TIDMBGLF
RNS Number : 9804K
Blackstone/GSO Loan Financing Ltd
27 September 2016
27 SEPTEMBER 2016
FOR IMMEDIATE RELEASE
RELEASED BY BNP PARIBAS SECURITIES SERVICES S.C.A., JERSEY
BRANCH HALF YEARLY RESULTS ANNOUNCEMENT
THE BOARD OF DIRECTORS OF BLACKSTONE / GSO LOAN FINANCING
LIMITED ANNOUNCE HALF YEARLY RESULTS FOR THE SIX MONTHSED 30 JUNE
2016
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT CONSTITUTES
INSIDE INFORMATION.
Half Yearly Financial Report for the Six Months Ended 30 June
2016
Strategic Report
Summary of Key Financial Information
NAV History
Six months ended Year ended
30 June 2016 31 December 2015
---------------------------------- ---------------- -----------------
Net Asset Value ("NAV")(1) 330,041,908 325,970,360
NAV per Euro share(1) 1.0168 0.9839
Euro share price (last market)(2) 0.9400 0.9800
Market capitalisation 305,124,658 324,319,700
Euro shares at period end(3) 324,600,700 331,319,700
---------------------------------- ---------------- -----------------
Dividends
Whilst not forming part of the investment objective or policy of
the Blackstone / GSO Loan Financing Limited (the "Company"),
dividends will be payable in respect of each calendar quarter, two
months after the end of such quarter. During the period covered by
this Half Yearly Financial Report, the Company targeted a dividend
of EUR0.02 a quarter, equating to 8% annualised return (based on a
placing price of EUR1.00 per Euro share), with the expectation of
progressive growth. As announced on 2 September 2016, the Company
has increased this target dividend yield to an annualised rate of
EUR0.10 per share.
Dividends for the Six Months Ended 30 June 2016
Period in respect of Date declared Ex-dividend date Payment date Amount per Euro share
--------------------------- -------------- ----------------- ------------- ---------------------
EUR
--------------------------- -------------- ----------------- ------------- ---------------------
1 Jan 2016 to 31 Mar 2016 20 Apr 2016 28 Apr 2016 20 May 2016 0.0200
1 Apr 2016 to 30 June 2016 21 Jul 2016 28 Jul 2016 19 Aug 2016 0.0200
--------------------------- -------------- ----------------- ------------- ---------------------
Dividends for the Year Ended 31 December 2015
Period in respect of Date declared Ex-dividend date Payment date Amount per Euro share
-------------------------- -------------- ----------------- ------------- ---------------------
EUR
-------------------------- -------------- ----------------- ------------- ---------------------
1 Jan 2015 to 31 Mar 2015 23 Apr 2015 30 Apr 2015 22 May 2015 0.0200
1 Apr 2015 to 30 Jun 2015 21 Jul 2015 30 Jul 2015 21 Aug 2015 0.0200
1 Jul 2015 to 30 Sep 2015 21 Oct 2015 29 Oct 2015 20 Nov 2015 0.0200
1 Oct 2015 to 31 Dec 2015 28 Jan 2016 4 Feb 2016 26 Feb 2016 0.0200
-------------------------- -------------- ----------------- ------------- ---------------------
Period highs and lows
2016 2016 2015 2015
High Low High Low
---------------------------------- ------ ------ ------ ------
EUR EUR EUR EUR
---------------------------------- ------ ------ ------ ------
Net asset value per Euro share 1.0182 0.9799 0.9953 0.9797
Euro share price (last market)(2) 0.9800 0.8450 1.0150 0.9725
---------------------------------- ------ ------ ------ ------
(1) Please refer to Note 13 for reconciliation of NAV to
Published NAV
(2) Source: Bloomberg.
(3) Excluding 6,719,000 Euro shares held as Treasury Shares.
Chair's Statement
Dear Shareholders,
The first half of 2016 continued in the volatile path of 2015,
with a steep decline in most markets early in the year followed by
a sharp rally which largely continued into the third quarter.
Although the end of the first half was dominated by the macro event
of Brexit and major market volatility globally, it ultimately was
concluded with a surprisingly strong rebound in equity and credit
markets. Unlike the previous macro sell-offs of 2015 and earlier in
2016, global growth dominated concerns and led to sharp declines in
yields in the US and Europe. This in turn caused continued flows
into credit markets as investors' search for safe yield showed no
sign of abating.
The Company's performance continued to be in line with target
and the Board is pleased with a positive Net Asset Value total
return of 7.75% for the period from 1 January 2016 to 30 June 2016.
In line with our target dividend of EUR0.08 per share we paid
dividends of EUR0.02 per quarter in the period. The Investment
Adviser's longstanding investment approach and portfolio management
is proving resilient to market turbulence and generating stable
returns both through income and capital appreciation. This
confidence has led the Board to increase the target dividend yield
from an annualised rate of EUR0.08 per share to an annualised rate
of EUR0.10 per share. The first dividend to be paid in accordance
with this revised target yield will be for the quarter ending 30
September 2016, which is expected to be declared in October 2016
and paid in November 2016.
More on the CLO market and specific investments made can be
found in the Adviser's Report.
As we look forward to the remainder of 2016, although some
continued uncertainty will remain in Europe, the environment of
opportunities for CLOs is well suited to continue to build our
portfolio of investments and attract superior returns.
Discount management
It was disappointing that the shares traded at a discount to NAV
of up to -14.89% in the period. The Board is committed to take
action to improve the discount and initiated a share buy-back
programme, which in part improved the discount to NAV to -7.68% (as
at 30 June 2016) and 0.15% was accretive to the NAV from the share
buyback. We continue to monitor the discount closely and following
our announcement of an increased dividend we have seen the discount
narrow further to -1.79% as at 22 September 2016.
Of course a key factor in reducing the discount is continued
performance and the Board is confident that the Company's
performance will continue to be positive. In this regard the
decision at the EGM in February to widen the investment criteria,
making it possible for Blackstone / GSO Corporate Funding
Designated Activity Company ("BGCF") to invest in a broader range
of loans and CLOs, including those which are compliant with the US
risk retention requirements, further increases the investment
opportunities and thus the scope for continued positive
performance. The Board is confident that this broader investment
scope will further support the positive returns we have had so
far.
Investor communication remains important, especially in periods
of difficult markets and when discounts to NAV occur. We trust the
monthly newsletter gives sufficient insight to the investments of
the Company. The Board remains committed to shareholder
communications and is available to shareholders whenever they
wish.
Finally, liquidity in the shares is also a key element to
managing discounts and the Board would like to grow the Company on
an ongoing basis to increase liquidity in the shares. We thus
published a new 12-month prospectus on 31 March 2016 with a view to
raise up to a further 500 million Euro or USD shares.
The Board expresses its thanks for the continued support of the
Company's shareholders. The Board is working closely with the
Investment Advisor and the Brokers to broaden the shareholder base.
The shares are being marketed in several different countries and to
different types of potential investors to increase interest in the
company. So far, the company has performed strongly and delivered a
cumulative return since inception of 15.64% as at 30 June 2016. We
have recently announced an increase in the target dividend and the
discount has narrowed considerably. We feel that the company
currently represents good value and we anticipate seeing new
shareholders emerge in the near future.
Charlotte Valeur
Chair
27 September 2016
Adviser's Report
We are pleased to present our review of the first six months of
2016 and outlook for the remainder of the year.
Year to date, the Company delivered a total NAV return per Euro
share of 7.75% inclusive of declared dividends of EUR0.02 per Euro
share for the periods 1 January to 31 March and 1 April to 30 June,
consistent with its target annual dividend of EUR0.08 per Euro
share.
At an EGM held on 29 February 2016, shareholders approved an
amendment to the existing investment objectives and policy of the
Company. This amendment permits investments in all debt tranches of
CLOs and Loan Warehouses, and enabling the Company to invest,
through BGCF, in a newly-formed US entity controlled by an
affiliate of the Adviser, which may invest in loans and CLO
securities and enable the Adviser to comply with US risk retention
obligations.
On 31 March 2016, the Company issued a prospectus in connection
with a 12-month placing programme in respect of up to 500 million
Placing Shares, which may be issued as either Euro Shares or U.S.
Dollar Shares.
As at 30 June 2016, the Company had repurchased 6,719,000 Euro
shares through its share repurchase programme at a discount to NAV
and continues to hold these non-voting shares in treasury.
Bank Loan Market Overview
European loan issuance has been notably consistent over the past
few years. Issuance totalled EUR30.2 billion during the first half
of 2016, not far behind 2015's EUR38.1 billion. The majority of the
issuance by volume was used for refinancing purposes so much of the
calendar created new supply but strong repayment rates held the
size of the market to a mere 5% growth.(1) The technical backdrop
continues to support loan valuations in Europe.
European loans have been on a bit of a roller coaster ride over
the past few quarters. Although the market is in good shape from a
fundamental and technical perspective, it is not immune to broader
market and geopolitical factors. The average price of European
loans were flat since the start of the year at EUR95.67 from
EUR95.63 as at 31 December, but that belies the swing the market
experienced following the result of the UK referendum on EU
membership. At the end of May, the price hit an eight-month high of
EUR96.68, before declining EUR1 during June.(2)
CLO Market Overview
Demand for European loans was intense, especially during the
second quarter. Institutional demand from international buyers has
also been robust as Euro hedging costs are cheaper for Japanese
investors than Dollar hedging costs, thereby boosting
after-currency yields.
