NAM North American

 

TIDMNAM 
 
RNS Number : 1630S 
North American Banks Fund Ltd 
03 September 2010 
 
 
 
For immediate release on 3 September 2010 
 
                        North American Banks Fund Limited 
 
                                Portfolio update 
 
 
The Board of North American Banks Fund Limited (the "Company") announces that it 
has made the following provisions against three of its investments: 
 
1.   NHB Holdings Inc., which was already written down to $1 million, from its 
original cost of $4 million, is facing an expected Cease and Desist Order from 
the Federal Deposit Insurance Corporation ("FDIC"). Whilst it is possible that 
NHB Holdings Inc. will be able to raise further capital or execute a spin off of 
its profitable relocation business, we have decided to write down this 
investment to zero. 
2.   Florida Capital Group, which has already been written down to $300,000, is 
currently trying to raise substantial amounts of capital. Taking into account 
current market conditions for raising capital, we have decided to write off the 
remaining $300,000. 
3.   Bank of Atlanta, which we have previously written down from $4 million to 
$1 million, has recently had an independent appraisal of its loan book which 
management believes will require it to raise $5million of further capital at a 
price of $1.5 per share.  If it is successful in raising capital at this price 
we will be forced to make a further provision of $142,856.50 and we have 
therefore decided to make this provision now. 
 
The above provisions amount to approximately 7.8 per cent. of the net asset 
value of the Company as at 31 July 2010 which was announced on 16 August 2010. 
The Company's five other investments remain profitable. 
 
Enquiries: 
 
+------------------------------------+------------------------+ 
| BNP Paribas Fund Services          |                        | 
| (Guernsey) Limited                 |                        | 
+------------------------------------+------------------------+ 
| Sara Bourne                        | Tel: 01481 750858      | 
+------------------------------------+------------------------+ 
|                                    |                        | 
+------------------------------------+------------------------+ 
| Arbuthnot Securities Limited       |                        | 
+------------------------------------+------------------------+ 
| Alastair Moreton/Hannah Pearce     | Tel: 0207 012 2000     | 
|                                    |                        | 
+------------------------------------+------------------------+ 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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