Blackstone/GSO LnFin - Half-year Report - Part 2
27/09/2016 15:30
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other payables which are held
at amortised cost using the effective interest rate method.
The effective interest method is a method of calculating the amortised cost of
a financial liability and of allocating interest expense over the relevant
period. The effective interest rate is the rate that exactly discounts
estimated future cash payments (including all fees and points paid or received
that form an integral part of the effective interest rate, transaction costs
and other premiums or discounts) through the expected life of the financial
liability, or where appropriate a shorter period, to the net carrying amount
on initial recognition.
(f) Recognition, measurement and derecognition
Financial liabilities are measured initially at their fair value plus any
directly attributable incremental costs of acquisition or issue.
Gains and losses are recognised in the statement of comprehensive income when
the liabilities are derecognised.
2.4 Non consolidation of the Lux Subsidiary undertaking
At 30 June 2016, the Company had one subsidiary undertaking as defined under
IFRS 10, the Lux Subsidiary. The Company has exposure (through its investment
in the Lux Subsidiary) to PPNs issued by BGCF.
The relevant activities of the Lux Subsidiary are that of investment holding
for the purposes of both earning income and achieving capital gains. The
Company has a significant interest in the Lux Subsidiary through its 100%
ownership of the issued share capital and its investment in CSWs issued by the
Lux Subsidiary. As a result of this significant interest, the Company has the
ability to influence the decisions made by the Lux Subsidiary and consequently
has control of this entity.
To determine control, there has to be a linkage between power and the exposure
to risks and rewards. The main link from ownership would allow a company to
control the value of returns and operating policies and decisions of a
subsidiary. To meet the definition of a subsidiary under the single control
model of IFRS 10, the investor has to control the investee.
In assessing the control, the Company has considered the following criteria:
i. The investor has existing rights that give it the ability to direct
the relevant activities that significantly affect the investee's returns;
ii. The investor has exposure or rights to variable returns from its
involvement with the investee; and
iii. The investor has the ability to use its power over the investee to
affect the amount of the investor's returns.
The Company does have a beneficial interest in the investment activities of
the Lux Subsidiary and in the returns generated thereof. In addition, the
Company has the ability to influence these decisions and the amounts it
receives as proceeds from its investment in the Lux Subsidiary which satisfies
the criteria above.
In adopting the exemption from preparing consolidated financial statements
under IFRS 10, the Company considered the definition, including the criteria
and typical characteristics of an investment entity, as detailed in IFRS 10.
The Company is satisfied that it meets both the defined criteria and typical
characteristics of an investment entity:
i. It has met the specific criteria as follows:
· It has obtained funds from more than one investor for the purpose of
providing its investors with investment management services;
· It has committed to its investors that its business purpose is to
invest funds solely for returns from both capital appreciation and investment
income; and
· It measures and evaluates the performance of substantially all of its
investments on a fair value basis.
ii. In addition, the Company has concluded that it portrays all the
following typical characteristics of an investment entity, namely:
· It has exposure to more than one investment;
· It has multiple investors;
· The majority of its investors are not related parties; and
· It has ownership interests in the form of equity.
Accordingly, the Lux Subsidiary has not been consolidated under IFRS 10 and is
accounted for at fair value through profit or loss. The Subsidiary was not
consolidated as at 31 December 2015 for the same reasons as those outlined
above.
3 Operating expenses
Period ended 30 June 2016(Unaudited) Period ended 30 June 2015(Unaudited)
E E
Administration fees 106,311 119,650
Brokerage fees 206,576 207,205
Directors fees 152,909 122,626
Regulatory fees 14,293 42,874
Audit fees 80,877 71,137
Professional fees 13,601 13,574
Registrar fees 15,837 5,635
Placement costs 721,431 -
Sundry expenses 113,972 111,471
1,425,807 694,172
Placement costs
The costs and expenses of the Placing attributable to the Company have been
expensed in the Statement of Comprehensive Income.
Audit and non-audit fees
The Company incurred E80,877 (30 June 2015: E71,137) in audit, assurance and
tax fees during the period of which E80,877 (30 June 2015: E100,742) was
outstanding at the period end.
