JANUARY 2008 PSource Asian Recovery Limited ('Asian Recovery',
'the Company' or 'PAR') to List on the London Stock Exchange
PSource Capital Limited is pleased to announce the establishment of PSource Asian
Recovery Limited, a new closed-ended investment company incorporated in
Guernsey, and its intention to seek a primary listing of its ordinary shares on the
main market of the London Stock Exchange.
Highlights:
PAR will seek to raise at least USD $100 million (before fees and expenses)
through a placing to institutional investors.
PAR will invest in non-performing loans predominantly in Southeast Asia.
PSource Capital believes that the current credit environment provides an
ideal opportunity to maximise returns for investors as the tightening
regulatory backdrop has led to a surge in supply of
non-performing loans (NPLs) at attractive prices.
PAR intends to make investments with an overall objective of providing its
shareholders with a total return of 15-20 per cent per annum on the initial
net proceeds of the placing.
PSource Capital, a subsidiary of Punter Southall Group, will act as manager and investment consultant to PAR. 3 Degrees Asset Management Pte Ltd, a
Singapore based hedge fund manager, will act as the investment manager.
The principal shareholder of 3 Degrees Asset Management intends to invest
$1 million of his own money in the Company at the offer price.
The Investment Manager’s current fund, The Asian Debt Fund, Ltd has a
track record of consistently delivering high risk adjusted returns with
minimal volatility. The Asian Debt Fund, Ltd was launched in January 2004 and has generated returns of 15.82 per cent per annum in the 48 months
since inception (net of fees), with only one down month and with
annualised standard deviation of 3.33 per cent. These returns have been
achieved without gearing.
