TIDMSCRF
RNS Number : 4576Q
SME Credit Realisation Fund Limited
21 October 2019
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN
PART, IN OR INTO THE UNITED STATES
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED UNDER
THE MARKET ABUSE REGULATION (EU) NO. 596/2014.
******
21 October 2019
SME Credit Realisation Fund Limited
(the "Company")
PUBLICATION OF NAV, DIVID DECLARATION AND RETURN OF CAPITAL
Net Asset Value ("NAV")
At 30(th) September 2019, the NAV attributable to the Ordinary
Shares of SME Credit Realisation Fund Limited was GBP281.99m
(30(th) June 2019: GBP293.77m). The NAV per Share as at 30(th)
September 2019 was 94.80 pence (30(th) June 2019: 95.37 pence).
The NAV total return for the period 1 July to 30 September 2019
was +0.78%.
The Company has published its quarterly factsheet to the end of
September 2019, containing information about the Company's
financial position, performance and prospects, which is available
at the Company's website at
https://www.smecreditrealisation.com/documents/factsheets.
Dividend declaration
The Company announces that it has declared a quarterly dividend
of 1.3125 pence per share payable in November 2019. The ex-dividend
date is 7 November 2019 with a record date of 8 November 2019 and a
payment date of 22 November 2019.
Return of capital
As detailed in the Company's shareholder Circular dated 21 May
2019 and in accordance with the resolutions passed on 11 June 2019
to effect an orderly wind-down of the Company, the Company today
announces the inaugural compulsory partial redemption of its
Shares. The Company will return approximately GBP16m to
shareholders by way of a compulsory partial redemption of Shares
(the "First Redemption") at 94.80 pence per share, being the NAV
per Ordinary Share as at 30 September 2019, with payment on 27
November 2019 (the "Redemption Date"). On this basis, approximately
5.7 per cent. of each registered shareholding will be redeemed on
the Redemption Date.
As at today's date, the Company has 294,357,543 Ordinary Shares
in issue of which 3,692,000 are held in treasury.
Fractions of shares will not be redeemed and so the number of
shares to be redeemed for each shareholder will be rounded down to
the nearest whole number of shares.
All shares that are redeemed will be cancelled with effect from
the relevant Redemption Date. Accordingly, once redeemed, shares
will be incapable of transfer.
The Shares will all be disabled in CREST after close of business
on the Redemption Date and the existing ISIN number GG00BYYJCZ96
(the "Old ISIN") will expire.
The new ISIN number GG00BKTRF288 (the "New ISIN") in respect of
the remaining Shares which have not been redeemed will be enabled
and available for transactions from and including the following
day, 6 November 2019. The November dividend payment will be payable
after the Redemption Date to shareholders of the remaining Shares
with the new ISIN number.
Up to and including the Redemption Date, Shares will be traded
under the Old ISIN and as such, a purchaser of such Shares would
have a market claim for a proportion of the redemption proceeds.
CREST will automatically transform any open transactions as at the
Redemption Date into the New ISIN.
In accordance with the orderly wind-down of the Company, capital
will continue to be returned to shareholders by way of dividends,
share redemptions and / or buybacks. As the portfolio naturally
amortises, the principal and interest collection amounts will
steadily reduce, in turn reducing the amount of capital available
for return to shareholders on an ongoing basis. The Company will
continue to appraise the mix of return of capital by these
mechanisms, but expects to steadily reduce the capital returned by
buybacks now the quarterly redemption process is underway.
Shareholders should note that the Board retains absolute discretion
as to the execution, pricing and timing of any returns of
capital.
Expected timetable:
Redemption Record Date and expiry 5 November 2019
of old ISIN
New ISIN enabled 6 November 2019
-----------------
Dividend ex-dividend date 7 November 2019
-----------------
Dividend record date 8 November 2019
-----------------
Dividend payment date 22 November 2019
-----------------
Redemption monies paid (expected) 27 November 2019
uncertificated holdings and
certificated holdings:
-----------------
Auction process
The Company will shortly commence an auction process which may
result in the sale of a portion or substantially all of the SME
loans held by the Company. The auction process is expected to run
over the next few months and the Company will continue to keep the
market updated as appropriate.
