REG - Secured Income Fd - Result of Meeting

Secured Income FundAnnouncement

23/03/2021 16:10

RNS Number : 2361T
  
Secured Income Fund PLC
  
23 March 2021
  
 

Secured Income Fund Plc
LEI: 213800TR2S2TT6PKVH57
23 March 2021
SECURED INCOME FUND PLC
(the "Company")
Results of General Meeting
The Board of Secured Income Fund plc announces that, at the general meeting of the Company held earlier today, all of the proposed resolutions were approved by shareholders.
As a result, the Company will establish a B Share Scheme (as defined in the circular to shareholders dated 26 February 2021 (the "Circular")) and arrange for the buyback and cancellation of the Management Shares.
Defined terms have the meaning given to them in the Circular.
Details of the number of proxy votes cast for, against and withheld in respect of the Resolutions (each of which was held on a poll) are set out below and will also be published on the Company's website, https://kkvim.com/secured-income-fund/. 







For


Discretion 


Against


Withheld*




Resolution 1 (Special Resolution)




















1, That the Company adopt New Articles of Association which include the rights of the B Shares, as set out in Part 3 of the circular to Shareholders of the Company dated 26 February 2021 (the "Circular"),  and permit the Directors to capitalise reserves from time to time for the purposes of the B Share Scheme (as defined in the Circular).


35,493,570


0


3,412


0




Resolution 2 (Ordinary Resolution)




















2. That, pursuant to article 192 of the articles of association of the Company, the Directors be authorised to capitalise sums standing to the credit of the Company's reserves and to apply such sums in paying up in full up to 43,857,133 B Shares.


35,493,570


0


3,412


0




Resolution 3 (Ordinary Resolution)




















3. That the Directors be authorised to issue up to an aggregate nominal amount of £43,857,133 B Shares on a pro rata basis to the holders of Ordinary Shares by way of bonus issues.


35,493,570


0


3,412


0




Resolution 4 (Ordinary Resolution)




















4. That the share buyback contract between the Company and Amberton Asset Management Limited for the buyback and cancellation of Management Shares (as defined in the Circular) is approved.


35,493,570


0


3,412


0

























B Share Scheme
Pursuant to the authority received from shareholders at the general meeting, the Board has resolved to return £6,582,543.75 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 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.
 
Alternate director appointment
The Board announces the appointment of Mrs Sarah Wylie as an alternate independent, non-executive Director for Mr David Stevenson with effect from the start of the general meeting until the conclusion of the general meeting. Mrs Wylie is a solicitor at Dickson Minto W.S., the Company's lawyers. Mrs Wylie acted as Chairperson of the meeting.
There is no other information required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules in relation to this appointment.
Enquiries:
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
 
 



 
Notes:
Neither the Company's website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

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