KKV Secured Loan Fund Limited Buy-back of Investment & NAV positive impact (5033P)
18 Febrero 2021 - 01:00AM
UK Regulatory
TIDMKKVL
RNS Number : 5033P
KKV Secured Loan Fund Limited
18 February 2021
18 February 2021
KKV Secured Loan Fund Limited
LEI: 2138007S3YRY3IUU4W39
Buy-back of Investment and subsequent NAV positive impact
The Board of KKV Secured Loan Fund Limited (the "Company" or
"KKVL"), an investment trust specialising in lending to the SME
sector, is pleased to announce that it has received net proceeds of
$24.3 million from the refinancing of two existing investments in a
US based reinsurance company, referred to as Borrowers 7 and 9 in
the Annual Report and Accounts for the year ended 30(th) June 2020,
published on 27(th) January 2021 ("2020 Annual Report"). The two
investments were held by the Ordinary Share Class only. As stated
in the Portfolio Manager's Report, the Company's Portfolio Manager
has been engaging actively with the borrower for some months to
encourage them to repurchase their debt. We are pleased to be able
to conclude this complex transaction to the benefit of
Shareholders.
The net proceeds of $24.3 million represent a repayment of 60%
per cent of the principal outstanding and the Portfolio Manager
expects this to contribute approximately 4.91p towards the NAV per
Ordinary Share based off the last published NAV of 36.19p as at
30(th) June 2020. The settlement of this loan will also provide an
opportunity for repayment of the inter-share class loan between the
Ordinary Share class and C Share class and commencement of cash
repayments sooner than anticipated from the Ordinary Share
portfolio.
A meeting of the board of directors is scheduled to take place
next week where consideration will be given to determining an
amount of capital to be returned to both the Ordinary Share Class
and the C Share Class. A further announcement will be made after
the board meeting.
Further details of the two investments may be found in the 2020
Annual Report.
This announcement is released by KKV Secured Loan Fund Limited
and contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed
in accordance with the Company's obligations under Article 17 of
MAR.
For further information please contact:
KKV Secured Loan Fund Limited, Brett Miller via the Company
Secretary
KKV Investment Management, Catherine Halford Investor.communications@kkvim.com
BNP Paribas Securities Services S.C.A., Guernsey Branch Company Secretary 01481 750 853
Winterflood Securities Limited, Neil Langford 020 3100 0000
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, the person responsible for releasing
this announcement is Sharon Williams, Company Secretary.
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