CLO issuance was strong in Europe during the first half of the
year as demand for AAA tranches improved. Issuance totalled EUR7.2
billion from 18 CLOs versus EUR7.8 billion from 20 CLOs for the
same period last year - an 8% decline period over period. US CLO
issuance declined far more than that of Europe, totalling 62 deals
for $26.2 billion, down 56% from the first half of 2015.
Portfolio Update
The continued successful ramp-up of the direct loan portfolio
has enabled BGCF to establish one new European CLO during the first
half of 2016, Elm Park CLO DAC ("Elm Park"). Elm Park (EUR558
million CLO) was the largest European CLO issued in the market this
year. BGCF purchased EUR49.63m of Elm Park's Income Notes and
EUR9.00m of its Class E notes, which yielded 12% at the time of
issue.
BGCF mandated Barclays to arrange BGCF's ninth CLO transaction,
Griffith Park CLO DAC ("Griffith Park"), with an anticipated target
size of EUR400 million. Griffith Park was subsequently upsized to
EUR450 million and priced on 28 July 2016, at which time BGCF
purchased EUR29 million, or 59.5%, of its Income Notes. Griffith
Park is expected to be approximately 70% ramped at closing.
The investments made have been consistent with our strategy of
principal preservation and minimising credit related losses, while
generating stable returns through income and capital appreciation.
The CLO Income Note portfolio has been performing in line or ahead
of expectations, with an average annualised distribution of 18.7%
on all investments.
As at 30 June 2016, the portfolio was invested in line with
BGCF's investment policy and was diversified through 61 issuers
held through the direct loan portfolio, 375 issuers through the CLO
portfolio and across 18 countries and 25 different industries.
BGCF Direct BGCF Indirect
Loan Portfolio Loans / CLO
Portfolio
--------------------------------- ---------------- --------------
Net Assets: EUR103.6m EUR226.9m
% of BGLF NAV: 31.36% 68.64%
Number of Issuers: 61 375
Senior Secured Loans/Notes: 99.2% 99.3%
Floating Rate: 100.0% 98.3%
Weighted Average Asset Spread
(including impact of floors): 4.79% 4.68%
Weighted Average Loan MTM: 98.1% 98.5%
--------------------------------- ---------------- --------------
Outlook
As the second quarter drew to a close, the UK voted to leave the
European Union, thereby creating a weak tone in the European
markets and generating some uncertainty for the coming months as
the exit takes shape.
Corporate fundamentals in our coverage universe continue to be
supportive but the UK referendum will create some uncertainty for
issuers. The rallying Euro will impose headwinds for European
exporters to the UK but it may also help these issuers recruit
talent returning to the continent's mainland. In addition,
borrowing costs may fall as central banks implement easier monetary
policy to offset any economic problems caused by the vote. We
conducted a deep dive into the credits in our portfolios and
repositioned, where necessary, based on the shifting outlook.
Supply of new paper in the high yield and loan markets, however,
is not matching the incremental demand for these products and this
is creating a supportive backdrop for speculative-grade products.
Senior loans continue to produce steady returns, outperforming
equities and high yield during volatile periods and lagging when
markets recover. We believe the asset class provides investors with
yield and relative performance stability.
Risk Management
Given the natural asymmetry of fixed income, our experienced
credit team focuses on truncating downside risk and avoiding
principal impairment and believes that the best way to control and
mitigate risk is by remaining disciplined in market cycles and by
making careful credit decisions while maintaining adequate
diversification.
BGCF's portfolio of Loans and CLO Income Notes is managed so as
to minimise default risk and credit related losses, which is
achieved through in-depth fundamental credit analysis and
diversifying the portfolio so as to avoid the risk of any one
issuer or industry adversely impacting overall returns. As outlined
in the portfolio update section, BGCF is broadly diversified across
issuers, industries and countries.
BGCF's base currency is denominated in Euro, though investments
are also made and realised in other currencies. Changes in rates of
exchange may have an adverse effect on the value, price or income
of the investments of BGCF. BGCF may utilise different financial
instruments to seek to hedge against declines in the value of its
positions as a result of changes in currency exchange rates.
Through the construction of solid credit portfolios and our
emphasis on risk management, capital preservation and fundamental
credit research, we believe the Company's investment strategy will
continue to be successful.
Blackstone / GSO Debt Funds Management Europe Limited
27 September 2016
Executive Summary
Corporate Summary
The Company was incorporated on 30 April 2014 as a closed-ended
investment company limited by shares under the laws of Jersey and
is authorised as a listed fund under the Collective Investment
Funds (Jersey) Law 1988. The Company continues to be registered and
domiciled in Jersey and the Company's Euro shares are quoted on the
Specialist Fund Segment ("SFS") of the London Stock Exchange
("LSE") and from 17 April 2015 were listed on the Channel Islands
Securities Exchange ("CISE").
The Company's share capital consists of an unlimited number of
Ordinary shares. As at 30 June 2016, the Company's issued share
capital consisted of 324,600,700 Euro shares and 6,719,000 Euro
shares held in treasury ("Treasury shares").
The Company has a wholly owned Luxemburg subsidiary, Blackstone
/ GSO Loan Financing (Luxembourg) S.a r.l. (the "Lux Subsidiary"),
which has an issued share capital of 2,000,000 Class A shares and
one Class B share held by the Company. The Company also holds
290,986,865 Class B Cash Settlement Warrants (the "CSWs") issued by
the Lux Subsidiary.
In addition, the Company holds 15 B2 non-voting shares in BGCF,
a limited liability company incorporated in Ireland.
Significant Events during the Period
A detailed review of the business of the Company is included in
the Adviser's Report.
Share Buybacks
At the 2015 Annual General Meeting ("AGM"), held on 18 June
2015, the Directors were generally and unconditionally authorised
for the purposes of Article 57 of the Companies (Jersey) Law 1991,
as amended, to make one or more on-market purchases of Shares in
the Company for cancellation or to be held as Treasury shares.
Pursuant to this authority, a total of 6,719,000 Euro shares
were purchased during the period and held as Treasury shares as
detailed below:
Effective date Number of Price per Euro share
Euro shares (EUR)
1 June 2016 1,300,000 0.9150
10 June 2016 1,000,000 0.9369
15 June 2016 2,200,000 0.9400
22 June 2016 2,219,000 0.9419
--------------- ------------ --------------------
This authority was renewed at the 2016 AGM, held on 29 June
2016, when shareholders gave the Directors authority to make one or
more on-market purchases, up to maximum of 48,657,645 Shares. This
authority expires at the 2017 AGM.
Investment Objective, Policy and Strategy
At an Extraordinary General Meeting held on 29 February 2016,
shareholders approved a new investment objective and investment
policy which is summarised below, the full wording of which can be
found in the Annual Report for the year ended 31 December 2015
("2015 Annual Report"). Terms defined in the Company's circular
dated 5 February 2016 have the same meaning in this section headed
"Investment Objective, Policy and Strategy" unless otherwise
defined.
Investment Objective
The Company's investment objective is to provide shareholders
with stable and growing income returns, and to grow the capital
value of the investment portfolio by exposure predominantly to
floating rate senior secured loans directly and indirectly through
CLO Securities and investments in Loan Warehouses. The Company
seeks to achieve its investment objective through exposure
(directly or indirectly) to one or more risk retention companies or
entities established from time to time ("Risk Retention
Companies").
Investment Policy
Overview
The Company's amended investment policy is to invest (directly
or indirectly, through one or more Risk Retention Companies)
predominantly in a diverse portfolio of senior secured loans
(including broadly syndicated, middle market or other loans) (such
investments being made by the Risk Retention Companies directly or
through investments in Loan Warehouses) and in CLO Securities, and
generate attractive risk-adjusted returns from such portfolios. The
Company intends to pursue its investment policy by investing
(through one or more wholly owned subsidiaries) in profit
participating instruments (or similar securities) issued by one or
more Risk Retention Companies.
Principal Risks and Uncertainties
Each Director is aware of the risk inherent in the Company's
business and understands the importance of identifying, evaluating
and monitoring these risks. The Board has adopted procedures and
controls to enable it to manage these risks within acceptable
limits and to meet all of its legal and regulatory obligations.
The Board considers the process for identifying, evaluating and
managing any significant risks faced by the Company on an ongoing
basis and these risks are reported and discussed at Board meetings.
It ensures that effective controls are in place to mitigate these
risks and that a satisfactory compliance regime exists to ensure
all applicable local and international laws and regulations are
upheld.
The Directors carried out a robust assessment of the principal
risks facing the Company. Below is a summary of these principal
risks, full details of which can be found in the Company's 2015
Annual Report, along with the applicable mitigants put in
place:
i. Medium- or long-term unfavourable changes to the credit
markets resulting in materially worsened risk reward
characteristics for structuring CLOs;
ii. Unfavourable changes or interpretation of retention, tax,
regulation or accounting rules and or poor implementation and
execution of those rules;
iii. Failure to deliver targeted returns over a sustained period; and
iv. Loss of key personnel at Blackstone/GSO Debt Funds Management Europe Limited ("DFME")
During the period the Board identified the following additional
principal risk:
v. Potential increased operational risks as a result of changes
to the investment policy and operating jurisdictions.