CONTACTS
Richard Boleat, Chairman
+44 (0) 1534 615 656
Richard.Boleat@smecreditrealisation.com
Secretary and Administrator
Sanne Group (Guernsey) Limited
smecreditrealisation@sannegroup.com
+44 (0) 1481 739810
Corporate Broker
Numis Securities
Nathan Brown
+44 (0) 207 260 1000
n.brown@numis.com
Investor Relations
IR@smecreditrealisation.com
Website
www.smecreditrealisation.com
The ISIN number of the Shares is GG00BYYJCZ96, the SEDOL code is
BYYJCZ9 and the TIDM is SCRF.
The LEI number of the Company is 549300ZQIYQVNIZGOW60.
*****
ABOUT SME Credit Realisation Fund Limited
The Company is a registered closed-ended collective investment
scheme registered pursuant to the Protection of Investors
(Bailiwick of Guernsey) Law, 1987, as amended and the Registered
Collective Investment Scheme Rules 2015 issued by the Guernsey
Financial Services Commission ("GFSC").
*****
IMPORTANT NOTICES
This announcement contains "forward-looking" statements, beliefs
or opinions. These forward-looking statements involve known and
unknown risks and uncertainties, many of which are beyond the
control of the Company and all of which are based on its directors'
current beliefs and expectations about future events.
Forward-looking statements are sometimes identified by the use of
forward-looking terminology such as "believes", "expects", "may",
"will", "could", "should", "shall", "risk", "intends", "estimates",
"aims", "plans", "predicts", "projects", "continues", "assumes",
"positioned" or "anticipates" or the negative thereof, other
variations thereon or comparable terminology, or by discussions of
strategy, plans, objectives, goals, future events, assumptions or
intentions. These forward-looking statements include all matters
that are not historical facts. Forward-looking statements may and
often do differ materially from actual results. They appear in a
number of places throughout this announcement and include
statements regarding the intentions, beliefs or current
expectations of the Board or the Company with respect to future
events and are subject to risks relating to future events and other
risks, uncertainties and assumptions relating to the Company's
business concerning, amongst other things, the financial
performance, liquidity, prospects, growth and strategies of the
Company. These forward-looking statements and other statements
contained in this announcement regarding matters that are not
historical facts involve predictions. No assurance can be given
that such future results will be achieved; actual events or results
may differ materially as a result of risks and uncertainties facing
the Company. Such risks and uncertainties could cause actual
results to vary materially from the future results indicated,
expressed or implied in such forward-looking statements. The
forward-looking statements contained in this announcement speak
only as of the date of this announcement. Nothing in this
announcement is, or should be relied on as, a promise or
representation as to the future. The Company disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this
announcement to reflect any change in its expectations or any
change in events, conditions or circumstances on which such
statements are based unless required to do so by applicable law,
the Prospectus Rules, the Listing Rules or the Disclosure Rules and
Transparency Rules of the FCA. No statement in this announcement is
intended as a forecast or profit estimate.
Neither this announcement nor any copy of it may be made or
transmitted into the United States of America (including its
territories or possessions, any state of the United States of
America and the District of Columbia) (the "United States"), or
distributed, directly or indirectly, in the United States or to US
Persons (as such term is defined in Regulation S under the US
Securities Act of 1933, as amended (the "Securities Act"). Neither
this announcement nor any copy of it may be taken or transmitted
directly or indirectly into Australia, Canada, Japan or South
Africa or to any persons in any of those jurisdictions, except in
compliance with applicable securities laws. Any failure to comply
with this restriction may constitute a violation of United States,
Australian, Canadian, Japanese or South African securities laws.
The distribution of this announcement in other jurisdictions may be
restricted by law and persons into whose possession this
announcement comes should inform themselves about, and observe, any
such restrictions. This announcement does not constitute or form
part of any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for securities
in the United States, Australia, Canada, Japan or South Africa or
in any jurisdiction to whom or in which such offer or solicitation
is unlawful.
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.
END
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