Funding Circle SME Income Fund Ltd Share buy-back programme (0466R)
25 Febrero 2019 - 8:48AM
UK Regulatory
TIDMFCIF
RNS Number : 0466R
Funding Circle SME Income Fund Ltd
25 February 2019
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
*****
25 February 2019
Funding Circle SME Income Fund Limited
(the "Company")
Share buy-back programme
The Board noted in the Company's half year report, published on 18 December 2018, that in
response to the Company's ordinary shares trading at a discount to NAV it had resolved to
commence ordinary share repurchases in the secondary market. The Company has to date repurchased
an aggregate of 2,637,500 ordinary shares.
While consultations with major shareholders continue, the Board has resolved to deploy a more
substantial portion of the Company's free cash flow into ordinary share repurchases on the
basis that such repurchases will be accretive to NAV. In addition, increased share repurchases
have the potential to address the share price discount. The Board intends to continue the
programme to the extent that it assesses the Company's share price to be attractive, the Company's
leverage limit is not breached and it is authorised by shareholders from time to time to do
so.
The irrevocable, non-discretionary share buy-back programme entered into on 13 February 2019
between the Company and Numis Securities Limited is no longer in effect.
CONTACTS
Richard Boleat, Chairman
+44 (0) 1534 615 656
Richard.Boleat@fcincomefund.com
Secretary and Administrator
Sanne Group (Guernsey) Limited
FundingCircle@sannegroup.com
+44 (0) 1481 739810
Media Contact
fcifpress@fundingcircle.com
Corporate Broker
Numis Securities
Nathan Brown
+44 (0) 207 260 1000
n.brown@numis.com
Investor Relations
ir@fcincomefund.com
Website
www.fcincomefund.com
The ISIN number of the Ordinary Shares is GG00BYYJCZ96, the SEDOL code is BYYJCZ9 and the
TIDM is FCIF.
The LEI number of the Company is 549300ZQIYQVNIZGOW60.
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ABOUT FUNDING CIRCLE SME INCOME FUND
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 2015 issued by the Guernsey Financial Services Commission
("GFSC").
The Company's investment objective is to provide shareholders with a sustainable and attractive
level of dividend income, primarily by way of investment in Credit Assets as defined in the
Company's Prospectus.
*****
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.
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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February 25, 2019 09:48 ET (14:48 GMT)
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