Net Asset Value(s)
July 16 2010 - 6:28AM
UK Regulatory
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: 01481 750851
Alastair Moreton/Hannah Pearce
Arbuthnot Securities Limited
Tel: 020 7012 2000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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