TIDMPBLT

RNS Number : 4910K

TOC Property Backed Lendng Tst PLC

22 April 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 22 April 2020

TOC PROPERTY BACKED LENDING TRUST PLC

(the "Company")

Delay in Payment of February Dividend

Further to the announcement issued on 31 March 2020, the Company's Board and Investment Adviser, Tier One Capital Ltd. (Tier One), have continued to monitor the cash flow forecasts for the Company for the coming weeks and months, as the COVID-19 situation has developed and evolved.

While the Company has sufficient cash reserves to meet all current commitments, the Board and Tier One are keen to ensure that the capital commitments to borrowers are maintained in order to maximise the potential from these investments. The ability of borrowers to meet their interest payment and capital repayment obligations continues to be actively monitored; however, it remains necessary to assume that certain borrowers may not be able to fully meet their obligations over the near term given the current trading environment.

The Company and Tier One have therefore concluded that it is prudent for the Company to delay payment of the dividend of 1.5p per share declared on 28 February 2020 and due for payment on 4 May 2020 until 1 June 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 (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.

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