2 Feb 2018 14:40
2 February 2018
Hadrian's Wall Secured Investments Limited
Intention to convert C shares
As noted in the quarterly fact sheet for the period to 31 December 2017 released earlier today, Hadrian's Wall Secured Investments Limited (the "Company") had, as at 31 January 2018, deployed £38 million of the proceeds of its C Share fundraising, including loans that are closed and committed loans in documentation. This represents approximately 86% of the net proceeds of the C share issue.
Accordingly, the Board is pleased to announce that it intends to convert the C Shares into Ordinary Shares later this month (the "Conversion"). In the absence of unforeseen circumstances, the Company expects the "Calculation Time", being close of business on the date on which the Conversion Ratio will be calculated, to fall on 20 February 2018 and the Record Date for the Conversion to fall on 22 February 2018. The last day for trading in the C Shares on the London Stock Exchange for normal settlement (in order to enable settlement prior to Conversion) will be 20 February 2018. It is intended that the NAVs to be used for the Conversion will be based on those in respect of 31 January 2018, which are expected to be announced in mid-February, adjusted as appropriate for income and expenses in the period from, but excluding, 31 January 2018 up to the Calculation Time and by deducting the Q4 2017 dividend from the Ordinary Share NAV.
The Company intends to make a further announcement in due course setting out the Conversion Ratio applying to the Conversion, the expected date when such Conversion will occur and the number of new Ordinary Shares to be issued.
Holders of C Shares, once converted, will not be entitled to receive the Q4 2017 dividend that was declared on the Ordinary Shares today and is due to be paid on 9 March, but such holders are expected to be entitled to the quarterly dividend to be declared on the Ordinary Shares for the quarter ending 31 March 2018, being the first dividend to be declared after the Conversion.
Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the prospectus published by the Company on 2 May 2017.
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