13 Feb 2018 17:03
+NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA OR AUSTRALIA OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR TO ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA OR AUSTRALIA OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR TO ANY OTHER JURSIDICTION IN WHICH THE DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL UNDER APPLICABLE SECURITIES LAWS.
13 February 2018
Hadrian's Wall Secured Investments Limited
Intention to raise additional capital - Replacement
This announcement replaces the announcement made on 2 February 2018, headed 'Intention to raise additional capital', having RNS number 8071D, (the "Previous Announcement"). The ISIN contained in the Previous Announcement, being the same ISIN as the currently in issue C shares, was not correct and the new C shares to be issued pursuant to the placing will have a different ISIN as follows - GG00BG04CB85. For completeness the Previous Announcement is being restated here and the content is the same, save that the ISIN has been corrected.
As announced earlier today, Hadrian's Wall Secured Investments Limited (the "Company") had, as at 31 January 2018, deployed £38 million of the proceeds of its previous C Share fundraising, including loans that are closed and committed loans in documentation, and intends to convert those C Shares into Ordinary Shares later this month. The Company is actively negotiating additional potential loans and the investment opportunities for the Company remain robust. Consequently, the Company projects that all of its available investment capital will be fully deployed before the end of the first quarter of 2018.
The Company's loan portfolio is spread across a number of sectors including manufacturing, energy, autos, healthcare and property. All loans are secured over underlying assets and the weighted average annualised portfolio gross yield, before expenses and exclusive of upfront or other fees, on invested assets is 9.2%.
The directors of the Company are therefore pleased to announce that the Company is seeking to raise additional capital through the issue (the "Issue") of a new tranche of C Shares (the "New C Shares") by way of a placing as part of the share issuance programme (the "Share Issuance Programme") created pursuant to the prospectus published by the Company on 2 May 2017 (the "Prospectus"). The Company is seeking to raise up to £50 million through the Issue.
The net proceeds from the Issue will be used to enter into loan transactions in the Company's pipeline and it is expected that deployment will be completed within a period of approximately six to nine months, although this will depend on the amount of capital raised pursuant to the Issue.
The Prospectus, and a supplement thereto published on 23 October 2017 in respect of the Company's 2017 annual report and accounts, are available on the Company's website at www.hadrianswallcapital.com/hwsil and from the National Storage Mechanism at http://www.morningstar.co.uk/uk/NSM.
Winterflood Securities Limited is acting as sole sponsor, financial adviser and bookrunner to the Company.
Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Prospectus.
Admission and dealings
The New C Shares will have the following ISIN and ticker, respectively: GG00BG04CB85 and HWSC.
Applications will be made to the UK Listing Authority and to the London Stock Exchange for the New C Shares to be admitted to the premium segment of the Official List and to trading on the main market of the London Stock Exchange, respectively. It is expected that admission will become effective and that dealings in the C Shares will commence on or around 12 March 2018.
Expected timetable
Latest time and date for receipt of applications under the Initial Placing
| 1.00 p.m. on 8 March 2018 |
Publication of results of the Issue
| 8 March 2018 |
Trades booked in respect of New C Shares
| 9 March 2018 |
Admission and dealings in the New C Shares commence
| 8.00 a.m. on 13 March 2018 |
CREST accounts credited in respect of the C Shares
| 13 March 2018 |
Despatch of definitive share certificates (if applicable) | week commencing 19 March 2018 (or as soon as possible thereafter)
|
Notes:
1. Each of the times and dates in the above timetable is subject to change by the Company.
2. All times are London times unless stated otherwise.
Contact Details
Hadrian's Wall Capital (Investment Adviser)Ron Miao / Mike Schozer 020 3026 8620
International Fund Management (Investment Manager)Chris Hickling 01481 737600
Winterflood Investment Trusts (Corporate Broker)Joe Winkley / Neil Morgan 020 3100 0000
Important Notice
Accessing this announcement in certain jurisdictions may be restricted by law. Persons accessing this announcement must satisfy themselves that it is lawful to do so under the applicable securities laws of the jurisdiction from which they access this announcement. The Company assumes no responsibility in the event there is a violation by any person of such restrictions.
The value of investments may go down as well as up, and all of the value of an investor's investment in the Company will be at risk. Past performance is not a guide to future performance and the information in this announcement or any documents relating to the issue of the New C Shares by the Company cannot be relied upon as a guide to future performance. Persons needing advice should contact a professional adviser.
Winterflood Securities Limited ("Winterflood"), which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Winterflood or advice to any other person in relation to the matters contained herein.
Neither Winterflood nor any of its directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of, the information in this announcement (or whether any information has been omitted from the announcement) or any information relating to the Company, whether written, oral, or in a visual or electronic form, and howsoever transmitted or made available or any loss howsoever arising from any use of this announcement or its contents or otherwise in connection with it.
This announcement may not be published, distributed or transmitted by any means or media, directly or indirectly, in whole or in part, in or into the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in any jurisdiction. The Company's shares have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act"). The Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended.
Neither this announcement nor any copy of it may be taken or transmitted into or distributed in any member state of the European Economic Area (other than the United Kingdom), Canada, Australia, the Republic of South Africa or Japan or to any resident thereof. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. The distribution of this announcement in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.
This announcement includes "forward-looking statements". All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's investment strategy, plans and objectives are generally forward-looking statements. Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, those statements. These forward-looking statements speak only as at the date of this announcement. The company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services Markets Act 2000, the Listing Rules or Prospectus Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.