The Directors cite the changes made to the Company's investment
policy and the Luxembourg restructure as the reasons behind the
emergence of this risk. In terms of managing and mitigating this
risk, the Directors work with the Company's service providers and
advisors to ensure internal controls are in place, and regularly
reviewed, in order to capture and reflect changes across the whole
structure. Through the Company's committees and board meetings, the
Directors meet regularly allowing early identification and
rectification of any potential issue. The Directors also have in
place highly qualified service providers and advisors with
recognised experience in CLOs. In addition, the Company's auditors
have been engaged to carry out further assurance due diligence on
internal controls.
In the view of the Board these principal risks and uncertainties
are as applicable to the remaining six months of the financial year
as they were in the six months under review.
Going Concern
Under the AIC Code of Corporate Governance ("AIC Code") and
applicable regulations, the Directors are required to satisfy
themselves that it is reasonable to assume that the Company is a
going concern from the date of approval of the condensed financial
statements.
The Directors have considered the Company's investment
objective, risk management and capital management policies, its
assets and the expected income from its investments. The Directors
are of the opinion that the Company is able to meet its liabilities
and ongoing expenses as they fall due and they have a reasonable
expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future. Accordingly,
these condensed financial statements have been prepared on a going
concern basis.
Directors' Interests
Details of the Directors can be found below.
As at the period end and the date of approval of these financial
statements, the Directors held the following number of Euro shares
in the Company:
Euro shares
Charlotte Valeur -
Philip Austin -
Gary Clark 53,700
Joanna Dentskevich -
------------------- -----------
Events since the Period End
The Directors are not aware of any developments that might have
a significant effect on the operations of the Company in subsequent
financial periods not already disclosed in this report or the
attached condensed financial statements.
During the period ended 30 June 2016, the Company's stated
dividend target yield and policy is to target a dividend of EUR0.02
a quarter and, since January 2015, has paid its targeted annualised
dividend of EUR0.08 per share. On 2 September 2016, the Company
announced that it has increased this target dividend yield to an
annualised rate of EUR0.10 per share.
Please refer to note 15 for further details.
Future Strategy
The Directors continue to believe that the investment strategy
and policy adopted by the Company is appropriate and is capable of
meeting the Company's objectives.
The overall strategy remains unchanged and it is the Directors'
assessment that there are sufficient resources to properly manage
the Company's portfolio in the current and anticipated investment
environment.
Please refer to the Adviser's Report for detail regarding
performance to date of the investment portfolio and the main trends
and factors likely to affect those investments.
Director Biographies
All the Directors are non-executive. The Directors appointed to
the Board as at the date of this Half Yearly Financial Report
are:
Charlotte Valeur
Position: Chair of the Board and of the Nomination and
Remuneration Committee
Date of appointment: 13 June 2014
Charlotte Valeur has more than 30 years of experience in
financial markets and is the managing director of GFG Ltd, a
governance consultancy.
She currently serves as a non-executive director on the boards
of listed and unlisted companies including chair of Kennedy Wilson
Europe Real Estate Plc, a London-listed FTSE250 REIT, and of DW
Catalyst Ltd, a LSE-listed investment company; a non-executive
director of JP Morgan Convertible Bond Income Fund, a LSE-listed
investment company; and a non-executive director of NTR Plc, a
renewable energy company.
Ms Valeur was the founding partner of Brook Street Partners in
2003 and the Global Governance Group in 2009. Prior to this, Ms
Valeur worked in London as a director in capital markets at
Warburg, BNP Paribas, Société Générale and Commerzbank, beginning
her career in Copenhagen with Nordea A/S. She is a member of the
Institute of Directors and is regulated by the Jersey Financial
Services Commission.
With significant experience in international corporate finance,
Ms Valeur has a high level of technical knowledge of capital
markets, especially debt / fixed income. Her non-executive board
roles at a number of companies and her work as a governance
consultant have provided her with an excellent understanding and
experience of boardroom dynamics and corporate governance.
Philip Austin MBE
Position: Director
Date of appointment: 13 June 2014
Philip Austin spent most of his career in banking with HSBC and
worked at a senior level in retail, commercial, corporate, credit
and head office. In 1993 he moved to Jersey where, from 1997 to
2001, he was deputy chief executive of the bank's business in the
offshore islands - Jersey, Guernsey and the Isle of Man.
In 2001, Mr Austin became the founding CEO of Jersey Finance
Ltd, the body set up as a joint venture between the government of
Jersey and its finance industry, to represent and promote the
industry at home and abroad. In 2006, Mr Austin joined Equity Trust
as CEO of its businesses in Jersey and Guernsey. Mr Austin left
Equity Trust in 2009 to set up a portfolio of non-executive
directorships. These positions currently include 3i Infrastructure
Plc (senior independent director), City Merchants High Yield Trust
Ltd and Royal London Asset Management (CI) Ltd. His first-hand
experience of running financial services businesses and his tenure
of a number of non-executive directorships of listed companies has
provided him with a strong understanding of regulatory and
governance requirements.
Mr Austin is a Fellow of the Chartered Institute of Bankers and
a Fellow of the Chartered Management Institute. In January 2016 he
was awarded an MBE in the Queen's New Year's Honours list.
Gary Clark, ACA
Position: Chair of the Audit Committee and NAV Review
Committee
Date of appointment: 13 June 2014
Gary Clark acts as an independent non-executive director for a
number of boards, including Emirates NBD Fund Managers (Jersey)
Limited and Emirates Portfolio Management PCC. Until 1 March 2011
he was a managing director at State Street and their head of Hedge
Fund Services in the Channel Islands. Mr Clark, a Chartered
Accountant, served as chairman of the Jersey Funds Association from
2004 to 2007 and was managing director at AIB Fund Administrators
Limited when it was acquired by Mourant in 2006. This business was
sold to State Street in 2010. Prior to this Mr Clark was managing
director of the futures broker, GNI (Channel Islands) Limited in
Jersey.
A specialist in alternative investment funds, Mr Clark was one
of several practitioners involved in a number of significant
changes to the regulatory regime for funds in Jersey, including the
introduction of both Jersey's Expert Funds Guide and Jersey's
Unregulated Funds regime.
Joanna Dentskevich
Position: Chair of the Risk Committee
Date of appointment: 13 June 2014
Joanna Dentskevich has over 25 years of risk, finance and
investment banking experience gained in leading global banks
worldwide, alternative investments and the offshore fiduciary
industry. Ms Dentskevich moved to Jersey in 2008 and as well as
running her risk management advisory company sits on the boards of
a number of other investment and financial services companies.
Previously, Ms Dentskevich has been a director of risk at Morgan
Stanley and Deutsche Bank and chief risk officer at a London-based
hedge fund.
Ms Dentskevich has a BSc Hons in Maths & Accounting and is a
Chartered Member of the Chartered Institute of Securities &
Investment.
Statement of Directors' Responsibility
The Directors are responsible for preparing the Half Yearly
Financial Report and condensed Financial Statements in accordance
with applicable Jersey law and regulations.
The Directors confirm to the best of their knowledge that:
-- the condensed financial statements within the Half Yearly
Financial Report has been prepared in accordance with IAS 34 -
"Interim Financial Reporting" as adopted by the European Union
("EU") and gives a true and fair view on the state of the affairs
of the Company as at 30 June 2016, as required by the UK's
Financial Conduct Authority's Disclosure Guidance and Transparency
Rule 4.2.2R;
-- the Chair's Statement, the Adviser's Report, the Executive
Summary and the notes to the condensed Financial Statements
includes a fair review of the information required by:
i. DTR 4.2.7R of the Disclosure Guidance and the Transparency
Rules of the UK's Financial Conduct Authority, being an indication
of important events that have occurred during the first six months,
the financial period ended 30 June 2016 and their impact on the
condensed financial statements; and a description of the principal
risks and uncertainties for the remaining six months of the year;
and
ii. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules
of the UK's Financial Conduct Authority, being related party
transactions that have taken place in the first six months, the
financial period ended 30 June 2016 and that have materially
affected the financial position or performance of the Company
during the period.
Charlotte Valeur Gary Clark
Chair Audit Committee Chair
27 September 2016
INDEPENT REVIEW REPORT TO BLACKSTONE / GSO LOAN FINANCING
LIMITED
We have been engaged by the Company to review the condensed set
of financial statements in the Half Yearly Financial Report for the
six months ended 30 June 2016 which comprises the Statement of
Comprehensive Income, the Statement of Financial Position, the
Statement of Changes in Equity, the Statement of Cash Flows and
related Notes 1 to 16. We have read the other information contained
in the Half Yearly Financial Report and considered whether it
contains any apparent misstatements or material inconsistencies
with the information in the condensed set of financial
statements.
This report is made solely to the Company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board. Our work has been undertaken so that we might state to the
Company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company, for our review work, for this
report, or for the conclusions we have formed.
