(Alliance News) - KKV Secured Loan Fund Ltd on Monday said it has netted GBP16.0 million from the sale of two loans.
The equipment leasing and asset finance investment firm said the loans were made to Glasshouse Generation Ltd and Harvest Generation Services Ltd. The GGL loan had a carrying value of GBP8.1 million and the HGS loan GBP7.6 million.
Per share, the net proceeds from the sales are 4.5 pence.
"This shall contribute towards the next distribution of capital on the ordinary shares in due course," KKV said.
Back in January, KKV a steep drop in net asset value per share in its financial year that ended June 30, 2020. NAV per ordinary share dropped 62% to 36.19 pence as at June 30 from 94.91p a year before. NAV per 2016 C share fell a less sharp 31% to 68.17p from 98.15p
KKV paid out 5.44p per share for both share classes in financial 2020, after 6.65p per ordinary and 6.19p per C share payouts in financial 2019.
The company's new investment objective is to realise all remaining assets in portfolio of both share classes and return cash to shareholders.
"We are pleased that we have been able to secure further disposals of assets to the benefit of shareholders and continue to work on other projects to return capital with expedience," said Chair Brendan Hawthorne.
Ordinary shares in the company were 5.4% higher at 20.24p each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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