Secured Income Fd - Review of Film Production Financing

Secured Income Fund

01/06/2021 07:00

RNS Number : 3157A

Secured Income Fund PLC

01 June 2021

 

 1 June 2021                                         

Secured Income Fund plc

 

Review of Film Production Financing 

  

Secured Income Fund plc (LSE: SSIF) (the "Company"), a specialist secured lending income investment trust, listed in the UK, announces that it is undertaking a review of its Film Production Financing portfolio, which had a book value for all six loans of £9,586,462 as of April 30, 2021.

 

The portfolio comprises six film financings and the Fund Manager, KKV, has established that the restrictions and changed operating practices resulting from the COVID pandemic are likely to have a significantly bigger detrimental impact on these assets than originally anticipated.

 

The review of the portfolio, is therefore expected to result in a substantial increase in provisioning against the book values of all six loans.  KKV is working proactively with the borrower to ensure the best possible outcome for shareholders.  A further announcement will be made once the review is concluded.

 

 

For further information please contact:

 

Directors
David Stevenson (Chair)
Susan Gaynor Coley
Brett Miller
tel: +44 7973 873 785
tel: +44 7977 130 673
tel: +44 7770 447 338
KKV Investment Management Ltd
Catherine Halford Riera
Investor.communications@kkvim.com
finnCap Ltd.
Corporate Finance: William Marle
Sales: Mark Whitfeld
tel: +44 20 7220 0500

 

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