RNS Number : 9880E
  Osprey Smaller Cos Income Fund Ltd
  03 October 2008
   

    Osprey Smaller Companies Income Fund Limited (the "Company")
    Position Update
    3 October 2008
    Following the appointment of Midas Investment Management Limited as Investment Adviser on 19 June 2008 and due to the current
uncertainty in the market, the Company has been de-geared.  The Company currently has cash funds of �16,751,000 which is in excess of the
�10,500,000 outstanding loan balance.  

    However, further to the announcement of 19 September 2008 relating to the tender offer, the Company is required to pass a number of
one-off covenant tests stipulated by the loan provider in order to receive permission to complete the share buy-back.

    Due to recent falls in the markets, as the situation stands today one of these covenant tests would not be passed and another would be
very close to being breached.   As a consequence, the Company may have to repay part or all of the loan in advance of any share buy-back.  

    The Company currently has sufficient cash resources to cover the outstanding loan balance as well as affect the Tender, should the
Tender Price be calculated based on the latest published NAV.  In addition, please note that should any repayment of the loan balance be
necessary, it is unlikely that there will be a material impact on the net asset value of the Company.

    Enquiries:
    Elysium Fund Management Limited
    Tel: +44 1481 810100

    Midas Investment Management Limited            
    Tel: +44 161 228 1709
    Mark Sheppard/David Rodrigues


This information is provided by RNS
The company news service from the London Stock Exchange
 
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