re: Ann: Sale of ADI Finance 1 Senior Loan Fa...
The information about interest rates and maturity dates of all HHY security are published on the annual review announcement on 31/08/2012. Its not apppropriate to include this information in monthly NTA.
HHY have made the right decision in winding this fund up. Hastings have much bigger fish to fry out there, rather than a $100m fund that is not expanding.
Hyne Timber is a tough one - its probably not the smartest thing to tell the market how you will sell this security. To be honest, its very hard to see a buyer wanting a minority interest in a private company - but out of the 1.042 NTA, this may be worth about 5-6 cents to HHY.
My biggest concern is as this fund gets smaller, holders will have less diversification to a small amount of securities. Many of HHY's debts are junior loans to Private Equity(PE) - but if PE have survived the GFC - they should survive a low interest global environment? I am disappointed they keep on paying out cash - the share buyback they had before was excellent.
HHY Price at posting:
84.5¢ Sentiment: Hold Disclosure: Held
