Secured Income Fund PLC Additional information re publication of circular (8703R)
March 11 2021 - 1:00AM
UK Regulatory
TIDMSSIF
RNS Number : 8703R
Secured Income Fund PLC
11 March 2021
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 GBP6,582,543.75 to
Shareholders via an issue of B Shares, which is an increase on the
amount set out in the Circular.
B Shares of 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 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 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 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 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 certificated 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
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END
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