Net Asset Value(s)

 

TIDMNAM 
 
RNS Number : 4761P 
North American Banks Fund Ltd 
16 July 2010 
 

North American Banks Fund Limited 
 
16 July 2010 
 
 
Net Asset Value 
 
North American Banks Fund Limited (the "Fund") announces that the net asset 
value at 30 June 2010 amounted to $4.85 per share reflecting a provision of 
$900,000 (16p per share) which has been made against the value of the Fund's 
investment in FirstAtlantic Financial Holdings Inc ("FirstAtlantic") as a result 
of a proposed stock offering by FirstAtlantic at an offer price of $7.75 per 
share, which is 29 per cent. below the Fund's last valuation of this investment. 
Based on an exchange rate of 1.4961 at 30 June 2010, the net asset value 
therefore equated to approximately GBP3.24 per share. 
 
FirstAtlantic is proposing to raise up to $25m new capital, which is expected to 
support FirstAtlantic's effort to acquire either failed banks from the FDIC with 
loss-share protection, or other assets from distressed banks where the risk can 
be sufficiently mitigated. Any new capital raised is expected to provide 
FirstAtlantic with the opportunity for future profitability and growth. 
 
 
 
Enquiries: 
 
Madiha Loveless 
BNP Paribas Fund Services (Guernsey) Limited 
Tel: [phone] 
 
Alastair Moreton/Hannah Pearce 
Arbuthnot Securities Limited 
Tel: [phone] 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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