TIDMSCRF

RNS Number : 6997C

SME Credit Realisation Fund Limited

21 October 2020

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OR TO US PERSONS

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014.

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21 October 2020

SME Credit Realisation Fund Limited

(the "Company")

PUBLICATION OF NAV AND RETURN OF CAPITAL

Net Asset Value ("NAV")

At 30 September 2020, the NAV attributable to the shares of SME Credit Realisation Fund Limited was GBP179.25 million (30 June 2020: GBP191.38 million). The NAV per Share as at 30 September 2020 was 83.86 pence (30 June 2020: 80.18 pence).

The total NAV return for the period 1 July 2020 to 30 September 2020 was 6.23%.

The Company has published its quarterly factsheet to the end of September 2020, 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 .

Return of capital

The Company intends to continue returning surplus cash to shareholders on a quarterly basis; that is broadly speaking loan principal and interest receipts, less operating expenses, less any FX margin reserve maintenance requirements.

Dividend declaration

The Company announces that it has declared a quarterly dividend of 1.3125 pence per share payable in November 2020. The ex-dividend date is 29 October 2020 with a record date of 30 October 2020 and a payment date of 20 November 2020.

Compulsory share redemption

The Company will return approximately GBP42 million to shareholders by way of a compulsory partial redemption of shares (the "Redemption") at 83.86 pence per share, being the NAV per share as at 30 September 2020, with payment on 10 November 2020 (the "Redemption Date"). On this basis, approximately 23.4% of each registered shareholding will be redeemed on 28 October 2020 (the "Redemption Record Date").

As at today's date, the Company has 213,739,800 shares in issue. The Company holds no shares 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 Redemption Record 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 Record Date and the existing ISIN number GG00BMT81R29 (the "Old ISIN") will expire.

The new ISIN number GG00BMF75J31 (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 business day, 29 October 2020. The November 2020 dividend payment will be payable after the Redemption Record Date to shareholders of the remaining shares with the new ISIN number.

Up to and including the Redemption Record 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 Record Date into the New ISIN.

Return of capital timetable

 
 Redemption Record Date and expiry of old               28 October 2020 
  ISIN 
 New ISIN enabled                                       29 October 2020 
                                                      ----------------- 
 Ex-dividend date                                       29 October 2020 
                                                      ----------------- 
 Dividend record date                                   30 October 2020 
                                                      ----------------- 
 Redemption monies paid (expected) to uncertificated   10 November 2020 
  holdings and certificated holdings 
                                                      ----------------- 
 Dividend payment date                                 20 November 2020 
                                                      ----------------- 
 

CONTACTS

Richard Boleat, Chairman

+44 (0) 1534 615 656

Richard.Boleat@smecreditrealisation.com

Secretary and Administrator

Sanne Group (Guernsey) Limited

+44 (0) 1481 739810

smecreditrealisation@sannegroup.com

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 Ordinary Shares is GG00BMT81R29, the SEDOL code is BMT81R2 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 2018 issued by the Guernsey Financial Services Commission ("GFSC").

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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.

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October 21, 2020 02:00 ET (06:00 GMT)