Connaught Income Fund Series 2 announces net asset value

By Bridging Loan Directory -

 

The Connaught Income Fund Series 2 has recently announced the historical Net Asset Values of the Fund for the period from 11th August 2011 to date as follows:

 

NAV per share bid:                             £1.00

NAV date:                                            30th August 2011

Shares in Issue:                                  14,686,148.720

Total Valuation:                                  £14,686,148.59

 

NAV per share bid:                             £1.00

NAV date:                                            13th September 2011

Shares in Issue:                                  15,874,983.900

Total Valuation:                                  £15,874,983.77

 

NAV per share bid:                             £1.00

NAV date:                                            29th September 2011

Shares in Issue:                                  16,488,469.520

Total Valuation:                                  £16,488,469.39

 

NAV per share bid:                             £1.00

NAV date:                                            13th October 2011

Shares in Issue:                                  16,788,722.730

Total Valuation:                                  £16,788,722.60

 

NAV per share bid:                             £1.00

NAV date:                                            28th October 2011

Shares in Issue:                                  17,088,909.380

Total Valuation:                                  £17,088,909.25

 

NAV per share bid:                             £1.00

NAV date:                                            11th November 2011

Shares in Issue:                                  17,343,116.000

Total Valuation:                                  £17,343,115.87

Enquiries:

Company Secretary

Kleinwort Benson (Channel Islands) Fund Services Limited

Telephone: (01481) 727111

The fund’s investment strategy is to invest in short term loans through their specialist partner, Tiuta Development Finance Limited, secured by a subordinated legal charge, registered at the Land Registries in England, Wales and Scotland, on a restricted range of real estate as set out in the Scheme Particulars. Although the Scheme Particulars advise a maximum average Loan to Value of 75% in respect of loans made by the Specialist Partner, the Investment Advisor has advised the Specialist Partner that it has set a target maximum average Loan to Value of 65%. The maximum loan term is 60 months but no more than 10% of the loan assets will be for terms of more than 36 months.

Alistair Mawdsley, Managing Director of Connaught Asset Management, said:

“Connaught now has two bridging loan funds for which Tiuta is the Specialist Partner.  These funds currently add £130 million to the lending market at a time when funding from more traditional lines continues to be restricted.  The Series 1 and 2 Income Funds are complimentary; Series 1 focused on onshore investment with Series 2 being specifically designed for the offshore bond, QROPS and non UK-markets.  In a market where positive growth and good income are both difficult to find, funds that achieve both are in short supply but this is exactly what the distribution or reinvested options for our income funds offer.”