RNS Number:8529J
BarclaysGlbl Inv Endowment Fd II Ld
13 December 2007
Barclays Global Investors Endowment Fund II Limited
Interim Management Statement
Investment objective
Barclays Global Investors Endowment Fund II Limited (BGIEF II), launched in
December 1996, is a Jersey-registered closed-ended investment company, which
invests in a range of traded with-profits endowment policies. The policies,
which are written by a variety of life offices, have a diverse range of policy
terms and maturity dates, thereby seeking to achieve for shareholders a
strategic objective of an attractive level of capital growth coupled with low
investment risk. It is the Company's policy not to invest in other UK listed
investment companies. It is the intention of the Directors to redeem one half of
the remaining share capital in 2008 and to wind up the Company after 1 September
2009.
Review for the period 31 August 2007 to 12 December 2007
The Company began the period with the redemption of 4,999,953 ordinary shares on
5 September at 126p per share, following which the number of ordinary shares in
issue fell to 9,999,995. The effect of the redemption was to increase the
Company's NAV by 2.21p per share. The redemption was in part financed by a draw
down of £4.3 million on the Company's loan facility, which took total borrowings
to £7.87 million.
During the period 219 policies matured enabling us to reduce borrowings once
again. At 30 November 2007 borrowings were £5.66 million and notice has been
given to repay a further £1.4 million on 17 December 2007. At 12 December the
Company held 686 policies with an estimated value of £16.3m.
We have made no changes to the pricing discount rate used to value policies
since the 31 August 2007 year end. This is currently 4.5% per annum.
The Company's NAV rose from 130.42p per share at 31 August to 132.50p at 31
October, the latest available.
Peter Bailey, Chairman
13 December 2007
For further information please contact:
Barclays Global Investors Endowment Fund II Limited
Peter Bailey 01534 855908
Barclays Global Investors Limited
Glenn Houchell 0207 668 8089
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSGUGQWPUPMGPW
|