Other Deloitte member firms Period ended30 June 2016 (Unaudited) Period ended30 June 2015(Unaudited)
E E
None audit fees - tax advice1 185,472 -
1Non audit fees - tax advice relates to US tax compliance services and tax
advisory work for the prospectus and tax advisory services provided by the
auditors in their capacity as Reporting Accountant in respect of the
prospectus. These fees are included in the placement costs caption in the
table above.
4 Directors' fees and interests
During the period ended 30 June 2016, the Directors of the Company were
remunerated for their services at a fee of £35,000 per annum (£50,000 for the
Chair). The Chairs of the Audit Committee and Risk Committee receive an
additional £5,000 for their services in these roles.
During the period ended 30 June 2016, the Directors received a one off payment
fee of £10,000 each (30 June 2015: £Nil) due to the additional work carried
out during the year as a result of the Lux restructuring and prospectus.
The Company has no employees. Directors fees payable as at 30 June 2016 were
E48,877 (30 June 2015: E36,416).
No Director, except Mr Clark, had any beneficial interest in the shares of the
Company during the period ended 30 June 2016. Mr Clark purchased 25,000 Euro
Shares in the Company pursuant to the Placing in 2014. Mr Clark purchased an
additional 28,700 Euro Shares on 2 June 2016 and as at 30 June 2016 held
53,700 (30 June 2015: 25,000). No pension contributions were payable in
respect of any of the Directors.
5 Other receivables
As at30 June 2016(Unaudited) As at31 December 2015 (Audited)
E E
Prepayments 21,184 32,365
Receivable from Lux Subsidiary 30,000 30,000
51,184 62,365
Receivable balance due from Lux Subsidiary relates to a intercompany loan in
respect to working capital for setup and ongoing operating costs.
The Directors believe that these balances are fully recoverable.
6 Financial assets designated at fair value through profit or
loss
As at30 June 2016(Unaudited) As at31 December 2015 (Audited)
E E
Financial assets designated at fair value through profit or loss 325,214,539 326,032,708
Financial assets designated at fair value through profit or loss consists of
CSWs issued by the Lux Subsidiary, 2,000,000 Class A shares and 1 Class B
shares in the Lux Subsidiary and 15 B2 shares in BGCF. Please refer to Note 1
for further details of the Luxembourg restructuring that took place on 3
February 2016.
CSWs
The Company has the right, at any time during the exercise period (being the
period from the date of issuance being 3 February 2016 and ending on earlier
of the 3 February 2046 or the date on which the liquidation of the Lux
Subsidiary is closed), to request that the Lux Subsidiary redeems all or part
of the CSWs at the redemption price (see below), by delivering a redemption
notice, provided that the redemption price will be due and payable only if and
to the extent that (a) the Lux Subsidiary will have sufficient funds available
to settle its liabilities to all other ordinary or subordinated creditors,
whether privileged, secured or unsecured, prior in ranking to the CSWs, after
any such payment, and (b) the Lux Subsidiary will not be insolvent after
payment of the redemption price.
The redemption price is the amount payable by the Lux Company on the
redemption of CSWs outstanding, which shall be at any time equal to the fair
market value of the Euro Shares, (that would have been issued in case of
exercise of all CSWs), as determined by the Board on a fully diluted basis on
the date of redemption, less a 13.5bp margin (determined by the Board on the
basis of a transfer pricing report prepared by an independent advisor), and
the redemption price for each CSW shall be obtained by dividing the amount
determined in accordance with the preceding sentence by the actual number of
CSWs outstanding.
If at the end of any financial year there is excess cash, as determined in
good faith by the Lux Subsidiary board (but for this purpose only), the Lux
Subsidiary will automatically redeem, to the extent of such excess cash, all
or part of the CSWs at the redemption price provided the requirements in the
previous paragraph are met, unless the Company notifies the Lux Subsidiary
otherwise. For the avoidance of doubt, to the extent the subscription price
for the CSWs to be redeemed has not been paid at the time the CSWs were
issued, the subscription price for such CSWs to be redeemed shall be deducted
from the Redemption Price.
CSWs listed in an exercise notice may not be redeemed.
Fair value hierarchy
IFRS 13 'Fair Value Measurement' requires an analysis of investments valued at
fair value based on the reliability and significance of information used to
measure their fair value.
