KKVL.L Regulatory News (KKVL)

KKV Secured Loan Fund Limited ("the Company")

Quarterly Net Asset Values ("NAVs")

The Company announces the following NAVs:

 Ordinary Shares:

As at 31 March 2021, the unaudited estimated NAV was £122.3m or 34.4 pence per Ordinary Share. This compares to £140.7m or 39.5 pence per Ordinary Share from the December 2020 unaudited estimated NAV.

For the Ordinary Share Class £17.8m or 5 pence per share was returned to Shareholders on 17 March 2021.

The total return per Ordinary Share during the period from 31 December 2020 to 31 March 2021 was therefore minus 0.40 per cent.

During the quarter to March 2021 the most notable credit changes were:

Borrower 1 (the NE England AD plant) is now valued at £10.9m a reduction of £3.4m in NAV from December's £14.3m. The model was updated to reflect recent business activity of the borrower. This reduction reflected a loss of 1.0 pence per share.

Borrower 8 (the shipping vessel exposure) saw a material uplift in valuation to £11.7m resulting in the NAV increasing by a total of £2.7m from £8.9m reflecting an increase of 0.8 pence per share.

Borrower 21 (the US medical facility debt) was upgraded to Stage 2 after resuming payments. NAV increased to £2.3m from £1.0m reflecting an increase of £1.3m or 0.4 pence per share.

Borrowers 14 & 15 (Electricity Generation) NCV £15.2m repaid as announced on 22 March 2021. The repayment settled the loan in full and benefitted from a small prepayment fee.

Subsequent to 31 March 2021 a further 5.5 pence per Ordinary Share was returned to Ordinary Shareholders as announced on 9 April 2021.

C Shares:

As at 31 March 2021, the unaudited estimated NAV was £85.1m or 61.2 pence per C Share. This compares to £97.9m or 70.5 pence from the December 2020 unaudited estimated NAV.

For the C Share Class £16.7m or 12 pence per share was returned to Shareholders on 17 March 2021.

The total return per C Share during the period from 31 December 2020 to 31 March 2021 was therefore 3.9 per cent.

During the quarter to March 2021 the most notable credit movements were:

Borrowers 47, 48 and 51 (the shipping vessels) saw a material uplift in valuation to £13.3m an increase of £3.1m from £10.2m reflecting an increase of 2.2 pence per C Share.

Borrower 54 (the battery facility exposure) was downgraded to Stage 2 due to increased uncertainty in performance. NAV reduced by £0.8m to £1.9m reflecting a loss of 0.6 pence per C Share.

Borrower 40 (the remote operating vehicles) refinanced their facility repaying £8.3m vs a £7.3m December NAV. This reflects an uplift of £1m, an increase of 0.7 pence per C Share.

Subsequent to 31 March 2021 a further 6 pence per C Share was returned to C Shareholders as announced on 9 April 2021.

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