Interim Management Statement

    RNS Number : 1960B
  Caliber Global Investment Ltd
  13 August 2008
   

    August 13, 2008

    Caliber Global Investment Limited (the "Company" or "Caliber")

    Interim Management Statement
    for the 3 month period from March 31, 2008 to June 30, 2008

    Results
    *     Company only NAV of $0.40 per share as at June 30, 2008 (March 31, 2008: $0.59)
    *     Consolidated NAV of $(5.29) per share as at June 30, 2008 (March 31, 2008: $(4.70))
    *     Loss for the 3 month period to June 30, 2008 of $4.7 million for the Company
    *     Loss for the 3 month period to June 30, 2008 of $14.5 million on a consolidated basis

    Portfolio
    As at June 30, 2008 the Company, on a non-consolidated basis, had gross assets of $11 million, which comprised cash of $2.7 million,
securities with a market value of $4.3 million, an investment in the Crown Woods financing facility of $3.2 million and other assets of $0.8
million. The Company also had liabilities of $1.1 million, leaving net assets of $9.9 million.

    As at June 30, 2008 the Company held 19 securities directly. The Investment Manager believes there is limited prospect of any
substantial recovery in the market value of the Company's portfolio generally. The Investment Manager is of the opinion that lack of
liquidity in the market has unduly depressed the value of three of the securities. The other securities are US sub-prime RMBS securities
which had been downgraded by the rating agencies making them ineligible for inclusion in the Company's funding facilities. The Investment
Manager believes that these other securities will not repay any principal in the near future and are effectively priced on an interest only
basis by the independent brokers supplying marks to the Company.

    Crown Woods
    The Crown Woods facility entered into a further restructuring agreement in April 2008 under which all portfolio limits and test,
including rating enhancement, would no longer apply and all principal, excess spread and proceeds from sales would be used first to repay
interest and principal on the borrowings from the bank. The facility is scheduled to terminate on September 1, 2008. Without assuming
control of Crown Woods the funding bank has the right to direct Crown Woods to sell assets and consent is required for any disposals from
the portfolio.

    As at June 30, 2008 Caliber's investment in the Crown Woods portfolio was valued at $3.2 million. Caliber's ability to realize this
investment before the facility expires on September 1, 2008 is dependent on it being able to dispose of the portfolio at values close to the
prices received from independent brokers for valuation purposes. The Investment Manager is of the opinion that it is unlikely to dispose of
the assets close to the values received from independent brokers before the facility expires due to the lack of liquidity in the market.

    Extraordinary General Meeting
    The Company intends to convene an Extraordinary General Meeting to be held during September 2008 at which shareholders will be invited
to approve the entry by the Company into members' voluntary liquidation and appointment of a liquidator. The board of directors feels that
this is a natural progression to achieving the investment objective of returning capital to shareholders.

    For further information please contact:

    Investor Relations:
    Cambridge Place Investment Management LLP
    [phone]

    Media:
    Financial Dynamics
    Ed Gascoigne-Pees
    [phone]


    About Caliber

    Caliber is a Guernsey-incorporated investment company listed on the London Stock Exchange (CLBR). The investment objective of the
Company is to manage the sale of the Company's investment portfolio and to maximise the return of invested capital to shareholders during
the 12 months ending on August 30, 2008. Caliber's investment manager is Cambridge Place Investment Management LLP.

    www.caliberglobal.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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