Mayberry Investments Limited (MIL) has advised that the company participated in the National Debt Exchange Programme (NDX) and submitted $4.09 billion in securities for exchange. This exchange transaction will result in a write off of unamortized premiums of $337.5 million in the Company’s income statement for the year ending 31 December 2013. MIL continues to maintain capital significantly in excess of regulatory requirements.
As stated in our going public prospectus in 2005, MIL is exiting this line of business. Over the years, the company has strategically reduced its exposure to these securities by almost $10 billion, often against the orthodox market strategies at the time. While this had a negative impact on profitability, this decision has placed MIL on a secure footing to weather the current financial challenges, which will redound to the long term benefit of the shareholders.