Directors' responsibilities
The Half Yearly Financial Report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the Half Yearly Financial Report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
As disclosed in note 2.1, the annual financial statements of the
Company are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this Half Yearly Financial Report has been prepared in
accordance with International Accounting Standard 34 "Interim
Financial Reporting" as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the Half Yearly
Financial Report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the Half Yearly Financial Report for the six months ended 30
June 2016 is not prepared, in all material respects, in accordance
with International Accounting Standard 34 as adopted by the
European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
Deloitte LLP
Chartered Accountants
St Helier, Jersey
Channel Islands
27 September 2016
Condensed Statement of Comprehensive Income
For six months ended 30 June 2016
Six months ended Six months ended
30 June 2016 30 June 2015
(Unaudited) (Unaudited)
Notes EUR EUR
------------------------------------------------------------------------- ----- ---------------- ----------------
Income
Realised gain on foreign exchange - 2,044
Net gains on investments designated at fair value through profit or loss 6 25,034,619 15,445,144
------------------------------------------------------------------------- ----- ---------------- ----------------
Total Income 25,034,619 15,447,188
------------------------------------------------------------------------- ----- ---------------- ----------------
Expenses
Operating expenses 3 (1,425,807) (694,172)
Profit before taxation 23,608,812 14,753,016
Taxation - -
Profit after taxation 23,608,812 14,753,016
------------------------------------------------------------------------- ----- ---------------- ----------------
Interest expense - (1,372)
------------------------------------------------------------------------- ----- ---------------- ----------------
Total Comprehensive Income for the period attributable to shareholders 23,608,812 14,751,644
------------------------------------------------------------------------- ----- ---------------- ----------------
Basic and diluted earnings per Euro share 11 0.0714 0.0474
------------------------------------------------------------------------- ----- ---------------- ----------------
The Company has no items of other comprehensive income, and
therefore the profit for the period is also the total comprehensive
income.
All items in the above statement are derived from continuing
operations. No operations were acquired or discontinued during the
period.
The accompanying notes form an integral part of these condensed
financial statements.
Condensed Statement of Financial Position
As at 30 June 2016
As at As at
30 June 2016 31 December 2015
(Unaudited) (Audited)
Notes EUR EUR
----------------------------------------------------------------- ----- -------------- ------------------
Current assets
Cash and cash equivalents 5,009,837 252,610
Other receivables 5 51,184 62,365
Financial assets designated at fair value through profit or loss 6 325,214,539 326,032,708
----------------------------------------------------------------- ----- -------------- ------------------
Total current assets 330,275,560 326,347,683
----------------------------------------------------------------- ----- -------------- ------------------
Current liabilities
Payables 7 (233,652) (377,323)
----------------------------------------------------------------- ----- -------------- ------------------
Total current liabilities (233,652) (377,323)
----------------------------------------------------------------- ----- -------------- ------------------
Net assets 330,041,908 325,970,360
----------------------------------------------------------------- ----- -------------- ------------------
Capital and reserves
Share capital 325,023,176 331,307,652
Retained earnings 5,018,732 (5,337,292)
----------------------------------------------------------------- ----- -------------- ------------------
Equity shareholders' funds 330,041,908 325,970,360
----------------------------------------------------------------- ----- -------------- ------------------
Net Asset Value per Euro share 12 1.0168 0.9839
----------------------------------------------------------------- ----- -------------- ------------------
The condensed financial statements were approved for issue by
the Directors on 27 September 2016 and signed on their behalf
by:
Charlotte Valeur Gary Clark
Director Director
The accompanying notes form an integral part of these condensed
financial statements.
Condensed Statement of Changes in Equity
For the Six Months Ended 30 June 2016 (Unaudited)
Share Retained Total
Notes capital earnings equity
shareholder's
EUR EUR funds
EUR
Opening equity shareholders'
funds at 1 January 2016 9 331,307,652 (5,337,292) 325,970,360
Total comprehensive income
for the period attributable
to shareholders - 23,608,812 23,608,812
Transactions with owners,
recorded directly to equity
Proceeds from issuance of
shares 9 - - -
Repurchase of shares 9 (6,284,476) - (6,284,476)
Distribution to shareholders - (13,252,788) (13,252,788)
----------------------------- ------- ----------- ------------ --------------
(6,284,476) (13,252,788) (19,537,264)
----------------------------- ------- ----------- ------------ --------------
Closing equity shareholders'
funds at 30 June 2016 325,023,176 5,018,732 330,041,908
----------------------------- ------- ----------- ------------ --------------
For the Six Months Ended 30 June 2015 (Unaudited)
Share Retained Total
Notes capital earnings equity
shareholder's
EUR EUR funds
EUR
Opening equity shareholders'
funds at 1 January 2015 9 301,200,000 (2,248,440) 298,951,560
Total comprehensive income
for the period attributable
to shareholders - 14,751,644 14,751,644
Transactions with owners,
recorded directly to equity 9
Proceeds from issuance of
shares 9 30,107,652 - 30,107,652
Distribution to shareholders - (14,608,194) (14,608,194)
----------------------------- ------- ----------- ------------ --------------
30,107,652 (14,608,194) 15,499,458
----------------------------- ------- ----------- ------------ --------------
Closing equity shareholders'
funds at 30 June 2015 331,307,652 (2,104,990) 329,202,662
----------------------------- ------- ----------- ------------ --------------
The accompanying notes form an integral part of these condensed
financial statements.
Condensed Statement of Cash Flows
For the Six Months Ended 30 June 2016
Notes Six Months Ended Six Months Ended
30 June 2016 30 June 2015
(Unaudited) (Unaudited)
EUR EUR
--------------------------------------------------------------------------- ----- ---------------- ----------------
Cash inflow from operating activities
Total comprehensive income for the period 23,608,812 14,751,644
Adjustments to reconcile profit after tax to net cash flows:
* Unrealised gain on financial assets designated at
fair value through profit and loss 6 (17,228,334) (110,818)
* Realised gain on financial assets designated at fair
value through profit and loss 6 (379,891) -
Purchase of financial assets designated at fair value through profit and
loss - (29,979,526)
Proceeds from sale of financial assets designated at fair value through
profit and loss 6 18,426,394 -
Changes in working capital
Decrease/(increase) in other receivables 11,181 (4,286)
(Decrease)/increase in payables (143,671) 71,615
Net cash generated/(used) in operating activities 24,294,491 (15,271,371)
--------------------------------------------------------------------------- ----- ---------------- ----------------
Cash flow from financing activities
Proceeds from issuance of shares - 30,107,652
Repurchase of shares (6,284,476) -
Dividends paid (13,252,788) (14,608,194)
--------------------------------------------------------------------------- ----- ---------------- ----------------
Net cash (used)/generated from financing activities (19,537,264) 15,499,458
--------------------------------------------------------------------------- ----- ---------------- ----------------
Net increase in cash and cash equivalents 4,757,227 228,087
--------------------------------------------------------------------------- ----- ---------------- ----------------
Cash and cash equivalents at the start of the period 252,610 86,944
--------------------------------------------------------------------------- ----- ---------------- ----------------
Cash and cash equivalent at the end of the period 5,009,837 315,031
--------------------------------------------------------------------------- ----- ---------------- ----------------
The accompanying notes form an integral part of these condensed
financial statements.
Notes to the Condensed Financial Statements
For Six Months Ended 30 June 2016
1 General information
The Company is a closed-ended limited liability investment
company domiciled and incorporated under the laws of Jersey with
variable capital pursuant to the Collective Investment Funds
(Jersey) Law 1988. It was incorporated on 30 April 2014 under
registration number 115628. The Company's Euro shares were admitted
to the Specialised Fund Segment (SFS) of the LSE on 23 July 2014
and from 17 April 2015 the CISE.
At 30 June 2016, all shares in issue were Euro shares. The
Company may issue one or more additional classes of shares in
accordance with the Articles of Association.
The Company's registered address is Liberté House, 19-23 La
Motte Street, St Helier, Jersey, JE2 4SY.
Change in structure
In July 2015, upon advice, the Company resolved to change its
structure. Accordingly, on 23 July 2015, a wholly owned Luxemburg
subsidiary, Blackstone / GSO Loan Financing (Luxembourg) S.a r.l.
(the "Lux Subsidiary"), was incorporated with an issued share
capital of 20,000 Class A shares held by the Company. Subsequently,
the 15 B2 shares held in Blackstone / GSO Loan Financing 2 Limited
(the "Subsidiary") were transferred to the Company and the
Subsidiary was dissolved on 23 December 2015.
On 3 February 2016, the Luxembourg restructuring took place.
This comprised the Company transferring its entire holding of
unsecured Profit Participating Notes ("PPNs") to the Lux
Subsidiary. The transfer was undertaken in two tranches:
i. In the first tranche, the Company transferred EU PPNs with a
principal amount of EUR2,011,299 (together with any accrued but
unpaid interest) in exchange for 1,980,000 Class A shares and 1
Class B share in the Lux Subsidiary;
ii. ii. In the second tranche the Company transferred EU PPNs
with a principal amount of EUR313,918,227 (together with any
accrued but unpaid interest) in exchange for 309,033,367 CSWs
issued by the Lux Subsidiary.
