Net Asset Value(s) (9582V)

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RNS Number : 9582V

Carador Income Fund PLC

23 January 2012

RNS Announcement

Carador Income Fund plc

23 January 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 30 December 2011, the unaudited net asset values per Share were as follows:

 
Share class      NAV        Monthly 
                           performance 
 USD Shares   USD 0.8102     +0.71% 
 EUR Shares   EUR 0.6162     +0.49% 
  C Shares    USD 0.9636     -1.67% 
 

The NAV increase is net of an accrued performance fee (estimated at USD0.0126 per USD Share and EUR0.0128 per EUR Share) reflecting the fact that the NAV and distributions to the end of the month for both Share classes were in excess of their respective thresholds.

 
                                                                   3Q11 
                                                  4Q11 to           to 
                                                 31-Dec-11      30-Sep-11     Change 
---------------------------------------------  -------------  -------------  -------- 
  Distributions Received 
   From Income Notes:                             15,038,172      9,894,475   +51.99% 
   - Diverted to Capital:                        (5,587,852)    (3,218,136)   +73.64% 
   - Allocated to Income(1) 
    :                                              9,450,320      6,676,338   +41.55% 
 Income Accrued from Debt 
  Investments:                                     1,877,009      1,497,807   +25.32% 
---------------------------------------------  -------------  -------------  -------- 
 Total Gross Income:                             $11,327,329     $8,174,145   +38.58% 
 
 Estimated Expenses during 
  Period:                                       ($1,479,776)   ($1,166,251)   +26.88% 
 Estimated Total Expense 
  Ratio during Period:                                 2.24%          2.49%   -10.18% 
 
 Net Income(2) :                                  $9,847,553     $7,007,894   +40.52% 
 Net Cash Flow / Net Income:                           1.57x          1.46x 
 Net Income per USD Share(3) 
  :                                                  $0.0301        $0.0303   -0.61% 
 Net Income per EUR Share(3) 
  :                                                EUR0.0239      EUR0.0229 
 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) 
 

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

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