The Company categorises its financial assets according to the following fair
value hierarchy detailed in IFRS 13, that reflects the significance of the
inputs used in determining their fair values;
Level 1: Quoted market price (unadjusted) in an active market for an identical
instrument.
Level 2: Valuation techniques based on observable inputs, either directly
(i.e., as prices) or indirectly (i.e., derived from prices). This category
includes instruments valued using: quoted market prices in active markets for
similar instruments; quoted prices for identical or similar instruments in
markets that are considered less than active; or other valuation techniques
where all significant inputs are directly or indirectly observable from market
data.
Level 3: Valuation techniques using significant unobservable inputs. This
category includes all instruments where the valuation technique includes
inputs not based on observable data and the unobservable variable inputs have
a significant effect on the instrument's valuation. This category includes
instruments that are valued based on quoted prices for similar instruments
where significant unobservable adjustments or assumptions are required to
reflect differences between the instruments.
30 June 2016 (Unaudited) Level 1 Level 2 Level 3 Total
E E E E
Financial assets designated at fair value through profit or loss - - 325,214,539 325,214,539
31 December 2015 (Audited) Level 1 Level 2 Level 3 Total
E E E E
Financial assets designated at fair value through profit or loss - - 326,032,708 326,032,708
Financial assets designated at fair value through profit or loss
reconciliation
The following table shows a reconciliation of all movements in the fair value
of financial assets categorised within Level 3 between the beginning and the
end of the reporting period ended 30 June 2016:
30 June 2016 (Unaudited) Total
E
Opening valuation 326,032,708
Movements in the period:
Purchases during the period -
Sale proceeds during the period (18,426,394)
Realised gain on financial assets designated at fair value through profit or loss 379,891
Unrealised gain on financial assets designated at fair value through profit or loss 17,228,334
Closing valuation 325,214,539
Total change in unrealised gains on financial assets for the period 17,228,334
Realised gain on financial assets designated at fair value through profit or loss 379,891
Investment income1 7,426,394
Net gains on investments designated at fair value through profit or loss 25,034,619
1 - Investment income relates to PPN interest received from the Company's
holding of PPN's in BGCF prior to the Luxembourg restructure. Please refer to
note 1 for further details of Luxembourg restructuring that took place on the
3 February 2016 and note 7 for further details regarding CSW's held.
During the period ended 30 June 2016, there were no reclassifications between
levels of the fair value hierarchy.
The following table shows a reconciliation of all movements in the fair value
of financial assets categorised within Level 3 between the beginning and the
end of the reporting year ended 31 December 2015:
31 December 2015 (Audited) Total
E
Opening valuation 299,277,149
Movements in the period:
Purchases during the period 29,999,526
Unrealised gain on financial assets designated at fair value through profit or loss (3,243,967)
Closing valuation 326,032,708
Total change in unrealised gains on financial assets for the year (3,243,967)
During the year ended 31 December 2015, there were no reclassifications
between levels of the fair value hierarchy.
Please refer to Note 2.3 for valuation methodology of financial assets
designated at fair value through profit and loss.
Quantitative information of significant unobservable inputs - Level 3
As at 30 June 2016
Description 30 June 2016(Unaudited) Valuation technique Unobservable input Range (weighted average)
E
CSWs 308,214,538 Adjusted Net Asset Value Discount for lack of liquidity Net Asset Value 0-3% 1.06 1
Class A shares and Class B share in the Lux Subsidiary 2,000,001 Net Asset Value - -
B2 shares in BGCF 15,000,000 Net Asset Value - -
Total 325,214,539
The Directors believe that it is appropriate to measure the CSWs at the NAV of
the investments held at the Lux Subsidiary, adjusted for percentage holding of
CSWs in the Lux Subsidiary (whilst considering the fair value of the PPNs
based on the investments held at BGCF)
1 - NAV of the Lux Subsidiary attributable per CSW unit.
