TIDMSBSI
RNS Number : 3618M
Schroder BSC Social Impact Trust
21 January 2021
21 January 2021
LEI: 549300PG5MF2NY4ZRM86
Schroder BSC Social Impact Trust plc
Investment Update
The Board of Schroder BSC Social Impact Trust plc (the
"Company") is pleased to announce that since the successful launch
of the Company on 22 December 2020, the Company has completed the
acquisition of the Initial Portfolio as set out in the Prospectus
published by the Company on 23 November 2020 (the "Prospectus") and
also made a GBP2.5m investment in a Triodos Bank UK bond issue - a
Debt for Social Enterprise direct investment.
After the acquisition of the Initial Portfolio and the
investment in the Triodos Bank UK Bond issue, the Company had
committed over 80% and invested over 55% of the net proceeds of the
initial public offering ("IPO").
The Company will continue investing in a diversified portfolio
of private market impact funds across the asset classes of high
impact property, debt for social enterprises and social outcomes
contracts, making co-investments alongside impact investors and
direct investments in order to tackle social issues throughout the
UK.
Initial Portfolio
The Company acquired on the 22 December 2020 the Initial
Portfolio comprising seven Investments pursuant to the Acquisition
Agreement. The Initial Portfolio has an invested valuation of
GBP39.2m plus undrawn commitments of GBP19.9m. The full details of
the Initial Portfolio acquired by the Company are set out in the
table below.
Investment Valuation* Undrawn Commitments Exposure**
(GBPm) (GBPm) (GBPm)
UK Affordable Housing Fund 4.1 5.8 9.9
----------- -------------------- -----------
Resonance Real Lettings
Property Fund 5.8 0.0 5.8
----------- -------------------- -----------
Social and Sustainable Housing
LP 1.0 3.9 4.9
----------- -------------------- -----------
Charity Bank Co-Investment
Facility 3.6 1.6 5.1
----------- -------------------- -----------
Rathbones Charity Bond Portfolio 15.1 0.0 15.1
----------- -------------------- -----------
Bridges Evergreen Holdings 7.2 3.2 10.4
----------- -------------------- -----------
Bridges Social Outcomes
Fund II LP*** 2.4 5.5 8.0
----------- -------------------- -----------
Total 39.2 19.9 59.1
----------- -------------------- -----------
* Valuation as at 23 November 2020, adjusted for capital
contributions, capital distributions and accrued income
to 22 December, being the date of acquisition.
** Exposure is the valuation plus undrawn commitments.
*** In accordance with the terms of the Acquisition Agreement,
the Company's investment in Bridges Social Outcomes Fund
II LP was scaled down reflecting the size of the Issue.
Further details of the Investments in the Initial Portfolio can
be found in the Prospectus.
Triodos Bank UK 2020 Bond Issue
The Company has invested GBP2.5m in the inaugural private bond
issue by Triodos Bank UK Ltd ("Triodos Bank") on 23 December 2020.
The 10-year bond is callable by Triodos Bank at year five. The bond
pays a fixed 4% coupon, which will reset to Base+3.9% at year five
if the bond has not been called.
Triodos Bank is a leading lender to sustainability and social
impact focused organisations. This includes social housing,
healthcare, education, renewable energy, arts & culture, and
community projects. The bond qualifies as Tier 2 regulatory capital
to support Triodos Bank's ambition to grow lending in the UK in the
coming years, whilst maintaining UK regulatory capital
requirements. It will enable Triodos Bank to continue to grow its
loan book and contribute to the resilience and growth of charities
and social enterprises.
A recent example of Triodos Bank's lending includes
Middlesbrough-based charity MAIN, which supports people with a
range of disabilities, including autism and cerebral palsy. Triodos
Bank's loan enabled MAIN to purchase a new site, which will double
its existing space and increase its impact by supporting over 700
visitors per week.
Another example is Langham Court, a specialist care home
offering pioneering dementia care in Hindhead, Surrey. Lending from
Triodos supported the refurbishment and further development of
Langham Court, including building new communal areas and expanding
the home's capacity from 29 to 40 rooms.
Commenting on the investment, Jeremy Rogers, CIO of Big Society
Capital, said:
"We are pleased to be announcing our first investment shortly
after our December launch. Our investment in Triodos is in line
with our stated objectives of tackling social challenges through
supporting high impact organisations across the UK, while providing
high quality risk adjusted returns to shareholders."
Terms used in this announcement shall, unless the context
otherwise requires, bear the meanings given to them in the
Prospectus.
For further information, please contact:
Schroders
John Spedding 0207 658 3206
Estelle Bibby (Press) 0207 658 3431
Big Society Capital
Georgette Harrison, Senior Communications gharrison@bigsocietycapital.com
Director jwesthead@bigsocietycapital.com
James Westhead, Head of Engagement
Winterflood Securities Limited 020 3100 0000
Neil Langford
Chris Mills
About Schroder BSC Social Impact Trust plc
The Company was launched in December 2020, with the objective to
enable access to high social impact investment opportunities in
private markets - tackling social challenges across the UK. The
Company will build a diversified portfolio across asset classes,
targeting sustainable returns, demonstrable social impact, and low
correlation to traditional public markets.
Further information about the Company can be found on its
website at www.schroders.com/SBSI
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
UPDGZGZMKGKGMZM
(END) Dow Jones Newswires
January 21, 2021 02:00 ET (07:00 GMT)
Schroder Bsc Social Impact (LSE:SBSI)
Historical Stock Chart
From Feb 2024 to Mar 2024
Schroder Bsc Social Impact (LSE:SBSI)
Historical Stock Chart
From Mar 2023 to Mar 2024