TIDMCIF
RNS Number : 3701N
Carador Income Fund PLC
31 August 2011
Carador Income Fund PLC
Unaudited Interim Results 2011
31 August 2011
Carador Income Fund PLC (the "Company"), a closed-ended limited
liability investment company listed on the London Stock Exchange,
which invests in a diversified portfolio of senior notes of CLOs
collateralized by senior secured bank loans and equity and
mezzanine tranches of CLOs, today announces its unaudited results
for the six months ended 30 June 2011.
Financial highlights
-- NAV per US$ share class up 13.31% to US$0.85 per share, as at
30 June 2011
-- NAV per Euro share class up 12.72% to EUR0.64 per share, as
at 30 June 2011
-- At 30 June 2011 shares traded at US$0.93 and EUR0.69, a 9.6%
and 7.8% premium to NAV
-- Annualised dividend yield, based on the last declared
dividend, for the US$ and Euro shares of 12.04% and 12.26% of
closing mid-market price respectively
Portfolio Highlights
-- Portfolio actively traded in the period - 17 new investments
and sold 13 investments
-- As at 30 June 2011, the Company's portfolio had exposure to
42 loan portfolios. The Company's portfolio is diversified across
27 managers.
-- Effectively fully invested at 30 June 2011 with a cash
balance of 0.6%
Commenting, Miguel Ramos Fuentenebro, GSO Capital Partners
International LLP, the investment manager of CIF, said:
"The portfolio overall has performed strongly andthe Company was
well positioned in the first half of 2011 to take advantage of
potential opportunities presented by the market. Although we remain
cautious in the near term about future volatility, we believe that
current market conditions offer an opportunity to identify new
investments with attractive risk-reward profiles. Over the medium
term we believe the Company will benefit from its exposure to the
US loan market which has experienced strong refinancing of shorter
term maturities. The lack of significant maturities in 2011, 2012
and to a certain extent 2013 means that defaults are expected to be
low regardless of the broader economic environment. This general
market background, together with our ability to mitigate default
risk, creates a supportive environment for the Company."
For further information, please contact:
Miguel Ramos Fuentenebro
GSO Capital Partners International LLP
+44 (0) 207 451 4455
Ed Gascoigne Pees
Financial Dynamics
+44 (0) 207 269 7132
Notes to Editors
The Company's investment objective is to produce
attractive and stable returns with low
volatility compared to equity markets, by
investing in a diversified portfolio of equity
and mezzanine tranches of CDOs and senior
tranches of cashflow CDO transactions backed by
senior secured leveraged loans.
The Company's portfolio is managed by GSO
Capital Partners International LLP ("GSO", the
"Manager"). GSO represents the European
investment capabilities of GSO Capital Partners
LP ("GSO U.S."). GSO and GSO U.S. are affiliates
of The Blackstone Group L.P.
The Company, through its investments, has
exposure to a diversified portfolio of primarily
senior secured loans, financed on a term,
non-recourse, non-mark to market basis.
As at 28 April 2011, on a look-through basis,
the Company had exposure to over 1,700 issuers.
Disclaimer
This announcement and the information contained herein is not
for release, publication or distribution (directly or indirectly)
in or into the United States, Canada, Australia or Japan or to any
"US person" as defined in Regulation S under the United States
Securities Act of 1933, as amended (the "Securities Act") or into
any other jurisdiction where applicable laws prohibit its release,
distribution or publication. It does not constitute an offer of
securities for sale anywhere in the world, including in or into the
United States, Canada, Australia or Japan. No recipient may
distribute, or make available, this announcement (directly or
indirectly) to any other person. Recipients of this announcement in
jurisdictions outside the UK should inform themselves about and
observe any applicable legal requirements in their jurisdictions.
In particular, the distribution of this announcement may in certain
jurisdictions be restricted by law. Accordingly, recipients
represent that they are able to receive this announcement without
contravention of any applicable legal or regulatory restrictions in
the jurisdiction in which they reside or conduct business.