As at 31 December 2015
Description 31 December 2015(Audited) Valuation technique Unobservable input Range (weighted average)
E
PPNs 311,012,708 Adjusted Net Asset Value Discount for lack of liquidity Net Asset Value 0-5% 0.98 2
Class A shares in the Subsidiary 20,000 Net Asset Value - -
B2 shares in BGCF 15,000,000 Net Asset Value - -
Total 326,032,708
2 - NAV of BGCF attributable per PPN unit.
Class A and Class B shares held in the Lux Subsidiary
Class A and Class B shares are redeemable and have a par value of one Euro per
share. Class A and Class B shareholders have equal voting rights commensurate
with their shareholding.
Class A and Class B shareholders are entitled to dividend distributions from
the net profits of the Lux Subsidiary (net of an amount equal to five per cent
of the net profits of the Lux Subsidiary which is allocated to the general
reserve, until this reserve amounts to ten per cent of the Lux Subsidiary
nominal share capital).
Dividend distributions are paid in the following order of priority:
i. Each Class A share is entitled to the Class A dividend, being a
cumulative dividend in an amount of not less than 0.10% per annum of the face
value of the Class A shares.
ii. Each Class B share is entitled to the Class B dividend (if any), being
any income such as but not limited to interest or revenue deriving from the
receivable from the PPN's held by the Lux Subsidiary, less any non-recurring
costs attributable to the Class B shares.
Any remaining dividend amount for allocation of the Class A dividend and Class
B dividend shall be allocated pro rata among the Class A shares.
The Board does not expect income from the Lux Subsidiary to significantly
exceed the anticipated annual running costs of the Lux Subsidiary and
therefore does not expect that the Lux Subsidiary will pay significant, or
any, dividends although it reserves the right to do so.
Class B2 shares held in BGCF
Class B2 shares are redeemable and have a par value of one Euro per share (and
share premium of E999,999 per share). The Class B2 shares do not carry any
right to receive a dividend or have any voting rights attached.
Sensitivity analysis to significant changes in unobservable inputs within
Level 3 hierarchy - Level 3
The significant unobservable inputs used in the fair value measurement
categorised within Level 3 of the fair value hierarchy together with a
quantitative sensitivity analysis as at 30 June 2016 and comparative are as
shown below:
As at 30 June 2016
Description Input Sensitivity used Effect on fair value
E
Financial assets designated at fair value through profit or loss reconciliation Discount for lack of liquidity 5% 16,260,727
As at 31 December 2015
Description Input Sensitivity used Effect on fair value
E
Financial assets designated at fair value through profit or loss reconciliation Discount for lack of liquidity 5% 16,301,635
7 Payables
Period Ended 30 June 2016(Unaudited) Year Ended 31 December 2015 (Audited)
E E
Administration fees 53,878 55,196
Director fees 48,877 51,048
Auditor's fees 80,877 80,501
Other payables 50,020 190,578
Total payables 233,652 377,323
8 Contingent liabilities and commitments
As at 30 June 2016, the Company had no contingent liabilities or commitments
(31 December 2015: ENil).
9 Stated capital
Authorised
The authorised share capital of the Company is represented by an unlimited
number of Ordinary shares at no par value.
Allotted, called up and fully-paid
Euro shares Number of shares Stated capital
E
As at 1 January 2016 331,319,700 331,307,652
Ordinary shares issued during the period - -
Ordinary shares repurchased during the period and held in treasury (6,719,000) (6,284,476)
Total issued share capital as at 30 June 2016 324,600,700 325,023,176
Euro shares Number of shares Stated capital
E
As at 1 January 2015 301,200,000 301,200,000
Ordinary shares issued during the year 30,119,700 30,107,652
Total issued share capital as at 31 December 2015 331,319,700 331,307,652
Euro shares
260,500,000 Euro shares were issued and admitted to the SFS on 23 July 2014. A
further 40,700,000 Euro shares were issued and admitted to the SFS on 28
August 2014. These shares were issued at a price of E1 per Euro share.
On 29 April 2015, the Company issued a further 30,119,700 Euro shares at a
price of E1.02 per Euro share, raising gross proceeds of £30,722,094 (net
proceeds of £30,107,652).
At the 2015 AGM, held on 18 June 2015, the Directors were generally and
unconditionally authorised for the purposes of Article 57 of the Companies
(Jersey) Law 1991, as amended, to make one or more on-market purchases of
Shares in the Company for cancellation or to be held as Treasury Shares.
