Just received the Everest Direct Investment Fund Report. 78% of...

Just received the Everest Direct Investment Fund Report. 78% of fund is invested in Euroports debt. NTA currently 16 cents. According to AIQ report, 9.4% of AIQ gross assets are in similar investments. Thus, at a guess, at least 10 cents of AIQ NTA tied up in Euroports.

Good news is that it seems like our investment is more secure, but bad news is that we are going to waiting a long time to get our capital and interest back.

"In the second half of 2009, various stakeholders completed a complex restructuring and recapitalisation of the portfolio comprising new equity from incoming investors, partial repayment of senior debt and restructuring of junior debt. Part of the outcome for EDIF entailed moving its loan (on a look-through basis) from BBEPI (effectively an insolvent holding company) to
BBIPAL (newly capitalised and strategically relevant asset
backed company). As part of this restructure, the facility is now denominated in EUR as opposed to AUD (exposing returns to foreign exchange movements) and the term is for up to seven years with coupons either being paid or capitalised depending on underlying cashflows."