24th Nov 2015 13:20
LONDON (Alliance News) - Chenavari Capital Solutions Ltd on Tuesday said it will seeks shareholder approval for an extension of its investment period for up to 12 months to December 31, 2016.
During that time the company may continue to reinvest unencumbered cash and the proceeds of any future share issuance.
"European banks continue to seek efficient means by which to optimise or improve the capital required to be held against their exposures or reduce risk-weighted assets by way of portfolio disposals, and the bank capital solutions transactions that the company can offer remain attractive to banks as a method of achieving this goal," Chenavari Capital Solutions said.
"The rates of return available from such investments remain strong and are consistent with the company's current target return of net asset value total return of 8-10% per annum. New investments have been underwritten at higher target returns and the directors believe that the proposed extension will be accretive to the company's lifetime total return," the company added.
By Samuel Agini; [email protected]; @samuelagini
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