26th Aug 2016 07:21
LONDON (Alliance News) - Fair Oaks Income Fund Ltd reported a pretax loss and a drop in and net asset value on Friday for the six months to June, and said the period had been dominated by macro-economic uncertainty.
The closed-ended investment company said its NAV fell to USD263.1 million from USD277.6M in December, while its NAV per share was 0.8204 US cents, down from 0.8663 cents.
Fair Oaks Income Fund swung to a loss for the period of USD1.2 million, compared to a profit of USD4.7 million in the first six months of the previous year. The group declared an interim dividend of 4.2 cents.
Fair Oaks Income Fund said the first half of 2016 had been a volatile time for the company, with weak credit markets and the unexpected result of the UK's referendum on European Union membership "dominating" the first half of the year.
However, the company said its investments should be well-positioned to generate "attractive" returns, even in the uncertain economic environment. Fair Oaks Income Fund said it expects good returns due to its focus on senior secured loans, which should be less sensitive to growth.
Shares in Fair Oaks Income Fund were untraded early Friday, having last traded at USD1.00
By Lucy Heming; [email protected]
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