TOC Property Backed Lendng Tst PLC Delay in Payment of February Dividend (4910K)
22 Abril 2020 - 3:53AM
UK Regulatory
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.
END
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