SSIF.L Regulatory News (SSIF)

24 February 2022  

Secured Income Fund plc

Monthly Net Asset Value

Secured Income Fund plc (LSE: SSIF) (the "Company"), a specialist secured lending income investment trust, listed in the UK, is pleased to provide its monthly net asset value ("NAV").

Net Asset Value

The Company announces that, as at 31 January 2022, the unaudited estimated NAV per ordinary share (cum-income) was 24.36 pence.

The estimated NAV per ordinary share includes the deduction of dividends distributed since the commencement of the wind down on 17 September 2020 of 8.50 pence per ordinary share and B Share buy backs equivalent to 28.00 pence per ordinary share.

Ongoing monitoring of the Film Production Financing portfolio has highlighted further deterioration of the expected cash flow (in addition to that noted last month). The portfolio, comprising of six film financings, has been heavily impacted by the changes in operating practises resulting from the COVID pandemic. This has resulted in significant delays in recouping the outstanding balances within the "contracted cash flow" element (comprising Tax Credit, Receipts and Presold Income), hampered further by the political uncertainty across some of the remaining territories. Moreover, the level of uncertainty across the "non-contractual Future Sales" element, which is considered mezzanine in nature and carries a higher risk profile, has continued to increase.

Therefore, in January 2022, the Company increased the provision by £505,898 for the combined film portfolio. The combined carrying value of the film financings inclusive of transaction costs at 31 January 2022 was £835,605.

(http://www.securedincomefundplc.co.uk/)

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