Pursuant to this authority, a total of 6,719,000 Euro shares were purchased
during the period and held as Treasury shares as detailed below:
Effective date Number of Euro shares Price per Euro share(E)
1 June 2016 1,300,000 0.9150
10 June 2016 1,000,000 0.9369
15 June 2016 2,200,000 0.9400
22 June 2016 2,219,000 0.9419
This authority was renewed at the 2016 AGM, held on 29 June 2016, when
shareholders gave the Directors authority to make one or more on-market
purchases, up to a maximum of 48,657,645 Shares. This authority will expire at
the 2017 AGM. Please refer below for further details regarding share
buybacks.
As at 30 June 2016, the Company had 324,600,700 Euro shares (31 December 2015:
331,319,700) in issue, excluding 6,719,000 Treasury Shares (31 December 2015:
nil).
Voting Rights
Holders of Euro shares participate in the profits of the Company. Shareholders
have the right to attend, speak and vote at any general meetings of the
Company in accordance with the provisions of the Articles of Association and
have one vote in respect of each whole share held.
Dividends
The Company may, by ordinary resolution, declare dividends in accordance with
the respective rights of the shareholders, but no such dividend shall exceed
the amount recommended by the Directors. The Directors may pay fixed rate and
interim dividends.
A general meeting declaring a dividend may, upon the recommendation of the
Directors, direct that payment of a dividend shall be satisfied wholly or
partly by the issue of shares or the distribution of assets and the Directors
shall give effect to such resolution.
Except as otherwise provided by the rights attaching to or terms of issue of
any shares, all dividends shall be apportioned and paid pro rata according to
the amounts paid on the shares during any portion or portions of the period in
respect of which the dividend is paid. No dividend or other monies payable in
respect of a share shall bear interest against the Company.
The Directors may deduct from any dividend or other moneys payable to a
shareholder all sums of money (if any) presently payable by the holder to the
Company on account of calls or otherwise in relation to such shares.
The distributions declared by the Board during the period are detailed above.
Please refer to Note 15 for distributions made after the period end.
Share buybacks
The Directors intend to seek annual renewal of this authority from the
shareholders at the Company's AGM, to make one or more on-market purchases of
Shares in the Company for cancellation or to be held as Treasury Shares.
The Directors may, at their absolute discretion, use available cash to
purchase in the market Euro Shares in issue at any time following admission,
subject to having been granted authority to do so, should the Euro shares
trade at an average discount to NAV (calculated daily in accordance with the
methodology set out below) of more than 7.5 per cent. as measured each month
over the preceding six month trading period.
The average discount will be calculated by dividing the sum of the discount or
premium (as the case may be) on each business day in a calendar month
(adjusted for dividends) by the number of such business days. The premium or
discount on any given day is to be calculated by reference to the closing Euro
Share price and the NAV announced for that month.
In exercising their powers to buy back Euro shares, the Directors have
complete discretion as to the timing, price and volume of Euro shares so
purchased. No expectation or reliance should be placed on the Directors
exercising such discretion on any one or more occasions. The implementation of
any share buy-back programme and the timing, price and volume of Euro shares
purchased at all times will be subject to compliance with the Articles, the
Listing Rules (to the extent applicable to or voluntarily adopted by the
Company), the Companies Law and all other applicable legal and regulatory
requirements.
In the event that the Board decides to repurchase Euro shares, purchases will
only be made through the market for cash at prices not exceeding the estimated
prevailing NAV per Euro share where the Directors believe such purchases will
result in an increase in the NAV per Euro share. Such purchases will only be
made in accordance with (a) the Listing Rules (to the extent applicable to or
voluntarily adopted by the Company), which currently provide that the maximum
price to be paid per Share must not be more than the higher of: (i) five per
cent. above the average of the mid-market values of Shares for the five
business days before the purchase is made; or (ii) the higher of the last
independent trade or the highest current independent bid for Shares; and (b)
the Companies Law, which provides, inter alia, that any purchase is subject to
the Company passing the solvency test contained in the Companies Law at the
relevant time. Shares purchased by the Company may be cancelled or held in
treasury up to a maximum of ten per cent. of the total number of Shares in
issue at any particular time.
