) that are
observable either directly (i.e. as prices) or indirectly (i.e.
derived from prices). Whilst these valuations may be appropriate in
relation to the underlying managers' investment objectives and time
horizons for their funds and the current investment strategy of the
Company, the Board considers that, in the context of the proposed
revised strategy for the Company, it is appropriate to apply a
policy that reflects fair market values and recovery expectations.
This incorporates a methodology that utilises, among other factors,
the present value of expected future recoveries, discounted at a
rate appropriate for the level of uncertainty over quantum and
timeframe. Whilst the adoption of such a policy is not expected to
have a material impact on the carrying value of that element of the
Company's portfolio which has known redemption dates, it is more
likely to lead to a significant reduction in the carrying value of
the Company's Long Lock Funds and Liquidating Share Classes.
The methodology used will involve the following principles:
-- where available, recent transactions by third parties in the
same securities or fund interests;
-- the present value of expected future cash recoveries from
investments, discounted at a rate which the Board believes
sufficiently compensates investors for the illiquidity and risk
associated with the uncertainty of timing and quantum. The discount
rate used will be reviewed from time to time and may vary from
investment to investment; and
-- the nominal value where fair market value is deemed consistent with the stated NAV.
Using this valuation methodology the Board intends to publish a
quarterly NAV. It will also publish the NAV based on the underlying
managers' valuations (i.e. in accordance with the historic
accounting policy reflected in the estimated NAV of 56.50p shown
above) for purposes of comparison. The Board intends to publish the
final NAV for 30 June 2012 on the revised basis as soon as it is
available.
Whilst there can be no assurances that actual recovery values
will approximate estimated values nor any assurances given that
recoveries will occur more quickly or more slowly than estimated,
the Board believes that as a result of the adoption of this basis
of portfolio valuation methodology the reported NAV of the Company
will more closely represent its present recovery value.
For more information please contact:
Jon Macintosh
Saltus Partners LLP
+44 20 7499 0200
Ed Gascoigne-Pees
FTI Consulting Group Ltd
+44 20 7269 7132
This information is provided by RNS
The company news service from the London Stock Exchange
END
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