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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







21 October 2019

SME Credit Realisation Fund Limited

(the "Company")


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


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.




Richard Boleat, Chairman

+44 (0) 1534 615 656  


Secretary and Administrator

Sanne Group (Guernsey) Limited 

+44 (0) 1481 739810


Corporate Broker

Numis Securities

Nathan Brown

+44 (0) 207 260 1000 


Investor Relations




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''). 




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.



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Q3 NAV and return of capital - RNS