As at 19 July 2007, Mariner Bridge Investments Limited had total investments of $302 million. These were funded by the Company’s shareholders’ funds of $261 million and the remainder by debt.
The investment portfolio comprises:
| Asset Class |
Total Investments |
Portfolio |
AUD |
Share |
| Leasing (principally shipping and aircraft) |
135m |
45% |
| Property |
43m |
14% |
| Infrastructure |
24m |
8% |
| US Securitisations |
36m |
12% |
| Other Fixed Income (principally senior secured loans) |
64m |
21% |
| Total |
302m |
100% |
The Company’s investments in US Securitisations are in pools which have an average 40% exposure to the sub prime home loan market. As a result, these investments have performed poorly. The book value of the total US Securitisation investments has been written down to a level which is approximately 26% below their face value. This write down has been achieved via significant provisions and also by the acquisition of some of the investments at a discount to face value.
Very strong income in the majority of the Company’s investment portfolio has offset this lower than anticipated performance in the US Securitisation investments.
The Company will be reporting its annual results on Thursday 9th August 2007. It anticipates reporting a profit consistent with market expectations.
The Company will also update the market at this time on its outlook for future investment levels, which are tracking strongly.
Mariner Bridge Investments is a lender to and an investor in structured finance transactions in the core asset classes of property, fixed income, leasing and infrastructure. Its objective is to build a diversified portfolio of investments that delivers high returns to shareholders.
For further information, please contact:
Karen McGregor
Chief Financial Officer
Mariner Bridge Investments Limited
Tel: 61 2 8001 5700 |
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