NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OR TO US PERSONS
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014.
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20 October 2021
SME Credit Realisation Fund Limited
(the "Company")
PUBLICATION OF NAV AND RETURN OF CAPITAL
Net Asset Value ("NAV")
At 30 September 2021, the NAV attributable to the shares of SME Credit Realisation Fund Limited was £79.94 million (30 June 2021: £98.71 million). The NAV per Share as at 30 September 2021 was 93.27 pence (30 June 2021: 93.59 pence).
The total NAV return for the period 1 July 2021 to 30 September 2021 was 1.06%.
The Company has published its quarterly factsheet to the end of September 2021, 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.
Return of capital
The Company intends to continue returning surplus cash to shareholders on a quarterly basis; that is broadly speaking loan principal and interest receipts, less operating expenses, less any FX margin reserve maintenance requirements.
Dividend declaration
The Company announces that it has declared a quarterly dividend of 1.3125 pence per share payable in November 2021. The ex-dividend date is 28 October 2021 with a record date of 29 October 2021 and a payment date of 26 November 2021.
Compulsory share redemption
The Company will return approximately £15.1 million to shareholders by way of a compulsory partial redemption of shares (the "Redemption") at 93.27 pence per share, being the NAV per share as at 30 September 2021, with payment on 05 November 2021 (the "Redemption Date"). On this basis, approximately 18.9% of each registered shareholding will be redeemed on 27 October 2021 (the "Redemption Record Date").
As at today's date, the Company has 85,704,389 shares in issue. The Company holds no shares 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 Redemption Record 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 Record Date and the existing ISIN number GG00BN94L554 (the "Old ISIN") will expire.
The new ISIN number GG00BL64G593 (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 business day, 28 October 2021. The November 2021 dividend payment will be payable after the Redemption Record Date to shareholders of the remaining shares with the new ISIN number.
Up to and including the Redemption Record 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 Record Date into the New ISIN.
Return of capital timetable
| Redemption Record Date and expiry of old ISIN | 27 October 2021 |
| New ISIN enabled | 28 October 2021 |
| Ex-dividend date | 28 October 2021 |
| Dividend record date | 29 October 2021 |
| Redemption monies paid (expected) to uncertificated holdings and certificated holdings | 05 November 2021 |
| Dividend payment date | 26 November 2021 |
CONTACTS
Richard Boleat, Chairman
+44 (0) 1534 615 656
Richard.Boleat@smecreditrealisation.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
Investor Relations
Website
The ISIN number of the Ordinary Shares is GG00BN94L554, the SEDOL code is BN94L55 and the TIDM is SCRF.
The LEI number of the Company is 549300ZQIYQVNIZGOW60.
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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 2018 issued by the Guernsey Financial Services Commission (''GFSC'').
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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.
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