TOC Property Backed Lendng Tst PLC Annual Financial Report (1899I)
31 Marzo 2020 - 10:09AM
UK Regulatory
TIDMPBLT
RNS Number : 1899I
TOC Property Backed Lendng Tst PLC
31 March 2020
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO
DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL APPLICABLE SECURITIES
LAWS OR REGULATIONS.
For release on 31 March 2020
TOC PROPERTY BACKED LENDING TRUST PLC
(the "Company")
Delay in Payment of February Dividend and Extension of Reporting
Deadline
While uncertainty prevails, in the context of the COVID-19
crisis, and notably its possible effects on the housebuilding
sector, the Company's board and Investment Adviser, Tier One
Capital Ltd. (Tier One), have carefully discussed cash flow
forecasts for the Company for the coming weeks and months. The
impact of the crisis on the liquidity positions of the Company's
borrowers and their ability to meet interest obligations on a
timely basis, or on the timings of debt repayments, remains far
from certain.
Although the Company has sufficient cash reserves to meet all
current commitments, it has been judged necessary to assume certain
borrowers may not be able to meet interest obligations when due
over the near term, as sales of their development assets are likely
to be significantly curtailed over the coming months.
The Company and Tier One have therefore concluded that it is
prudent for the Company to postpone payment of the dividend of 1.5p
per share declared on 28 February 2020 and due for payment on 3
April 2020 until 4 May 2020.
In addition, and further to the Financial Conduct Authority's
(FCA) policy statement issued on 26 March 2020, pursuant to which
the financial reporting deadline for listed companies has been
extended by two months, the Company announces that it intends to
report its financial results for the year ended 30 November 2019 in
accordance with this extended timetable, and that they will be
published by 31 May 2020.
For further information regarding the Company (Ticker: PBLT)
(LEI: 213800EXPWANYN3NEV68) please call:
Tier One Capital Ltd (Investment Adviser) +44 (0) 191 222
Ian McElroy/Brendan O'Grady 0099
finnCap Ltd (Sponsor, Broker and Financial
Adviser) +44 (0) 207 220
William Marle / Giles Rolls 0500
Maitland Administration Services (Scotland) +44 (0) 1245 398
Limited (Secretary) 984
Notes to Editors:
TOC Property Backed Lending Trust PLC is a closed-end investment
company. Its investment objective is to provide shareholders with a
consistent and stable income and the potential for an attractive
total return over the medium to long term while managing downside
risk through: (i) a diversified portfolio of fixed rate loans
predominantly secured over land and/or property in the UK; and (ii)
in many cases, receiving the benefit of an associated profit share
usually obtained by acquiring (at nil cost) a minority equity stake
in the relevant borrower project development vehicle.
Tier One Capital is a Newcastle upon Tyne headquartered wealth
management company and the appointed investment adviser to the TOC
Property Backed Lending Trust PLC. Tier One Capital has offices in
Newcastle, London and Switzerland, and specialises in providing
wealth management advice to high net worth individuals, corporates
and charities.
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.
END
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