2 Accounting policies
2.1 Statement of Compliance
The Annual Report and Financial Statements ("Annual Report") are
prepared in accordance with the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority and with
International Financial Reporting Standards (IFRS) as adopted by
the European Union, which comprise standards and interpretations
approved by the International Accounting Standards Board (IASB),
and interpretations issued by the International Financial Reporting
Standards and Standing Interpretations Committee as approved by the
International Accounting Standards Committee (IASC) which remain in
effect. The Half Yearly Financial Report has been prepared in
accordance with International Accounting Standards (IAS) 34 -
'Interim Financial Reporting'. They have also been prepared using
the same accounting policies applied for the year ended 31 December
2015 Annual Report, which was prepared in accordance with IFRS.
The Half Yearly Financial Report has been prepared on a going
concern basis. After reviewing the Company's budget and cash flow
forecast for the next financial period, the Directors are satisfied
that, at the time of approving the financial statements, it is
appropriate to adopt the going concern basis in preparing the
financial statements.
There have been no changes in accounting policies during the
period.
The accounting policies in respect of financial instruments are
set out below at 2.3 respectively due to the significance of
financial instruments to the Company. In addition, please refer to
note 2.4 for detail of IFRS 10 impact on the presentation of the
results of the Company as a result of Luxembourg restructuring.
Statements
2.2 Segmental reporting
The Directors view the operations of the Company as one
operating segment, being the investment business. All significant
operating decisions are based upon analysis of the Company's
investments as one segment. The financial results from this segment
are equivalent to the financial results of the Company as a whole,
which are evaluated regularly by the chief operating decision-maker
(the Board with insight from the Adviser).
2.3 Financial instruments
Financial assets
(a) Classification
The Company classifies its investments as financial assets at
fair value through profit or loss. These are financial instruments
held for investment purposes. Financial assets also include cash
and cash equivalents as well as other payables and receivables.
Financial assets designated at fair value through profit or loss
at inception
Financial assets designated at fair value through profit or loss
at inception are financial instruments that are not classified as
held for trading but are managed, and their performance is
evaluated on a fair value basis in accordance with the Company's
documented investment strategy.
The Company's policy requires the Adviser and the Board to
evaluate the information about these financial assets on a fair
value basis together with other related financial information.
(b) Recognition, measurement and derecognition
Purchases and sales of investments are recognised on the trade
date - the date on which the Company commits to purchase or sell
the investment. Financial assets at fair value through profit or
loss are measured initially and subsequently at fair value.
Transaction costs are expensed as incurred and movements in fair
value are recorded in the Condensed Statement of Comprehensive
Income.
Financial assets are derecognised when the rights to receive
cash flows from the investments have expired or the Company has
transferred substantially all risks and rewards of ownership.
(c) Fair value estimation
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
As at 30 June 2016, the Company held 290,986,865 CSWs issued by
the Lux Subsidiary, 2,000,000 Class A shares and 1 Class B shares
in the Lux Subsidiary and 15 B2 shares in BGCF (the "Investments").
These Investments are not listed or quoted on any securities
exchange and are not traded regularly and on this basis no active
market exists. The Company is not entitled to any voting rights in
respect of the Lux Subsidiary by reason of their ownership of the
CSWs.
The fair value of the CSWs is based on the NAV of the Lux
Subsidiary which is based on the NAV of BGCF attributable to the
PPNs. The fair value of the Class A and Class B shares held in the
Lux Subsidiary and B2 shares in BGCF are deemed to approximate
their cost.
(d) Valuation process
The Directors have held discussions with representatives of the
Adviser in order to gain comfort over the composition of the NAV of
the PPNs as of the balance sheet date.
The Directors, through ongoing communication with the Adviser
including quarterly meetings, discuss the performance of the
Adviser and the underlying portfolio and in addition review monthly
investment performance reports. The Directors analyse the BGCF
portfolio in terms of both investment mix and fair value hierarchy.
The Directors also consider the impact of general credit conditions
and more specifically credit events in the European corporate
environment on the valuation of the CSWs, PPNs and the BGCF
portfolio.
The Investments
The investments are valued by the Directors, taking into
consideration a range of factors including the unaudited NAV of
both the Lux Subsidiary and BGCF, and other relevant available
information. The other relevant information includes the review of
available financial and trading information of BGCF and of its
underlying portfolio, advice received from the Adviser and such
other factors as the Directors, in their sole discretion, deem
relevant in considering a positive or negative adjustment to the
valuation.
The estimated fair values may differ from the values that would
have been realised had a ready market existed and the difference
could be material.
The fair value of the investment is assessed on an ongoing basis
by the Board.
BGCF Portfolio
The Directors also discuss BGCFs monthly valuation process to
understand the methodology regarding valuation of Level 3 loan
assets and collateralised loan obligations (CLOs) held in the BGCF
portfolio, which includes consideration of the assumptions used and
significant fair value changes during the period.
Loan asset fair value prices used in the valuation of the BGCF
portfolio are based on broker quotes received from Markit Group
Limited ("Markit"). Where available, the fair value of loan assets
is based on their quoted market mid prices at the period end date
without any deduction for estimated future selling costs.
Investments in loan assets for which limited broker quotes and for
which no other evidence of liquidity exists are classified as Level
3. If a quoted market price is not available on a recognised stock
exchange or from a broker / dealer for non-exchange traded
financial instruments, the fair value of the instrument is
estimated using the valuation techniques of the Adviser, which are
discussed, reviewed and accepted by the Board of BGCF and
independent service provider. These valuation techniques include
use of recent arm's length market transactions, reference to the
current market fair value of another instrument that is
substantially the same, discounted cash flow techniques, option
pricing models or any other valuation technique that provides a
reliable estimate of prices obtained in actual market
transactions.
The CLOs are primarily valued by Thomson Reuters using
discounted cash flow models. The key model input assumptions are
the loan prepayment rates, loan default rates, loan recovery given
default rates and reinvestment rates. These metrics are accumulated
from various independent market sources. Additionally, Thomson
Reuters review each CLO indenture and the latest underlying CLO
loan portfolio forming various projections based on the quality of
the collateral, the collateral manager capabilities and general
macroeconomic conditions. CLOs are classified as Level 3 as only a
single pricing source is used to establish the fair value at period
end.
Financial liabilities
(e) Classification
Financial liabilities include trade payables and other payables
which are held at amortised cost using the effective interest rate
method.
The effective interest method is a method of calculating the
amortised cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is
the rate that exactly discounts estimated future cash payments
(including all fees and points paid or received that form an
integral part of the effective interest rate, transaction costs and
other premiums or discounts) through the expected life of the
financial liability, or where appropriate a shorter period, to the
net carrying amount on initial recognition.
(f) Recognition, measurement and derecognition
Financial liabilities are measured initially at their fair value
plus any directly attributable incremental costs of acquisition or
issue.
Gains and losses are recognised in the statement of
comprehensive income when the liabilities are derecognised.
2.4 Non consolidation of the Lux Subsidiary undertaking
At 30 June 2016, the Company had one subsidiary undertaking as
defined under IFRS 10, the Lux Subsidiary. The Company has exposure
(through its investment in the Lux Subsidiary) to PPNs issued by
BGCF.
The relevant activities of the Lux Subsidiary are that of
investment holding for the purposes of both earning income and
achieving capital gains. The Company has a significant interest in
the Lux Subsidiary through its 100% ownership of the issued share
capital and its investment in CSWs issued by the Lux Subsidiary. As
a result of this significant interest, the Company has the ability
to influence the decisions made by the Lux Subsidiary and
consequently has control of this entity.
To determine control, there has to be a linkage between power
and the exposure to risks and rewards. The main link from ownership
would allow a company to control the value of returns and operating
policies and decisions of a subsidiary. To meet the definition of a
subsidiary under the single control model of IFRS 10, the investor
has to control the investee.
In assessing the control, the Company has considered the
following criteria:
i. The investor has existing rights that give it the ability to
direct the relevant activities that significantly affect the
investee's returns;
ii. The investor has exposure or rights to variable returns from
its involvement with the investee; and
iii. The investor has the ability to use its power over the
investee to affect the amount of the investor's returns.
The Company does have a beneficial interest in the investment
activities of the Lux Subsidiary and in the returns generated
thereof. In addition, the Company has the ability to influence
these decisions and the amounts it receives as proceeds from its
investment in the Lux Subsidiary which satisfies the criteria
above.
In adopting the exemption from preparing consolidated financial
statements under IFRS 10, the Company considered the definition,
including the criteria and typical characteristics of an investment
entity, as detailed in IFRS 10. The Company is satisfied that it
meets both the defined criteria and typical characteristics of an
investment entity:
i. It has met the specific criteria as follows:
-- It has obtained funds from more than one investor for the
purpose of providing its investors with investment management
services;
-- It has committed to its investors that its business purpose
is to invest funds solely for returns from both capital
appreciation and investment income; and
-- It measures and evaluates the performance of substantially
all of its investments on a fair value basis.
ii. In addition, the Company has concluded that it portrays all
the following typical characteristics of an investment entity,
namely:
-- It has exposure to more than one investment;
-- It has multiple investors;
-- The majority of its investors are not related parties; and
-- It has ownership interests in the form of equity.
Accordingly, the Lux Subsidiary has not been consolidated under
IFRS 10 and is accounted for at fair value through profit or loss.
The Subsidiary was not consolidated as at 31 December 2015 for the
same reasons as those outlined above.