10 Interests in Other Entities
Interests in Unconsolidated Structured Entities
IFRS 12 defines a structured entity as an entity that has been designed so
that voting or similar rights are not the dominant factor in deciding who
controls the entity, such as when any voting rights relate to the
administrative tasks only and the relevant activities are directed by means of
contractual agreements. A structured entity often has some of the following
features or attributes:
i. Restricted activities;
ii. A narrow and well-defined objective;
iii. Insufficient equity to permit the structured entity to finance its
activities without subordinated financial support; and
iv. Financing in the form of multiple contractually linked instruments that
create concentrations of credit or other risks.
Involvement with Unconsolidated Structured Entities
The Company has concluded that the non-voting shares of BGCF in which it
invests, but that it does not consolidate, meet the definition of a structured
entity.
Interests in Subsidiaries
As at 30 June 2016, the Company has a 100% notional holding of the entire
outstanding notional balance of its Lux Subsidiary being 2,000,000 Class A
shares and one Class B share (31 December 2015: 20,000 Class A shares).
The Company held 100% of the entire outstanding notional balance in the
Subsidiary until it was subsequently dissolved on 23 December 2015.
The 15 Class B2 shares held by the Subsidiary in BGCF were transferred
in-specie to the Company. Each share had a nominal value of E1 and a share
premium of E999,999, resulting in the in-specie transfer being valued at
E15,000,000.
Other than the investments noted above, the Company did not provide any
financial support for the period ended 30 June 2016 and 31 December 2015, nor
had it any intention of providing financial or other support. In 2015, the
Company provided a loan of E30,000 to the Lux Subsidiary. Refer to Note 5 for
further detail.
11 Basic and diluted earnings per ordinary share
As at30 June 2016(Unaudited) As at30 June 2015 (Unaudited)
E E
Total comprehensive income for the period 23,608,812 14,751,644
Weighted average number of shares during the period 330,723,810 311,517,245
Basic and diluted earnings per share 0.0714 0.0474
12 Net asset value per share
As at30 June 2016 (Unaudited) As at 31 December 2015 (Audited)
E E
Net asset value 330,041,908 325,970,360
Number of shares at period end 324,600,700 331,319,700
Net asset value per share 1.0168 0.9839
13 Reconciliation of NAV to published NAV
As at30 June 2016 (Unaudited) As at31 December 2015 (Audited)
NAV NAV per share NAV NAV per share
E E E E
Published NAV 330,507,280 1.0182 325,970,360 0.9839
Adjustment to amortisation of placement costs (465,372) (0.0014) - -
NAV attributable to shareholders 330,041,908 1.0168 325,970,360 0.9839
14 Related party transactions
All transactions between related parties were conducted on terms equivalent to
those prevailing in an arm's length transaction.
Transactions with Entities with Significant Influence
In accordance with IAS 24 "Related Party Disclosures" the related parties and
related party transactions during the year comprised transactions with an
affiliate of DFME. As at 30 June 2016 and 31 December 2015 Blackstone Asia
Treasury Pte held 50,000,000 shares in the Company.
Blackstone Asia Treasury Pte entered into a Lock-Up Agreement with the Company
and Joint Bookrunners pursuant to which it undertook not to dispose of the
placing shares it acquired in the Company pursuant to the placing for a period
of 12 months following Admission. This agreement expired on 23 July 2015 and
Blackstone Asia Treasury Pte continues to hold 50,000,000 shares in the
Company.
Transactions with Key Management Personnel
The Directors are the key management personnel as they are the persons who
have the authority and responsibility for planning, directing and controlling
the activities of the Company. The Directors are entitled to remuneration for
their services. Refer to Note 4 for further detail.
Transactions with Other Related Parties
At 30 June 2016, current employees of the Adviser and its affiliates, and
accounts managed or advised by them, hold 524,875 Euro shares (for the year
ended 31 December 2015: 524,875) which represents approximately 0.162% (for
the year ended 31 December 2015: 0.162% ) of the issued shares of the
Company.
The Company has exposure to the CLOs, originated by BGCF, through its
investment in the Lux Subsidiary. The Adviser is also appointed as a service
support provider to BGCF and as the Collateral Manager of the CLOs.
