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SME Credit Real Ltd   -  SCRF   

Q3 NAV and return of capital

Released 07:00 21-Oct-2019

RNS Number : 4576Q
SME Credit Realisation Fund Limited
21 October 2019
 

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

 

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

 

 

******

21 October 2019

SME Credit Realisation Fund Limited

(the "Company")

PUBLICATION OF NAV, DIVIDEND DECLARATION AND RETURN OF CAPITAL

Net Asset Value ("NAV")

At 30th September 2019, the NAV attributable to the Ordinary Shares of SME Credit Realisation Fund Limited was £281.99m (30th June 2019: £293.77m). The NAV per Share as at 30th September 2019 was 94.80 pence (30th June 2019: 95.37 pence).

The NAV total return for the period 1 July to 30 September 2019 was +0.78%.

The Company has published its quarterly factsheet to the end of September 2019, 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.

 

Dividend declaration

The Company announces that it has declared a quarterly dividend of 1.3125 pence per share payable in November 2019. The ex-dividend date is 7 November 2019 with a record date of 8 November 2019 and a payment date of 22 November 2019.

 

Return of capital

As detailed in the Company's shareholder Circular dated 21 May 2019 and in accordance with the resolutions passed on 11 June 2019 to effect an orderly wind-down of the Company, the Company today announces the inaugural compulsory partial redemption of its Shares. The Company will return approximately £16m to shareholders by way of a compulsory partial redemption of Shares (the "First Redemption") at 94.80 pence per share, being the NAV per Ordinary Share as at 30 September 2019, with payment on 27 November 2019 (the "Redemption Date"). On this basis, approximately 5.7 per cent. of each registered shareholding will be redeemed on the Redemption Date.

As at today's date, the Company has 294,357,543 Ordinary Shares in issue of which 3,692,000 are held 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 relevant Redemption 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 Date and the existing ISIN number GG00BYYJCZ96 (the "Old ISIN") will expire.

 

The new ISIN number GG00BKTRF288 (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 day, 6 November 2019. The November dividend payment will be payable after the Redemption Date to shareholders of the remaining Shares with the new ISIN number.

 

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

 

In accordance with the orderly wind-down of the Company, capital will continue to be returned to shareholders by way of dividends, share redemptions and / or buybacks. As the portfolio naturally amortises, the principal and interest collection amounts will steadily reduce, in turn reducing the amount of capital available for return to shareholders on an ongoing basis. The Company will continue to appraise the mix of return of capital by these mechanisms, but expects to steadily reduce the capital returned by buybacks now the quarterly redemption process is underway. Shareholders should note that the Board retains absolute discretion as to the execution, pricing and timing of any returns of capital.

 

Expected timetable:

 

Redemption Record Date and expiry of old ISIN

5 November 2019

New ISIN enabled

6 November 2019

Dividend ex-dividend date

7 November 2019

Dividend record date

8 November 2019

Dividend payment date

22 November 2019

Redemption monies paid (expected) uncertificated holdings and                         

certificated holdings:

27 November 2019

 

Auction process

The Company will shortly commence an auction process which may result in the sale of a portion or substantially all of the SME loans held by the Company. The auction process is expected to run over the next few months and the Company will continue to keep the market updated as appropriate.

 

 

CONTACTS

Richard Boleat, Chairman

+44 (0) 1534 615 656

Richard.Boleat@smecreditrealisation.com  

 

Secretary and Administrator

Sanne Group (Guernsey) Limited

smecreditrealisation@sannegroup.com 

+44 (0) 1481 739810

   

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 Shares is GG00BYYJCZ96, the SEDOL code is BYYJCZ9 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 2015 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 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.


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.
 
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Q3 NAV and return of capital - RNS