3 Operating expenses
Period ended Period ended
30 June 2016 30 June 2015
(Unaudited) (Unaudited)
EUR EUR
Administration fees 106,311 119,650
Brokerage fees 206,576 207,205
Directors fees 152,909 122,626
Regulatory fees 14,293 42,874
Audit fees 80,877 71,137
Professional fees 13,601 13,574
Registrar fees 15,837 5,635
Placement costs 721,431 -
Sundry expenses 113,972 111,471
1,425,807 694,172
-------------------- ------------- -------------
Placement costs
The costs and expenses of the Placing attributable to the
Company have been expensed in the Statement of Comprehensive
Income.
Audit and non-audit fees
The Company incurred EUR80,877 (30 June 2015: EUR71,137) in
audit, assurance and tax fees during the period of which EUR80,877
(30 June 2015: EUR100,742) was outstanding at the period end.
Other Deloitte member firms Period ended Period ended
30 June 2016 30 June 2015
(Unaudited) (Unaudited)
EUR EUR
None audit fees - tax advice(1) 185,472 -
-------------------------------- ------------- -------------
(1) Non audit fees - tax advice relates to US tax compliance
services and tax advisory work for the prospectus and tax advisory
services provided by the auditors in their capacity as Reporting
Accountant in respect of the prospectus. These fees are included in
the placement costs caption in the table above.
4 Directors' fees and interests
During the period ended 30 June 2016, the Directors of the
Company were remunerated for their services at a fee of GBP35,000
per annum (GBP50,000 for the Chair). The Chairs of the Audit
Committee and Risk Committee receive an additional GBP5,000 for
their services in these roles.
During the period ended 30 June 2016, the Directors received a
one off payment fee of GBP10,000 each (30 June 2015: GBPNil) due to
the additional work carried out during the year as a result of the
Lux restructuring and prospectus.
The Company has no employees. Directors fees payable as at 30
June 2016 were EUR48,877 (30 June 2015: EUR36,416).
No Director, except Mr Clark, had any beneficial interest in the
shares of the Company during the period ended 30 June 2016. Mr
Clark purchased 25,000 Euro Shares in the Company pursuant to the
Placing in 2014. Mr Clark purchased an additional 28,700 Euro
Shares on 2 June 2016 and as at 30 June 2016 held 53,700 (30 June
2015: 25,000). No pension contributions were payable in respect of
any of the Directors.
5 Other receivables
As at
30 June 2016 As at
(Unaudited) 31 December 2015 (Audited)
EUR EUR
Prepayments 21,184 32,365
Receivable from Lux Subsidiary 30,000 30,000
51,184 62,365
------------------------------- ------------- ---------------------------
Receivable balance due from Lux Subsidiary relates to a
intercompany loan in respect to working capital for setup and
ongoing operating costs.
The Directors believe that these balances are fully
recoverable.
6 Financial assets designated at fair value through profit or loss
As at
30 June 2016 As at
(Unaudited) 31 December 2015 (Audited)
EUR EUR
----------------------------------------------------------------- ------------- ---------------------------
Financial assets designated at fair value through profit or loss 325,214,539 326,032,708
----------------------------------------------------------------- ------------- ---------------------------
Financial assets designated at fair value through profit or loss
consists of CSWs issued by the Lux Subsidiary, 2,000,000 Class A
shares and 1 Class B shares in the Lux Subsidiary and 15 B2 shares
in BGCF. Please refer to Note 1 for further details of the
Luxembourg restructuring that took place on 3 February 2016.
CSWs
The Company has the right, at any time during the exercise
period (being the period from the date of issuance being 3 February
2016 and ending on earlier of the 3 February 2046 or the date on
which the liquidation of the Lux Subsidiary is closed), to request
that the Lux Subsidiary redeems all or part of the CSWs at the
redemption price (see below), by delivering a redemption notice,
provided that the redemption price will be due and payable only if
and to the extent that (a) the Lux Subsidiary will have sufficient
funds available to settle its liabilities to all other ordinary or
subordinated creditors, whether privileged, secured or unsecured,
prior in ranking to the CSWs, after any such payment, and (b) the
Lux Subsidiary will not be insolvent after payment of the
redemption price.
The redemption price is the amount payable by the Lux Company on
the redemption of CSWs outstanding, which shall be at any time
equal to the fair market value of the Euro Shares, (that would have
been issued in case of exercise of all CSWs), as determined by the
Board on a fully diluted basis on the date of redemption, less a
13.5bp margin (determined by the Board on the basis of a transfer
pricing report prepared by an independent advisor), and the
redemption price for each CSW shall be obtained by dividing the
amount determined in accordance with the preceding sentence by the
actual number of CSWs outstanding.
If at the end of any financial year there is excess cash, as
determined in good faith by the Lux Subsidiary board (but for this
purpose only), the Lux Subsidiary will automatically redeem, to the
extent of such excess cash, all or part of the CSWs at the
redemption price provided the requirements in the previous
paragraph are met, unless the Company notifies the Lux Subsidiary
otherwise. For the avoidance of doubt, to the extent the
subscription price for the CSWs to be redeemed has not been paid at
the time the CSWs were issued, the subscription price for such CSWs
to be redeemed shall be deducted from the Redemption Price.
CSWs listed in an exercise notice may not be redeemed.
Fair value hierarchy
IFRS 13 'Fair Value Measurement' requires an analysis of
investments valued at fair value based on the reliability and
significance of information used to measure their fair value.
The Company categorises its financial assets according to the
following fair value hierarchy detailed in IFRS 13, that reflects
the significance of the inputs used in determining their fair
values;
Level 1: Quoted market price (unadjusted) in an active market
for an identical instrument.
Level 2: Valuation techniques based on observable inputs, either
directly (i.e., as prices) or indirectly (i.e., derived from
prices). This category includes instruments valued using: quoted
market prices in active markets for similar instruments; quoted
prices for identical or similar instruments in markets that are
considered less than active; or other valuation techniques where
all significant inputs are directly or indirectly observable from
market data.
Level 3: Valuation techniques using significant unobservable
inputs. This category includes all instruments where the valuation
technique includes inputs not based on observable data and the
unobservable variable inputs have a significant effect on the
instrument's valuation. This category includes instruments that are
valued based on quoted prices for similar instruments where
significant unobservable adjustments or assumptions are required to
reflect differences between the instruments.
30 June 2016 (Unaudited) Level 1 Level 2 Level 3 Total
EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - - 325,214,539 325,214,539
----------------------------------------------------------------- ------- ------- ----------- -----------
31 December 2015 (Audited) Level 1 Level 2 Level 3 Total
EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - - 326,032,708 326,032,708
----------------------------------------------------------------- ------- ------- ----------- -----------
Financial assets designated at fair value through profit or loss
reconciliation
The following table shows a reconciliation of all movements in
the fair value of financial assets categorised within Level 3
between the beginning and the end of the reporting period ended 30
June 2016:
30 June 2016 (Unaudited) Total
EUR
------------------------------------------------------------------------------------ ------------
Opening valuation 326,032,708
------------------------------------------------------------------------------------ ------------
Movements in the period:
Purchases during the period -
Sale proceeds during the period (18,426,394)
Realised gain on financial assets designated at fair value through profit or loss 379,891
Unrealised gain on financial assets designated at fair value through profit or loss 17,228,334
------------------------------------------------------------------------------------ ------------
Closing valuation 325,214,539
------------------------------------------------------------------------------------ ------------
Total change in unrealised gains on financial assets for the period 17,228,334
Realised gain on financial assets designated at fair value through profit or loss 379,891
Investment income(1) 7,426,394
------------------------------------------------------------------------------------ ------------
Net gains on investments designated at fair value through profit or loss 25,034,619
------------------------------------------------------------------------------------ ------------
(1 -) Investment income relates to PPN interest received from
the Company's holding of PPN's in BGCF prior to the Luxembourg
restructure. Please refer to note 1 for further details of
Luxembourg restructuring that took place on the 3 February 2016 and
note 7 for further details regarding CSW's held.
During the period ended 30 June 2016, there were no
reclassifications between levels of the fair value hierarchy.
The following table shows a reconciliation of all movements in
the fair value of financial assets categorised within Level 3
between the beginning and the end of the reporting year ended 31
December 2015:
31 December 2015 (Audited) Total
EUR
------------------------------------------------------------------------------------ -----------
Opening valuation 299,277,149
------------------------------------------------------------------------------------ -----------
Movements in the period:
Purchases during the period 29,999,526
Unrealised gain on financial assets designated at fair value through profit or loss (3,243,967)
------------------------------------------------------------------------------------ -----------
Closing valuation 326,032,708
------------------------------------------------------------------------------------ -----------
Total change in unrealised gains on financial assets for the year (3,243,967)
------------------------------------------------------------------------------------ -----------
During the year ended 31 December 2015, there were no
reclassifications between levels of the fair value hierarchy.
Please refer to Note 2.3 for valuation methodology of financial
assets designated at fair value through profit and loss.