This announcement has been prepared by Carador Income Fund PLC
("Carador") and is the sole responsibility of Carador. No liability
whatsoever (whether in negligence or otherwise) arising directly or
indirectly from the use of this announcement is accepted and no
representation, warranty or undertaking, express or implied, is or
will be made by Carador, GSO Capital Partners International LLP
("GSOCPI") or any of their respective directors, officers,
employees, advisers, representatives or other agents ("Agents") for
any information or any of the opinions contained herein or for any
errors, omissions or misstatements. None of GSOCPI nor any of its
respective Agents makes or has been authorised to make any
representation or warranties (express or implied) in relation to
Carador or as to the truth, accuracy or completeness of this
announcement, or any other written or oral statement provided. In
particular, no representation or warranty is given as to the
achievement or reasonableness of, and no reliance should be placed
on any projections, targets, estimates or forecasts contained in
this announcement and nothing in this announcement is or should be
relied on as a promise or representation as to the future.
Carador will not be registered under the U.S. Investment Company
Act of 1940, as amended (the "Investment Company Act") and
investors will not be entitled to the benefits of that Act. The
securities described in this announcement have not been and will
not be registered under the Securities Act, or the laws of any
state of the United States. Consequently, such securities may not
be offered, sold or otherwise transferred within the United States
or to or for the account or benefit of U.S. persons (as such term
is defined in Regulation S under the Securities Act) except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act, applicable
state laws and under circumstances which will not require Carador
to register under the Investment Company Act. No public offering of
the securities is being made in the United States.
This announcement may contain certain forward-looking
statements. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts. In some cases, forward-looking statements
can be indentified by terms such as "anticipate", "believe",
"could", "estimate", "expect", "intend", "may", "plan",
"potential", "should", "will", and "would", or the negative of
those terms or other comparable terminology. The forward-looking
statements are based on Carador's beliefs, assumptions, and
expectations of future performance and market developments, taking
into account all information currently available. These beliefs,
assumptions, and expectations can change as a result of many
possible events or factors, not all of which are known or are
within Carador's control. If a change occurs, Carador's business,
financial condition, liquidity, and results of operations may vary
materially from those expressed in forward-looking statements. Some
of the factors that could cause actual results to vary from those
expressed in forward-looking statements, include, but are not
limited to: the factors described in this announcement; the rate at
which Carador deploys its capital in investments and achieves
expected rates of return; Carador or GSOCPI's ability to execute
Carador's investment strategy, including through the identification
of a sufficient number of appropriate investments; the continuation
of GSOCPI as investment manager of Carador's investments; the
continued affiliation with GSOCPI of its key investment
professionals; Carador's financial condition and liquidity; changes
in the values of or returns on investments that the Company makes;
changes in financial markets, interest rates or industry, general
economic or political conditions; and the general volatility of the
capital markets and the market price of Carador's shares.
By their nature, forward-looking statements involve known and
unknown risks and uncertainties because they relate to events, and
depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance. Any forward-looking statements are only made as at the
date of this announcement, and Carador neither intends nor assumes
any obligation to update forward-looking statements set forth in
this announcement whether as a result of new information, future
events, or otherwise, except as required by law or other applicable
regulation. In light of these risks, uncertainties, and
assumptions, the events described by any such forward-looking
statements might not occur. Carador qualifies any and all of their
forward-looking statements by these cautionary factors. Please keep
this cautionary note in mind while reading this announcement.
This announcement is an advertisement and does not constitute a
prospectus or offering memorandum or an offer in respect of any
securities and is not intended to provide the basis for any
decision in respect of Carador or other evaluation of any
securities of Carador or any other entity and should not be
considered as a recommendation that any investor should subscribe
for or purchase any such securities. Neither the issue of this
announcement nor any part of its contents constitutes an offer to
sell or invitation to purchase any securities of Carador or any
other entity or any persons holding securities of Carador.
Prospective investors should take note that any securities may
not be acquired by investors using assets of any retirement plan or
pension plan that is subject to Part 4 of Subtitle B of Title I of
the United States Employee Retirement Income Security Act of 1974,
as amended ("ERISA") or section 4975 of the United States Internal
Revenue Code of 1986, as amended (the "Code"), entities whose
underlying assets are considered to include "plan assets" of any
such retirement plan or pension plan, or any governmental plan,
church plan, non-U.S. plan or other investor subject to any state,
local, non-U.S. or other laws or regulations similar to Title I or
ERISA or Section 4975 of the Code or that would have the effect of
the regulations issued by the United States Department of Labor set
forth at 29 CFR Section 2510.3-101, as modified by section 3(42) of
ERISA.
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view the associated PDF document:
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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