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Blue Capital - NAV Announcement

Blue Capital Alternative Income Fund Limited (in liquidation) (the “Company”)

20 October 2020

Net Asset Value, 30 September 2020

As at the close of business on 30 September 2020, the unaudited net asset value of the Company's Ordinary Shares was as follows:

 

Unaudited NAV
30 September 2020

Three Month
Performance

Year-to-Date
Performance 

Ordinary Shares

$0.0453

-29.7%

-34.1% 

The quarterly decline in NAV was largely attributable to a $3.9 million loss ($0.022 of net asset value per share), previously announced by the Company on 14 August 2020, that related to an Industry Loss Warranty (“ILW”) issued by the Company in 2017.  The ILW was triggered by an aggregation of 2017 loss events that exceeded the ILW’s loss threshold upon the upwards revision by ISO's Property Claims Service of its industry loss estimate for Hurricane Irma.  While the loss represented a significant portion of the remaining net asset value of the Company, the loss represented only 1.9% of the Company's Ordinary Share net asset value as of 1 January 2017, when the contract was written. The quarterly decline in NAV was partly offset by favorable development on 2018 loss events.

Quarterly Distribution

In accordance with the Circular of the Company dated 27 June 2018 the Company’s Liquidators are pleased to announce that, on or before 30 October 2020, an amount equal to US$1,600,000 shall be distributed to shareholders of the Company. Such amount will be distributed to shareholders pro rata to their holdings based on total outstanding shares of 175,448,523 and reflects a partial liquidation of the Company. Please note that this is not a final distribution; future distributions will occur on a quarterly basis to the extent sufficient funds are redeemed from the Master Fund in a given quarter.  On a per Ordinary Share basis, this partial distribution represents approximately $0.009 of NAV which will be reflected as a reduction in the valuation to be reported as at 31 December 2020.

Enquiries:

Blue Capital Management Ltd. +1 441 278 0988
Email: investorrelations@Sompo-Intl.com  
   
KPMG Advisory Limited +1 441 295 5063
Mark Allitt – Joint Liquidator  
Mike Morrison – Joint Liquidator  

 

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