Quantitative information of significant unobservable inputs -
Level 3
As at 30 June 2016
30 June Valuation technique Unobservable input Range (weighted average)
2016
Description (Unaudited)
EUR
Discount for lack of 0-3%
liquidity
CSWs 308,214,538 Adjusted Net Asset Value Net Asset Value 1.06 (1)
------------------------- ------------ ------------------------ ------------------------- ------------------------
Class A shares and Class
B share in the Lux
Subsidiary 2,000,001 Net Asset Value - -
------------------------- ------------ ------------------------ ------------------------- ------------------------
B2 shares in BGCF 15,000,000 Net Asset Value - -
------------------------- ------------ ------------------------ ------------------------- ------------------------
Total 325,214,539
------------------------- ------------ ------------------------ ------------------------- ------------------------
The Directors believe that it is appropriate to measure the CSWs
at the NAV of the investments held at the Lux Subsidiary, adjusted
for percentage holding of CSWs in the Lux Subsidiary (whilst
considering the fair value of the PPNs based on the investments
held at BGCF)
(1) - NAV of the Lux Subsidiary attributable per CSW unit.
As at 31 December 2015
31 December Valuation technique Unobservable input Range (weighted average)
2015
Description (Audited)
EUR
Discount for lack of 0-5%
liquidity
PPNs 311,012,708 Adjusted Net Asset Value Net Asset Value 0.98 (2)
-------------------------- ----------- ------------------------ ------------------------- ------------------------
Class A shares in the
Subsidiary 20,000 Net Asset Value - -
-------------------------- ----------- ------------------------ ------------------------- ------------------------
B2 shares in BGCF 15,000,000 Net Asset Value - -
-------------------------- ----------- ------------------------ ------------------------- ------------------------
Total 326,032,708
-------------------------- ----------- ------------------------ ------------------------- ------------------------
(2) - NAV of BGCF attributable per PPN unit.
Class A and Class B shares held in the Lux Subsidiary
Class A and Class B shares are redeemable and have a par value
of one Euro per share. Class A and Class B shareholders have equal
voting rights commensurate with their shareholding.
Class A and Class B shareholders are entitled to dividend
distributions from the net profits of the Lux Subsidiary (net of an
amount equal to five per cent of the net profits of the Lux
Subsidiary which is allocated to the general reserve, until this
reserve amounts to ten per cent of the Lux Subsidiary nominal share
capital).
Dividend distributions are paid in the following order of
priority:
i. Each Class A share is entitled to the Class A dividend, being
a cumulative dividend in an amount of not less than 0.10% per annum
of the face value of the Class A shares.
ii. Each Class B share is entitled to the Class B dividend (if
any), being any income such as but not limited to interest or
revenue deriving from the receivable from the PPN's held by the Lux
Subsidiary, less any non-recurring costs attributable to the Class
B shares.
Any remaining dividend amount for allocation of the Class A
dividend and Class B dividend shall be allocated pro rata among the
Class A shares.
The Board does not expect income from the Lux Subsidiary to
significantly exceed the anticipated annual running costs of the
Lux Subsidiary and therefore does not expect that the Lux
Subsidiary will pay significant, or any, dividends although it
reserves the right to do so.
Class B2 shares held in BGCF
Class B2 shares are redeemable and have a par value of one Euro
per share (and share premium of EUR999,999 per share). The Class B2
shares do not carry any right to receive a dividend or have any
voting rights attached.
Sensitivity analysis to significant changes in unobservable
inputs within Level 3 hierarchy - Level 3
The significant unobservable inputs used in the fair value
measurement categorised within Level 3 of the fair value hierarchy
together with a quantitative sensitivity analysis as at 30 June
2016 and comparative are as shown below:
As at 30 June 2016
Description Input Sensitivity used Effect on fair value
EUR
Financial assets designated at fair value
through profit or loss reconciliation Discount for lack of liquidity 5% 16,260,727
------------------------------------------ ------------------------------- ---------------- --------------------
As at 31 December 2015
Description Input Sensitivity used Effect on fair value
EUR
Financial assets designated at fair value
through profit or loss reconciliation Discount for lack of liquidity 5% 16,301,635
------------------------------------------ ------------------------------- ---------------- --------------------
7 Payables
Period Ended
30 June 2016 Year Ended
(Unaudited) 31 December 2015 (Audited)
EUR EUR
-------------------- ------------- ---------------------------
Administration fees 53,878 55,196
Director fees 48,877 51,048
Auditor's fees 80,877 80,501
Other payables 50,020 190,578
-------------------- ------------- ---------------------------
Total payables 233,652 377,323
-------------------- ------------- ---------------------------
8 Contingent liabilities and commitments
As at 30 June 2016, the Company had no contingent liabilities or
commitments (31 December 2015: EURNil).
9 Stated capital
Authorised
The authorised share capital of the Company is represented by an
unlimited number of Ordinary shares at no par value.
Allotted, called up and fully-paid
Euro shares Number of shares Stated capital
EUR
As at 1 January 2016 331,319,700 331,307,652
-------------------------------------------------------------------- ---------------- --------------
Ordinary shares issued during the period - -
Ordinary shares repurchased during the period and held in treasury (6,719,000) (6,284,476)
-------------------------------------------------------------------- ---------------- --------------
Total issued share capital as at 30 June 2016 324,600,700 325,023,176
-------------------------------------------------------------------- ---------------- --------------
Euro shares Number of shares Stated capital
EUR
-------------------------------------------------- ---------------- --------------
As at 1 January 2015 301,200,000 301,200,000
Ordinary shares issued during the year 30,119,700 30,107,652
--------------------------------------------------- ---------------- --------------
Total issued share capital as at 31 December 2015 331,319,700 331,307,652
--------------------------------------------------- ---------------- --------------
Euro shares
260,500,000 Euro shares were issued and admitted to the SFS on
23 July 2014. A further 40,700,000 Euro shares were issued and
admitted to the SFS on 28 August 2014. These shares were issued at
a price of EUR1 per Euro share.
On 29 April 2015, the Company issued a further 30,119,700 Euro
shares at a price of EUR1.02 per Euro share, raising gross proceeds
of GBP30,722,094 (net proceeds of GBP30,107,652).
At the 2015 AGM, held on 18 June 2015, the Directors were
generally and unconditionally authorised for the purposes of
Article 57 of the Companies (Jersey) Law 1991, as amended, to make
one or more on-market purchases of Shares in the Company for
cancellation or to be held as Treasury Shares.
Pursuant to this authority, a total of 6,719,000 Euro shares
were purchased during the period and held as Treasury shares as
detailed below:
Effective date Number of Price per Euro share
Euro shares (EUR)
1 June 2016 1,300,000 0.9150
10 June 2016 1,000,000 0.9369
15 June 2016 2,200,000 0.9400
22 June 2016 2,219,000 0.9419
--------------- ------------ --------------------
This authority was renewed at the 2016 AGM, held on 29 June
2016, when shareholders gave the Directors authority to make one or
more on-market purchases, up to a maximum of 48,657,645 Shares.
This authority will expire at the 2017 AGM. Please refer below for
further details regarding share buybacks.
As at 30 June 2016, the Company had 324,600,700 Euro shares (31
December 2015: 331,319,700) in issue, excluding 6,719,000 Treasury
Shares (31 December 2015: nil).
Voting Rights
Holders of Euro shares participate in the profits of the
Company. Shareholders have the right to attend, speak and vote at
any general meetings of the Company in accordance with the
provisions of the Articles of Association and have one vote in
respect of each whole share held.
Dividends
The Company may, by ordinary resolution, declare dividends in
accordance with the respective rights of the shareholders, but no
such dividend shall exceed the amount recommended by the Directors.
The Directors may pay fixed rate and interim dividends.
A general meeting declaring a dividend may, upon the
recommendation of the Directors, direct that payment of a dividend
shall be satisfied wholly or partly by the issue of shares or the
distribution of assets and the Directors shall give effect to such
resolution.
Except as otherwise provided by the rights attaching to or terms
of issue of any shares, all dividends shall be apportioned and paid
pro rata according to the amounts paid on the shares during any
portion or portions of the period in respect of which the dividend
is paid. No dividend or other monies payable in respect of a share
shall bear interest against the Company.
The Directors may deduct from any dividend or other moneys
payable to a shareholder all sums of money (if any) presently
payable by the holder to the Company on account of calls or
otherwise in relation to such shares.
The distributions declared by the Board during the period are
detailed above.
Please refer to Note 15 for distributions made after the period
end.
Share buybacks
The Directors intend to seek annual renewal of this authority
from the shareholders at the Company's AGM, to make one or more
on-market purchases of Shares in the Company for cancellation or to
be held as Treasury Shares.
The Directors may, at their absolute discretion, use available
cash to purchase in the market Euro Shares in issue at any time
following admission, subject to having been granted authority to do
so, should the Euro shares trade at an average discount to NAV
(calculated daily in accordance with the methodology set out below)
of more than 7.5 per cent. as measured each month over the
preceding six month trading period.
The average discount will be calculated by dividing the sum of
the discount or premium (as the case may be) on each business day
in a calendar month (adjusted for dividends) by the number of such
business days. The premium or discount on any given day is to be
calculated by reference to the closing Euro Share price and the NAV
announced for that month.
In exercising their powers to buy back Euro shares, the
Directors have complete discretion as to the timing, price and
volume of Euro shares so purchased. No expectation or reliance
should be placed on the Directors exercising such discretion on any
one or more occasions. The implementation of any share buy-back
programme and the timing, price and volume of Euro shares purchased
at all times will be subject to compliance with the Articles, the
Listing Rules (to the extent applicable to or voluntarily adopted
by the Company), the Companies Law and all other applicable legal
and regulatory requirements.
