KKVL.L Regulatory News (KKVL)

24 July 2020

KKV Secured Loan Fund Limited

Monthly Net Asset Value

KKV Secured Loan Fund Limited (the "Company"), provides the following monthly net asset values ("NAV"):

As at 30 June 2020, the unaudited estimated NAV per Ordinary Share was 61.70 pence.

As at 30 June 2020, the unaudited estimated NAV per C Share was 92.38 pence.

The NAV as at 30 June 2020 reflects additional provisions of 8.50 pence per Ordinary Share and 6.53 pence per C Share, in-line with the guidance provided in the announcement on 8 July 2020, reflecting the Portfolio Manager's view on the quality of security and debt serviceability for some transactions.

In addition, as stated in the announcement on 8 July 2020, the independent valuation as at 31 December 2020 of the six Anaerobic Digestion projects (AD Plants) is being updated for the financial year-ended 30 June 2020.

The initial indication from the review is for a modest increase in the AD Plants provision of 2.07 pence per Ordinary Share included within the overall change shown above in the Ordinary Share NAV as at 30 June 2020. This reflects initial guidance on changes in the value of the AD Plants, the valuation of which is yet to be finalised, but reflecting changes in projected energy prices and the impact of Covid-19 on the operations of the plants as they strive to be optimised. All of the provisions continue to be refined as information, including the receipt of independent valuations, is received regarding investments which have, in some instances, been delayed due to Covid-19. These will be updated in the course of preparing the year-end Financial Report and Accounts and as part of the audit process. The Portfolio Manager believes that the provisions made in anticipation of receiving further information have been prepared on a prudent basis using the information available to them.

After a period for stabilisation, the Portfolio Manager, the AIFM and the Board will revisit the dividend and FX policy for both Share Classes.

Factsheet

The Company's factsheet for June 2020 will shortly be available on the website: https://www.kkvim.com/sqn-asset-finance-income-fund

For further information please contact:

KKV Investment Management Limited investor.communications@kkvim.com 

Dawn Kendall

Chris Greener

Christian Holder

Notes to Editor

The Company invests in equipment lease and asset finance arrangements across a diverse portfolio of assets and industries predominantly in the UK, Northern Europe and US. The Company focuses on business-essential, revenue-producing (or cost saving) equipment and other assets with high in-place value and long economic life relative to the investment term.