Secured Income Fd - Additional information re publication of circular

Secured Income Fund

11/03/2021 07:00

RNS Number : 8703R

Secured Income Fund PLC

11 March 2021

 

11 March 2021                            

Secured Income Fund plc

 

Additional information re publication of circular

 

Circular

  

Secured Income Fund plc (LSE: SSIF) (the "Company"), a specialist secured lending income investment trust listed in the UK, published a circular in respect of a proposed B share scheme on 26 February 2021 ("Circular").

In the Circular, subject to the passing of the B Share Resolutions at the General Meeting, the Board set out its intention to return capital to the Shareholders via an issue of B Shares. Since the publication of the Circular, the Company has received further returns on its investments. The Company is therefore proposing to increase the value of the initial Return of Capital from 10 pence per Ordinary Share to 12.5 pence per Ordinary Share.

Amendment to value of proposed return of capital

Subject to the passing of the B Share Resolutions at the General Meeting, the Board now intends to return £6,582,543.75 to Shareholders via an issue of B Shares, which is an increase on the amount set out in the Circular.

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 Share for every eight Ordinary Shares held at the Record Date of 6.00 p.m. on 23 March 2021. The B Shares will be issued on 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 12.5 pence per Ordinary Share, will be sent to uncertificated Shareholders through CREST or via cheque to certificated Shareholders. The capital being returned represents approximately 16 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 the Circular.

Timetable

It is expected that the timetable will be as follows:

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 certificated 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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