Secured Income Fund PLC Publication of a circular (1233H)
22 Novembre 2022 - 8:00AM
UK Regulatory
TIDMSSIF
RNS Number : 1233H
Secured Income Fund PLC
22 November 2022
Secured Income Fund Plc
LEI: 213800TR2S2TT6PKVH57
22 November 2022
Secured Income Fund plc
(the "Company")
Publication of a circular
Proposed Reduction of Capital
The Board of the Company announces that the Company has today
published a circular to Shareholders, including notice of a General
Meeting, (the "Circular") in connection with the proposed
cancellation of the Company's capital redemption reserve (the
"Reduction of Capital").
Background
On 17 September 2020, Shareholders approved a change to the
Company's investment objective and policy to facilitate a managed
wind-down of the Company and a realisation of its assets over time.
Since September 2020, when the Company commenced the orderly
realisation of its investment portfolio, it has realised certain of
its investments and has returned 43.25 pence per Ordinary Share to
Shareholders through a combination of dividends and a B Share
Scheme.
On 9 November 2022, the Company announced that the Board had
resolved to return GBP1,579,811 to Shareholders via a sixth return
of capital through the issue and redemption of B Shares. Following
this return of capital, the Company will have distributable
reserves remaining of approximately GBP1.2 million. This position
is likely to limit the Company's ability to return capital as
desired under its ongoing managed wind-down as distributable
reserves are required to make distributions to Shareholders.
Under the Companies Act and the Companies Order 2008, a company
may, with the sanction of a special resolution of its shareholders
and the confirmation of the Court, reduce its existing share
capital and apply the sums resulting from such reduction to, among
other things, create distributable reserves.
The Board is committed to the continued operation of the
Company's B Share Scheme and progressive return of capital as part
of the Company's managed wind-down process. Accordingly, the Board
is proposing to cancel the entirety of the amount standing to the
credit of the Company's capital redemption reserve (being
GBP19,534,250 as at 22 November 2022). Subject to confirmation by
the High Court of Justice in London (the "Court") and the Reduction
of Capital taking effect, the amount so cancelled will be credited
to the Company's distributable reserves. This will improve the
Company's distributable reserves position and will allow the
Company to continue to operate the B Share Scheme.
The Company has been advised that the sums released through the
cancellation of the Company's capital redemption reserve should be
treated as returns of capital for UK income tax purposes when paid
out as part of the Company's B Share Scheme. However, Shareholders
should take their own tax advice in the context of their own
personal circumstances.
General Meeting
The General Meeting at which the required special resolution
will be considered will be held at 3.10 p.m. on 15 December 2022 at
the offices of Elysium Fund Management Limited, 1st Floor, Royal
Chambers, St Julian's Avenue, St Peter Port, Guernsey GY1 2HH.
The Circular contains further detail on the proposed Reduction
of Capital and the notice convening the General Meeting. A copy of
the Circular will be submitted to the National Storage Mechanism
and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism . The
Circular will also be available on the Company's website
www.securedincomefundplc.co.uk .
Defined terms used in this announcement have the meanings given
in the Circular unless the context otherwise requires.
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
finnCap Ltd. tel: +44 20 7220 0500
Corporate Finance: William
Marle
Sales: Mark Whitfeld
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END
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