REG - Secured Income Fd - Publication of a circular
RNS Number : 5046QSecured Income Fund PLC26 February 202126 February 2021
Secured Income Fund plc
Publication of a circular
Proposed B Share Scheme
Secured Income Fund plc (LSE: SSIF) (the "Company"), a specialist secured lending income investment trust, listed in the UK, is pleased to announce details of its proposals to introduce a mechanism to enable surplus cash to be returned to Shareholders in due course through a compulsory procedure involving a bonus issue, on a pro rata basis, of B Shares followed by the redemption of such B Shares at the option of the Company.
The introduction of the B Share Scheme requires Shareholder approval, which will be sought at a general meeting of the Company to be held at 16 Charlotte Square, Edinburgh EH2 4DF at 1.30p.m. on 23 March 2021. Subject to such approval being obtained at the General Meeting, the Company will be able to make future capital returns through the issue and redemption of B Shares without the need for further Shareholder approval. This will be a less costly way of returning capital than tender offers and can be achieved more quickly. It also ensures that all Shareholders are treated equally as capital is returned to all Shareholders on a pro rata basis.
A circular containing further detail of the proposed B Share Scheme and the notice convening the General Meeting has today been published by the Company (the "Circular"). A copy of the Circular will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The Circular will also be available on the Company's website (https://kkvim.com/secured-income-fund/).
Proposed return of capital
Subject to the passing of the B Share Resolutions at the General Meeting, the Board intends to return £5,266,035 to Shareholders via an issue of B Shares. B Shares of £1 each will be paid up from capital and issued to all Shareholders by way of a bonus issue pro-rata to their holding of Ordinary Shares on the basis of one B Shares for every ten Ordinary Shares held at the Record Date of 6.00 p.m. on 23 March 2021. The B Shares will be issued 24 March 2021 and immediately redeemed at £1 per B Share. The Redemption Date in respect of this Return of Capital is 24 March 2021. The proceeds from the redemption of the B Shares, which is equivalent to 10 pence per Ordinary Share, will be sent to Shareholders through CREST to uncertificated shareholders or via cheque to certificated shareholders. The capital being returned represents 12.77 per cent. of the Company's Net Asset Value as at 31 January 2021, being the latest published Net Asset Value prior to the publication of this Circular.
Timetable
It is expected that the timetable will be as follows:
Publication of the circular
26 February 2021
Record Date of initial Return of Capital
6.00 p.m. on 23 March 2021
Ex date in respect of initial Return of Capital
24 March 2021
Redemption Date of initial Return of Capital
24 March 2021
Payment date for CREST
31 March 2021
Dispatch of cheques in respect of uncertificated holders
31 March 2021
All redemption payments will be paid gross of tax.
Defined terms used in this announcement have the meanings given in the Circular unless the context otherwise requires
For further information please contact:
Directors
David Stevenson (Chair)
Susan Gaynor Coley
Brett Miller
tel: +44 7973 873785
tel: +44 7977 130673
tel: +44 7770 447338
KKV Investment Management Ltd
Catherine Halford Riera
email: Investor.communications@kkvim.com
finnCap Ltd.
Corporate Finance: William Marle / Giles Rolls
Sales: Mark Whitfeld
tel: +44 20 7220 0500
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