20th Mar 2020 14:45
(Alliance News) - EJF Investments Ltd said Friday it believes its underlying assets can withstand the fallout from Covid-19, but will continue to monitor the situation closely.
"We continue to believe that the company's underlying assets remain robust and are able to withstand significant stress following various financial and regulatory improvements witnessed in recent years," EJF said.
The fund did note, however, the importance of preserving liquidity at the moment.
EJF added: "In keeping with this, the board has resolved to cancel the company's forward foreign exchange instruments, which were used to hedge US dollar denominated assets into British pounds.
"Replacement foreign exchange hedges may be entered into as the situation evolves. Elsewhere, the company anticipates a near-term cash inflow from one of its investments, in the ordinary course of business."
Shares in EJF Investments were untraded in London on Friday but last closed at 155.00 pence each.
By Paul McGowan; [email protected]
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