TIDMSCRF
RNS Number : 2673J
SME Credit Realisation Fund Limited
12 December 2022
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN
PART, IN OR INTO THE UNITED STATES OR TO US PERSONS
*****
12 December 2022
SME Credit Realisation Fund Limited
(the "Company")
DISPOSAL - UK AND CONTINENTAL EUROPE ("CE") LOAN PORTFOLIO
Portfolio update
As part of the Company's objective to realise all assets in a
prudent manner and make timely returns of capital to shareholders,
the Company announced the sale of all of the Company's remaining US
loans on 5 December 2022.
The Company today announces that it has completed its asset
realisation strategy, initiated in 2019 following consultation with
shareholders accounting for over two-thirds of the register,
through the sale of a pool of loans comprising all of the Company's
remaining UK and CE (Germany and Netherlands) loans to a
third-party buyer.
As a result of this sale, the Company expects to receive net
proceeds consistent with the c.GBP20.5m carrying value of the UK
and CE loans as at 30 September 2022.
This sale is subject to an indemnity provision of c.GBP4.9
million, customary for transactions of this nature, which will
begin to amortise from six months after the transaction date and
will restrict the Company's ability to fully distribute the net
proceeds to shareholders for a period of up to twelve months.
Next steps
Following the completion of the portfolio sales, the Board
intends to publish proposals for SME Credit Realisation Fund
Limited to be delisted from the public market and placed into
liquidation at an appropriate time. The proposals are expected to
be published following the next quarterly return of capital in
January 2023, which will distribute substantially all of the
Company's free cash, i.e. it will include the net proceeds of the
portfolio sales, less operating expenses, any FX margin reserve
maintenance requirements, liquidation costs and indemnity
provisions related to the portfolio sales.
The Company is expected to receive total net proceeds from the
combined portfolio sales of c.GBP23m. The total indemnity
provisions related to the portfolio sales represent up to GBP5.3m
in value and amortise for a period from six up to twelve months.
The Company does not anticipate any material claims against these
indemnities and will distribute any unclaimed provisions during the
liquidation.
The Company intends to then publish a circular setting out
details of, and convening a general meeting to seek shareholder
approval for, the proposals to delist SME Credit Realisation Fund
Limited, and the plan related to liquidation. If shareholder
approval is forthcoming, SME Credit Realisation Fund Limited is
expected to delist in Q1 2023 with the timing of liquidation to
also be confirmed.
Frederic Hervouet, Chairman, commented: "The Board is very
pleased with the outcome from the sale of the Company's remaining
loan pools, which represents a successful end to our realisation
strategy. We are now working on the next stage of the wind down and
aim to present our proposals for liquidation and delisting to
shareholders in short order."
CONTACTS
Fred Hervouet, Chairman
+44 (0) 7781 159007
fred_hervouet@hotmail.com
Secretary and Administrator
Sanne Group ( Guernsey ) Limited
+44 (0) 1481 739810
smecreditrealisation@sannegroup.com
Corporate Broker
Numis Securities
Nathan Brown
George Shiel
+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 GG00BLFGSJ40, the
SEDOL code is BLFGSJ4 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, 2020, as amended and the Registered
Collective Investment Scheme Rules 2020 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
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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
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END
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