In the event that the Board decides to repurchase Euro shares,
purchases will only be made through the market for cash at prices
not exceeding the estimated prevailing NAV per Euro share where the
Directors believe such purchases will result in an increase in the
NAV per Euro share. Such purchases will only be made in accordance
with (a) the Listing Rules (to the extent applicable to or
voluntarily adopted by the Company), which currently provide that
the maximum price to be paid per Share must not be more than the
higher of: (i) five per cent. above the average of the mid-market
values of Shares for the five business days before the purchase is
made; or (ii) the higher of the last independent trade or the
highest current independent bid for Shares; and (b) the Companies
Law, which provides, inter alia, that any purchase is subject to
the Company passing the solvency test contained in the Companies
Law at the relevant time. Shares purchased by the Company may be
cancelled or held in treasury up to a maximum of ten per cent. of
the total number of Shares in issue at any particular time.
10 Interests in Other Entities
Interests in Unconsolidated Structured Entities
IFRS 12 defines a structured entity as an entity that has been
designed so that voting or similar rights are not the dominant
factor in deciding who controls the entity, such as when any voting
rights relate to the administrative tasks only and the relevant
activities are directed by means of contractual agreements. A
structured entity often has some of the following features or
attributes:
i. Restricted activities;
ii. A narrow and well-defined objective;
iii. Insufficient equity to permit the structured entity to
finance its activities without subordinated financial support;
and
iv. Financing in the form of multiple contractually linked
instruments that create concentrations of credit or other
risks.
Involvement with Unconsolidated Structured Entities
The Company has concluded that the non-voting shares of BGCF in
which it invests, but that it does not consolidate, meet the
definition of a structured entity.
Interests in Subsidiaries
As at 30 June 2016, the Company has a 100% notional holding of
the entire outstanding notional balance of its Lux Subsidiary being
2,000,000 Class A shares and one Class B share (31 December 2015:
20,000 Class A shares).
The Company held 100% of the entire outstanding notional balance
in the Subsidiary until it was subsequently dissolved on 23
December 2015.
The 15 Class B2 shares held by the Subsidiary in BGCF were
transferred in-specie to the Company. Each share had a nominal
value of EUR1 and a share premium of EUR999,999, resulting in the
in-specie transfer being valued at EUR15,000,000.
Other than the investments noted above, the Company did not
provide any financial support for the period ended 30 June 2016 and
31 December 2015, nor had it any intention of providing financial
or other support. In 2015, the Company provided a loan of EUR30,000
to the Lux Subsidiary. Refer to Note 5 for further detail.
11 Basic and diluted earnings per ordinary share
As at As at
30 June 2016 30 June 2015
(Unaudited) (Unaudited)
EUR EUR
---------------------------------------------------- ------------- -------------
Total comprehensive income for the period 23,608,812 14,751,644
Weighted average number of shares during the period 330,723,810 311,517,245
Basic and diluted earnings per share 0.0714 0.0474
---------------------------------------------------- ------------- -------------
12 Net asset value per share
As at As at
30 June 2016 (Unaudited) 31 December 2015 (Audited)
EUR EUR
------------------------------- ------------------------- ---------------------------
Net asset value 330,041,908 325,970,360
Number of shares at period end 324,600,700 331,319,700
Net asset value per share 1.0168 0.9839
------------------------------- ------------------------- ---------------------------
13 Reconciliation of NAV to published NAV
As at As at
30 June 2016 (Unaudited) 31 December 2015 (Audited)
NAV NAV per share NAV NAV per share
EUR EUR EUR EUR
Published NAV 330,507,280 1.0182 325,970,360 0.9839
Adjustment to amortisation of placement costs (465,372) (0.0014) - -
NAV attributable to shareholders 330,041,908 1.0168 325,970,360 0.9839
---------------------------------------------- ------------ ------------- ------------- --------------
14 Related party transactions
All transactions between related parties were conducted on terms
equivalent to those prevailing in an arm's length transaction.
Transactions with Entities with Significant Influence
In accordance with IAS 24 "Related Party Disclosures" the
related parties and related party transactions during the year
comprised transactions with an affiliate of DFME. As at 30 June
2016 and 31 December 2015 Blackstone Asia Treasury Pte held
50,000,000 shares in the Company.
Blackstone Asia Treasury Pte entered into a Lock-Up Agreement
with the Company and Joint Bookrunners pursuant to which it
undertook not to dispose of the placing shares it acquired in the
Company pursuant to the placing for a period of 12 months following
Admission. This agreement expired on 23 July 2015 and Blackstone
Asia Treasury Pte continues to hold 50,000,000 shares in the
Company.
Transactions with Key Management Personnel
The Directors are the key management personnel as they are the
persons who have the authority and responsibility for planning,
directing and controlling the activities of the Company. The
Directors are entitled to remuneration for their services. Refer to
Note 4 for further detail.
Transactions with Other Related Parties
At 30 June 2016, current employees of the Adviser and its
affiliates, and accounts managed or advised by them, hold 524,875
Euro shares (for the year ended 31 December 2015: 524,875) which
represents approximately 0.162% (for the year ended 31 December
2015: 0.162% ) of the issued shares of the Company.
The Company has exposure to the CLOs, originated by BGCF,
through its investment in the Lux Subsidiary. The Adviser is also
appointed as a service support provider to BGCF and as the
Collateral Manager of the CLOs.
Transaction with Subsidiaries
The Company purchased 309,033,367 CSWs from the Lux Subsidiary
during the period and held 290,986,865 CSWs as at 30 June 2016 (31
December 2015: nil). Refer to Note 6 for further details.
As at 30 June 2016, the Company held 2,000,000 Class A shares
and 1 Class B shares in the Lux Subsidiary with a nominal value of
EUR2,000,001 (31 December 2015: 20,000 Class A shares with a
nominal value of EUR20,000).
15 Material events after the Condensed Statement of Financial Position date
Management has evaluated subsequent events for the Company
through 27 September 2016, the date the condensed financial
statements are available to be issued, and had concluded there are
not any material events that require disclosure or adjustment of
the condensed financial statements other than those listed
below:
On 21 July 2016, the Company declared a dividend of EUR0.02 per
Euro Share and amounting to EUR6,492,014 in total. The dividends
were paid to shareholders on 19 August 2016.
On 2 September 2016, the Company announced that it has increased
its target dividend yield from an annualised rate of EUR0.08 per
share to an annualised rate of EUR0.10 per share. The first
dividend to be paid in accordance with this revised target yield
will be for the quarter ending 30 September 2016, which is expected
to be declared in October 2016 and paid in November 2016.
16 Controlling party
In the Directors' opinion, the Company has no ultimate
controlling party.
Company Information
Directors(1) Adviser
Ms Charlotte Valeur (Chair) Blackstone / GSO Debt Funds Management Europe Limited
Mr Philip Austin 30 Herbert Street
Mr Gary Clark 2(nd) Floor
Ms Joanna Dentskevich Dublin 2, Ireland
All c/o the Company's registered office
--------------------------------------------------------- ---------------------------------------------------------
Registered Office Administrator / Company Secretary / Custodian
Liberte House BNP Paribas Securities Services S.C.A.
19-23 La Motte Street Liberte House
St Helier 19-23 La Motte Street
Jersey, JE4 5RL, Channel Islands Jersey
JE4 5RL
Channel Islands
--------------------------------------------------------- ---------------------------------------------------------
Joint Financial Advisers, Bookrunners and Global Joint Financial Advisers, Bookrunners and Global
Co-Ordinators Co-Ordinators
Nplus1 Singer Advisory LLP Fidante Partners Europe Limited (trading as Fidante
1 Bartholomew Lane Capital)
London, EC2N 2AX , United Kingdom 1 Tudor Street
London, EC4Y 0AH, United Kingdom
--------------------------------------------------------- ---------------------------------------------------------
Reporting Accountant and Auditor Legal Adviser to the Company
(as to Jersey Law)
Deloitte LLP Carey Olsen
PO Box 403 47 Esplanade
44 Esplanade St Helier
St. Helier Jersey
Jersey, JE4 8WA, Channel Islands JE1 0BD, Channel Islands
--------------------------------------------------------- ---------------------------------------------------------
Legal Advisers to the Company Registrar
(as to English Law)
Herbert Smith Freehills LLP Capita Registrars (Jersey) Limited
Exchange House 12 Castle Street
Primrose Street St Helier
London, EC2A 2EG, United Kingdom Jersey, JE2 3RT, Channel Islands
--------------------------------------------------------- ---------------------------------------------------------
(1) All Directors of Blackstone / GSO Loan Financing Limited are
Non-Executive Directors.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Siobhan Lavery of BNP
Paribas Securities Services S.C.A., Jersey Branch, Company
Secretary.
Liberté House - 19-23 La Motte Street - St Helier - Jersey - JE2
4SY
Company Secretary
Tel: +44 (0) 1534 709181
A copy of the Company's Half Yearly Report will be available
shortly from the Company Secretary, (BNP Paribas Securities
Services S.C.A., Jersey Branch, 19-23 La Motte Street, St Helier,
Jersey, JE2 4SY), or will be circulated on the Company's
website.
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BXGDCRXDBGLR
(END) Dow Jones Newswires
September 27, 2016 10:30 ET (14:30 GMT)
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