NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK MARKET ABUSE REGULATION.
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6 March 2023
SME Credit Realisation Fund Limited
(the "Company")
PUBLICATION AND POSTING OF CIRCULAR
AND
TIMETABLE FOR SUSPENSION AND CANCELLATION OF THE COMPANY'S LISTING AND TRADING AND VOLUNTARY WINDING-UP OF THE COMPANY
Further to the announcement made on 18 January 2023, the Company announces the publication of a circular (the "Circular") and notice of extraordinary general meeting (the "EGM"), which has been posted to Shareholders for the purpose of proposing a vote on the liquidation of the Company (the "Proposals"). The detailed reasons for and background to the Proposals are set out in the Circular. The Circular also contains details of the timetable for the suspension and cancellation of the Company's listing and trading of the Shares on the Main Market. In order for the Proposals to become effective Resolution 1 must be approved by a majority of not less than seventy-five per cent. of the votes cast by Shareholders who, being entitled to vote, are present in person or by proxy at the Extraordinary General Meeting while Resolutions 2 to 5 must be approved by a simple majority of votes cast by Shareholders who, being entitled to vote, are present in person or by proxy at the Extraordinary General Meeting.
The Circular will be available to download from the Company website (https://www.smecreditrealisation.com/) and National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) shortly.
The current timetable for the Proposals are as follows:
Record date for participation and voting at the Extraordinary General Meeting | 11 a.m. on 22 March 2023 |
Latest time and date for receipt of Form of Proxy for the Extraordinary General Meeting* | 11 a.m. on 22 March 2023 |
Closing of the Company's register and record date for participation in liquidation distributions | 6.30 p.m. on 23 March 2023 |
Suspension of listing and trading of the Shares | 7.30 a.m. on 24 March 2023 |
Extraordinary General Meeting | 11 a.m. on 24 March 2023 |
Joint Liquidators appointed | 24 March 2023 |
Announcement of results of the Extraordinary General Meeting | 24 March 2023 |
Cancellation of listing and trading of the Shares on the Main Market | 8 a.m. on 27 March 2023 |
Each of the times and dates in the expected timetable of events may be extended or brought forward without notice. If any of the above times and/or dates change materially, the revised time(s) and/or date(s) will be notified to Shareholders by an announcement through an RIS provider. All references are to London time unless otherwise stated.
The Company's shares will be suspended from trading at 7:30 a.m. on 24 March 2023 in advance of the EGM. Conditional on the approval of Shareholders at the EGM, the Board proposes to appoint Andrea Frances Alice Harris and Benjamin Alexander Rhodes of Grant Thornton as Joint Liquidators of the Company (the "Joint Liquidators").
Immediately upon and with effect from the appointment of the Joint Liquidators at the GM, the powers of the Board will cease, the Joint Liquidators will wind up the affairs of the Company, and listing of the Ordinary Shares on the Official List and admission to trading of the Ordinary Shares on the Main Market will be cancelled with effect from 8.00 a.m. on 27 March 2023 following which the Company's shares will no longer be tradeable.
CONTACTS
Frédéric Hervouet, Chairman
+44 (0)77 81 159 007
fred_hervouet@hotmail.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 GG00BKQN9M74, the SEDOL code is BKQN9M7 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, 2020, as amended and the Registered Collective Investment Scheme Rules and Guidance, 2021 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.
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.
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