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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March 11, 2021 02:00 ET (07:00 GMT)