and another announcement re LLA:Premium Income FundInvestor...

and another announcement re LLA:

Premium Income Fund
Investor Update: 22 December 2011
Sale of Mezzanine C Debt – Living & Leisure Australia
Wellington Capital Limited as responsible entity of the Premium Income Fund is pleased to advise that it has
sold the Mezzanine C debt advanced to Living and Leisure (Australia) Limited to an international institution.
The Premium Income Fund is held by way of a Mezzanine Debt facility with Living & Leisure (Australia)
Limited. The facility is due to mature in 2014.
Wellington Capital as responsible entity of the Premium Income Fund has undertaken a campaign with the
assistance of independent advisers, Telopea Capital Partners, to identify potential purchasers of the
Mezzanine C debt facility owed to the Premium Income Fund by Living & Leisure (Australia) Limited. The
campaign has involved a range of interested parties.
The Premium Income Fund has finalised a transaction which has seen the debt owing by Living & Leisure
(Australia) Limited sold. Proceeds are $15 million.
Managing Director, Jenny Hutson said: ‘I am pleased that we have been able to procure a purchaser for this
illiquid asset through our corporate advisers. The debt due for repayment in 2014 having a face value of
$18 million has been sold today for $15 million. The transaction represents a positive outcome for
Unitholders.’