TIDMCIF TIDMCIFU TIDMCIFC
RNS Number : 4095Z
Carador Income Fund PLC
15 March 2012
RNS Announcement
Carador Income Fund plc
15 March 2012
Net Asset Value
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES,
AUSTRALIA, CANADA OR JAPAN.
As at the close of business on 29 February 2012, the unaudited
net asset values per Share were as follows:
Share class NAV Monthly
performance
------------ ---------- ------------
USD Shares USD 0.8761 +6.59%
------------ ---------- ------------
EUR Shares EUR 0.6682 +6.44%
------------ ---------- ------------
C Shares USD 1.0227 +2.38%
------------ ---------- ------------
The NAV increase is net of an accrued performance fee (estimated
at USD0.0142 per USD Share, EUR0.0105 per EUR Share and USD0.0055
per C Share) reflecting the fact that the NAV and distributions to
the end of the month for all Share classes were in excess of their
respective thresholds.
The difference in performance between the USD and EUR Shares and
the C Share is primarily due to distributions received in February
from Income Note investments (estimated as $7.3 million or
USD0.0226 per USD and EUR Share, nil for the C Share) and the ramp
up of the C Share portfolio (estimated as 61% at the end of January
and 88% at the end of February).
1Q12 to 4Q11 to
29-Feb-12 30-Nov-11 Change
----------------------------------------------------------------------------------- ----------- ----------- -------
Distributions Received From Income Notes: 15,989,268 13,849,635 +15.45%
- Diverted to Capital: (5,314,331) (5,022,329) +5.81%
- Allocated to Income(1) : 10,674,938 8,827,306 +20.93%
Income Accrued from Debt Investments: 1,258,924 1,281,222 -1.74%
----------------------------------------------------------------------------------- ----------- ----------- -------
Total Gross Income: $11,933,861 $10,108,528 +18.06%
Estimated Expenses during Period: ($872,123) ($952,246) -8.41%
Estimated Annualised Total Expense Ratio during Period: 1.97% 2.17% -8.99%
Net Income(2) : $11,061,738 $9,156,282 +20.81%
Net Cash Flow / Net Income: 1.48x 1.55x
Net Income per USD Share(3) : $0.0339 $0.0280 +20.99%
Net Income per EUR Share(3) : EUR0.0253 EUR0.0221
NOTE: DATA BASED ON GENERAL PORTFOLIO ATTRIBUTABLE TO THE FUND (EXCLUDING C SHARE CLASS).
DATA MAY DIFFER PER
USD OR EUR SHARE CLASS
(1) As determined in accordance with the Company's Pricing Policy
(2) As calculated by the Company's Administrator in consultation with the Company's
Pricing Committee in accordance with the provisions of the Company's Prospectus and Pricing
Policy.
(3) Based on final number of shares in the period (estimated as 326,541,918 shares)
The separate portfolio attributable to the USD Share C class
generated an estimated USD850,874 worth of net income, or USD0.0111
per USD Share C class.
The separate portfolio attributable to the USD Share C class has
acquired an additional five investments in March, to date. As a
result, as at 14 March, the pro-forma portfolio excluding the 1Q12
dividend, held an estimated $6.7 million in cash or an estimated
1.8% of NAV.
Any reference herein to future distributions is a target and not
a forecast and there can be no guarantee or assurance that it will
be achieved. The actual principal and income in any particular case
will be determined by the cash flows received.
This document 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 document (directly or
indirectly) to any other person. Recipients of this document in
jurisdictions outside the UK should inform themselves about and
observe any applicable legal requirements in their jurisdictions.
In particular, the distribution of this document may in certain
jurisdictions be restricted by law. Accordingly, recipients
represent that they are able to receive this document without
contravention of any applicable legal or regulatory restrictions in
the jurisdiction in which they reside or conduct business.
This document 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 document 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
document, 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 document and nothing in this document 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 document 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 document 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 document; 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 document, and Carador neither intends nor assumes any
obligation to update forward-looking statements set forth in this
document 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 document.
This document 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
document 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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