Secured Income Fund PLC Publication of a circular (5046Q)
February 26 2021 - 05:00AM
UK Regulatory
TIDMSSIF
RNS Number : 5046Q
Secured Income Fund PLC
26 February 2021
26 February 2021
Secured Income Fund plc
Publication of a circular
Proposed B Share Scheme
Secured Income Fund plc (LSE: SSIF) (the "Company"), a
specialist secured lending income investment trust, listed in the
UK, is pleased to announce details of its proposals to introduce a
mechanism to enable surplus cash to be returned to Shareholders in
due course through a compulsory procedure involving a bonus issue,
on a pro rata basis, of B Shares followed by the redemption of such
B Shares at the option of the Company.
The introduction of the B Share Scheme requires Shareholder
approval, which will be sought at a general meeting of the Company
to be held at 16 Charlotte Square, Edinburgh EH2 4DF at 1.30p.m. on
23 March 2021. Subject to such approval being obtained at the
General Meeting, the Company will be able to make future capital
returns through the issue and redemption of B Shares without the
need for further Shareholder approval. This will be a less costly
way of returning capital than tender offers and can be achieved
more quickly. It also ensures that all Shareholders are treated
equally as capital is returned to all Shareholders on a pro rata
basis.
A circular containing further detail of the proposed B Share
Scheme and the notice convening the General Meeting has today been
published by the Company (the "Circular"). A copy of the Circular
will be submitted to the National Storage Mechanism and will
shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism . The
Circular will also be available on the Company's website (
https://kkvim.com/secured-income-fund/ ).
Proposed return of capital
Subject to the passing of the B Share Resolutions at the General
Meeting, the Board intends to return GBP 5,266,035 to Shareholders
via an issue of B Shares. B Shares of GBP1 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
Shares for every ten Ordinary Shares held at the Record Date of
6.00 p.m. on 23 March 2021. The B Shares will be issued 24 March
2021 and immediately redeemed at GBP1 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 10 pence per Ordinary Share, will be sent to Shareholders
through CREST to uncertificated shareholders or via cheque to
certificated shareholders. The capital being returned represents
12.77 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 this Circular.
Timetable
It is expected that the timetable will be as follows:
Publication of the circular 26 February 2021
Record Date of initial Return 6.00 p.m. on 23 March 2021
of Capital
Ex date in respect of initial 24 March 2021
Return of Capital
Redemption Date of initial Return 24 March 2021
of Capital
Payment date for CREST 31 March 2021
Dispatch of cheques in respect 31 March 2021
of uncertificated holders
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) tel: +44 7973 873785
Susan Gaynor Coley tel: +44 7977 130673
Brett Miller tel: +44 7770 447338
KKV Investment Management email: Investor.communications@kkvim.com
Ltd
Catherine Halford Riera
finnCap Ltd. tel: +44 20 7220 0500
Corporate Finance: William
Marle / Giles Rolls
Sales: Mark Whitfeld
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
CIRDKABNKBKDKBB
(END) Dow Jones Newswires
February 26, 2021 06:00 ET (11:00 GMT)
Secured Income (LSE:SSIF)
Historical Stock Chart
From Feb 2024 to Mar 2024
Secured Income (LSE:SSIF)
Historical Stock Chart
From Mar 2023 to Mar 2024