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11 Mar 2021 07:00
11 March 2021
Secured Income Fund plc
Additional information re publication of circular
Circular
Secured Income Fund plc (LSE: SSIF) (the "Company"), a specialist secured lending income investment trust listed in the UK, published a circular in respect of a proposed B share scheme on 26 February 2021 ("Circular").
In the Circular, subject to the passing of the B Share Resolutions at the General Meeting, the Board set out its intention to return capital to the Shareholders via an issue of B Shares. Since the publication of the Circular, the Company has received further returns on its investments. The Company is therefore proposing to increase the value of the initial Return of Capital from 10 pence per Ordinary Share to 12.5 pence per Ordinary Share.
Amendment to value of proposed return of capital
Subject to the passing of the B Share Resolutions at the General Meeting, the Board now intends to return £6,582,543.75 to Shareholders via an issue of B Shares, which is an increase on the amount set out in the Circular.
B Shares of £1 each will be paid up from capital and issued to all Shareholders by way of a bonus issue pro-rata to their holding of Ordinary Shares on the basis of one B Share for every eight Ordinary Shares held at the Record Date of 6.00 p.m. on 23 March 2021. The B Shares will be issued on 24 March 2021 and immediately redeemed at £1 per B Share. The Redemption Date in respect of this Return of Capital is 24 March 2021. The proceeds from the redemption of the B Shares, which is equivalent to 12.5 pence per Ordinary Share, will be sent to uncertificated Shareholders through CREST or via cheque to certificated Shareholders. The capital being returned represents approximately 16 per cent. of the Company's Net Asset Value as at 31 January 2021, being the latest published Net Asset Value prior to the publication of the Circular.
Timetable
It is expected that the timetable will be as follows:
Record Date of initial Return of Capital | 6.00 p.m. on 23 March 2021 |
Ex date in respect of initial Return of Capital | 24 March 2021 |
Redemption Date of initial Return of Capital | 24 March 2021 |
Payment date for CREST | 31 March 2021 |
Dispatch of cheques in respect of certificated holders | 31 March 2021 |
All redemption payments will be paid gross of tax.
Defined terms used in this announcement have the meanings given in the Circular unless the context otherwise requires.
For further information please contact:
| |
Directors David Stevenson (Chair) Susan Gaynor Coley Brett Miller
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tel: +44 7973 873785 tel: +44 7977 130673 tel: +44 7770 447338
|
KKV Investment Management Ltd Catherine Halford Riera
| email: Investor.communications@kkvim.com
|
finnCap Ltd. Corporate Finance: William Marle / Giles Rolls Sales: Mark Whitfeld | tel: +44 20 7220 0500
|
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