20th May 2008 16:53
20 May2008
M&G Recovery Investment Company Limited (the "Company")
Loan Repayment
The Company announces today that it has approved the repayment of the balance of its loan facility with the Royal Bank of Scotland International Limited in full, being the sum of ‚£22.4m, with effect from 30 June 2008. This decision reflects the fact that in view of recent market conditions, the Manager has been reducing the Company's exposure to The M&G High Yield Corporate Bond Fund in favour of cash and short-dated gilts and given the Company's winding up on 31 March 2009, the directors, on the advice of the Manager, consider that the repayment of the Loan to be in the interests of the Company's shareholders as a whole. The related interest rate swap will be closed out on 27 June 2008.
Enquiries to:
Kleinwort Benson (Channel Islands)Fund Services Limited
Company Secretary
M & G RECOVERY INVESTMENT COMPANY LIMITEDRelated Shares:
MGR.L