Transaction with Subsidiaries
The Company purchased 309,033,367 CSWs from the Lux Subsidiary during the
period and held 290,986,865 CSWs as at 30 June 2016 (31 December 2015: nil).
Refer to Note 6 for further details.
As at 30 June 2016, the Company held 2,000,000 Class A shares and 1 Class B
shares in the Lux Subsidiary with a nominal value of E2,000,001 (31 December
2015: 20,000 Class A shares with a nominal value of E20,000).
15 Material events after the Condensed Statement of Financial
Position date
Management has evaluated subsequent events for the Company through 27
September 2016, the date the condensed financial statements are available to
be issued, and had concluded there are not any material events that require
disclosure or adjustment of the condensed financial statements other than
those listed below:
On 21 July 2016, the Company declared a dividend of E0.02 per Euro Share and
amounting to E6,492,014 in total. The dividends were paid to shareholders on
19 August 2016.
On 2 September 2016, the Company announced that it has increased its target
dividend yield from an annualised rate of E0.08 per share to an annualised
rate of E0.10 per share. The first dividend to be paid in accordance with this
revised target yield will be for the quarter ending 30 September 2016, which
is expected to be declared in October 2016 and paid in November 2016.
16 Controlling party
In the Directors' opinion, the Company has no ultimate controlling party.
Company Information
Directors1 Adviser
Ms Charlotte Valeur (Chair)Mr Philip AustinMr Gary ClarkMs Joanna DentskevichAll c/o the Company's registered office Blackstone / GSO Debt Funds Management Europe Limited30 Herbert Street
2nd Floor
Dublin 2, Ireland
Registered Office Administrator / Company Secretary / Custodian
Liberte House BNP Paribas Securities Services S.C.A.
19-23 La Motte Street Liberte House
St Helier 19-23 La Motte Street
Jersey, JE4 5RL, Channel Islands Jersey
JE4 5RL
Channel Islands
Joint Financial Advisers, Bookrunners and Global Co-Ordinators Joint Financial Advisers, Bookrunners and Global Co-Ordinators
Nplus1 Singer Advisory LLP Fidante Partners Europe Limited (trading as Fidante Capital)
1 Bartholomew Lane 1 Tudor Street
London, EC2N 2AX , United Kingdom London, EC4Y 0AH, United Kingdom
Reporting Accountant and Auditor Legal Adviser to the Company (as to Jersey Law)
Deloitte LLP Carey Olsen
PO Box 403 47 Esplanade
44 Esplanade St Helier
St. Helier Jersey
Jersey, JE4 8WA, Channel Islands JE1 0BD, Channel Islands
Legal Advisers to the Company Registrar
(as to English Law)
Herbert Smith Freehills LLP Capita Registrars (Jersey) Limited
Exchange House 12 Castle Street
Primrose Street St Helier
London, EC2A 2EG, United Kingdom Jersey, JE2 3RT, Channel Islands
1 All Directors of Blackstone / GSO Loan Financing Limited are Non-Executive
Directors.
The person responsible for arranging for the release of this announcement on
behalf of the Company is Siobhan Lavery of BNP Paribas Securities Services
S.C.A., Jersey Branch, Company Secretary.
Liberté House - 19-23 La Motte Street - St Helier - Jersey - JE2 4SY
Company Secretary
Tel: +44 (0) 1534 709181
A copy of the Company's Half Yearly Report will be available shortly from the
Company Secretary, (BNP Paribas Securities Services S.C.A., Jersey Branch,
19-23 La Motte Street, St Helier, Jersey, JE2 4SY), or will be circulated on
the Company's website.
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
This information is provided by RNS
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Recent news on Blackstone Loan Financing
See all newsBrief: Blackstone Loan Financing To Return About Eur 260 Mln By Way Of Compulsory Partial Redemption Of Up To 344.3 Mln Shares
Blackstone Loan Fin - Circular and Notice of General Meetings
Blackstone Loan Fin - Director/PDMR Shareholding
Brief: Blackstone Loan Financing Agrees To Sell 100% Of PPNS Issued By Blackstone Corporate Funding DAC
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