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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Alternative Liq | LSE:ALSL | London | Ordinary Share | GG00B1WTM617 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 42.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMALSL
RNS Number : 9950N
Alternative Liquidity Solutions Ltd
05 October 2012
Alternative Liquidity Solutions Limited
(ALSL LN / ALSL.L)
Final Net Asset Value as at end August 2012
05 October 2012
As previously reported, the Company has adopted a Valuation Methodology since 30 June 2012 which the Directors believe is more conservative than is the industry norm amongst other listed funds holding hedge fund assets. Rather than simply reporting the value of the Company's portfolio based upon valuations provided by underlying managers and their administrators, the Valuation Methodology considers among other factors, the present value of expected future recoveries, discounted at a rate appropriate for the level of uncertainty over quantum and timeframe.
Based on this valuation methodology, as at the close of business on 31 August 2012, the Company's Final Net Asset Value per share was as follows:
Ordinary shares
45.06p
The Net Asset Value per share as at 31 August 2012 reflects an increase of 0.5% versus the Net Asset Value per share on 30 June 2012, comprising a positive 2.0% return in local currency terms and a negative 1.5% foreign exchange translation effect.
The Net Asset Value represents a 20% discount to what the Net Asset Value per share would have been if its calculation had been based on the valuations provided by the underlying managers, and an investment portfolio valuation that is 26% lower. This is illustrated by the table below:
Investments Estimated Weighted Discount Present Discount at managers' Nominal average rate value to underlying valuations % Recovery estimated managers' recovery value period ---------------- --------------- --------------- ----------- --------- -------------- --------------- Redeemable Funds GBP7,492,782 GBP7,479,768 0.4 20% GBP6,993,728 7% ---------------- --------------- --------------- ----------- --------- -------------- --------------- Long Lock Funds GBP6,048,558 GBP6,040,714 3.6 20% GBP3,149,337 48% ---------------- --------------- --------------- ----------- --------- -------------- --------------- Liquidation Share Classes GBP1,458,348 GBP1,421,228 1.7 30% GBP908,619 38% ---------------- --------------- --------------- ----------- --------- -------------- --------------- Investment Portfolio Valuation GBP14,999,688 GBP14,941,710 GBP11,051,684 26% ---------------- --------------- --------------- ----------- --------- -------------- --------------- Cash GBP5,159,308 GBP5,159,308 GBP5,159,308 ---------------- --------------- --------------- ----------- --------- -------------- --------------- Other Net -GBP73,526 -GBP73,526 -GBP73,526 Liabilities ---------------- --------------- --------------- ----------- --------- -------------- --------------- Net Asset Value GBP20,085,470 GBP20,027,492 GBP16,137,466 20% ---------------- --------------- --------------- ----------- --------- -------------- --------------- Net Asset Value per share 45.06p --------------------------------- --------------- ----------- --------- -------------- ---------------
Reflecting the conservativeness of the Company's Valuation Methodology, between 30 June 2012 and 31 August 2012 the Company received cash proceeds from redemptions of GBP2.5 million versus a carrying value at 30 June 2012 of GBP2.4 million, representing an annualised IRR of 16.2 %.
Other
As at 31 August 2012, approximately 68% of the Company's net assets were invested in EUR denominated assets, 15% in $ denominated assets and 17% in GBP denominated assets.
These valuations, which have been prepared in good faith by the Company's administrator, are for information purposes only and are based on the unaudited estimated valuations supplied to the administrators or managers of the Company's underlying investments. Such estimates may be subject to little verification or other due diligence and may not comply with generally accepted accounting practices or other generally accepted valuation principles. In addition, some of those estimates may not be supplied on a regular or timely basis with the result that the values of such investments are based on the latest available estimates which may be some time before the date set out above. Other risk factors which may be relevant to this valuation are set out in the Company's prospectus dated 23 May 2007.
For more information please contact:
Jon Macintosh
Saltus Partners LLP
+44 20 7499 0200
Ed Gascoigne Pees
FTI Consulting
+44 20 7269 7132
Hugh van Cutsem
Kepler Partners LLP
+44 20 3384 8796
This information is provided by RNS
The company news service from the London Stock Exchange
END
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