NAM North American

    RNS Number : 3385X
  North American Banks Fund Ltd
  23 June 2008
   


    For immediate release on 23 June 2008


    North American Banks Fund Limited

    Net Asset Value Update


    North American Banks Fund Limited (the "Fund") today announced its preliminary results for the year ended 31 December 2007 and provided
an update on the investment portfolio.  The update referred to deteriorating conditions post the year end in the US residential markets. 
This has particularly affected one of its portfolio companies, MagnetBank, which has a material exposure to the Atlanta market and where
past due loans have risen to approximately 30% of the loan portfolio. This has resulted in MagnetBank being required to raise over $20
million in order to keep within its regulatory guidelines. Just over $1 million is currently being raised at $3 a share and as such has
required a provision of $2.764 million to be made. In the event the bank is not successful in raising the remaining funds a further
provision to cover the Fund's full investment of $3.948 million is likely to be necessary.

    On 13 June 2008, the Fund announced that the net asset value at 31 May 2008 amounted to $9.25 per share.  Taking into account the $2.764
million provision referred to above, the net asset value at 31 May 2008 would amount to $8.52 per share.


    Enquiries: 

    Jean McMillan/Sara Radford 

    BNP Paribas Fund Services (Guernsey) Limited    Tel: 01481 750858 

    Alastair Moreton
    Arbuthnot Securities Limited Tel: 0207 012 2000


This information is provided by RNS
The company news service from the London Stock Exchange
 
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