TIDMSSIF

RNS Number : 2361T

Secured Income Fund PLC

23 March 2021

Secured Income Fund Plc

LEI: 213800TR2S2TT6PKVH57

23 March 2021

SECURED INCOME FUND PLC

(the "Company")

Results of General Meeting

The Board of Secured Income Fund plc announces that, at the general meeting of the Company held earlier today, all of the proposed resolutions were approved by shareholders.

As a result, the Company will establish a B Share Scheme (as defined in the circular to shareholders dated 26 February 2021 (the "Circular")) and arrange for the buyback and cancellation of the Management Shares.

Defined terms have the meaning given to them in the Circular.

Details of the number of proxy votes cast for, against and withheld in respect of the Resolutions (each of which was held on a poll) are set out below and will also be published on the Company's website, https://kkvim.com/secured-income-fund/ .

 
                                 For       Discretion   Against   Withheld* 
   Resolution 1 (Special 
         Resolution) 
 1, That the Company 
  adopt New Articles 
  of Association 
  which include the 
  rights of the B 
  Shares, as set 
  out in Part 3 of 
  the circular to 
  Shareholders of 
  the Company dated 
  26 February 2021 
  (the "Circular"), 
  and permit the 
  Directors to capitalise 
  reserves from time 
  to time for the 
  purposes of the 
  B Share Scheme 
  (as defined in 
  the Circular).              35,493,570       0         3,412        0 
   Resolution 2 (Ordinary 
         Resolution) 
 2. That, pursuant 
  to article 192 
  of the articles 
  of association 
  of the Company, 
  the Directors be 
  authorised to capitalise 
  sums standing to 
  the credit of the 
  Company's reserves 
  and to apply such 
  sums in paying 
  up in full up to 
  43,857,133 B Shares.        35,493,570       0         3,412        0 
   Resolution 3 (Ordinary 
         Resolution) 
 3. That the Directors 
  be authorised to 
  issue up to an 
  aggregate nominal 
  amount of GBP43,857,133 
  B Shares on a pro 
  rata basis to the 
  holders of Ordinary 
  Shares by way of 
  bonus issues.               35,493,570       0         3,412        0 
   Resolution 4 (Ordinary 
         Resolution) 
 4. That the share 
  buyback contract 
  between the Company 
  and Amberton Asset 
  Management Limited 
  for the buyback 
  and cancellation 
  of Management Shares 
  (as defined in 
  the Circular) is 
  approved.                   35,493,570       0         3,412        0 
 
 

B Share Scheme

Pursuant to the authority received from shareholders at the general meeting, the Board has resolved to return GBP6,582,543.75 to Shareholders via an issue of B Shares.

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.

Alternate director appointment

The Board announces the appointment of Mrs Sarah Wylie as an alternate independent, non-executive Director for Mr David Stevenson with effect from the start of the general meeting until the conclusion of the general meeting. Mrs Wylie is a solicitor at Dickson Minto W.S., the Company's lawyers. Mrs Wylie acted as Chairperson of the meeting.

There is no other information required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules in relation to this appointment.

Enquiries:

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 
 

Notes:

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March 23, 2021 12:05 ET (16:05 GMT)