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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sqn Asset Finance Income Fund Limited | LSE:SQN | London | Ordinary Share | GG00BN56JF17 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.50 | 25.50 | 28.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMKKVL
RNS Number : 9873Z
KKV Secured Loan Fund Limited
24 September 2020
24 September 2020
KKV Secured Loan Fund Limited
LEI: 2138007S3YRY3IUU4W39
Proposed Managed Wind-Down of the Company
The Board of KKV Secured Loan Fund Limited (the "Company") today announces the intention to put forward proposals for a managed wind-down of the Company, both the Ordinary Share class and the C Share class.
At the Extraordinary General Meeting ("EGM") of the Company on 16 July 2020, shareholders voted for the continuation of the Ordinary Share class and against the continuation of the C Share class, following which proposals were to be put forward for the managed wind-down of the C Share class only, with a further continuation vote to be held in respect of the Ordinary Share class in 2021.
While ordinary shareholders as a whole supported continuation of the Ordinary Share class, a substantial proportion of the ordinary shareholders voted against continuation. In addition, since the EGM, KKV Investment Management Limited (the "Portfolio Manager") has raised concerns over the valuation of certain assets held within the Company's portfolios, as announced on 6 August 2020. These two factors are likely to continue to impact the rating of the Ordinary Shares for an extended period of time. In light of this and continuing feedback from several major shareholders, both the Board and the Portfolio Manager are of the view that shareholder value is best maximised by placing the Ordinary Share class into managed wind-down alongside the C Share class.
The Board intends to publish a circular within the coming weeks proposing a new investment policy for a managed and orderly wind-down of both share classes and amendments to the Articles of Association. If approved by shareholders, the Board will then endeavour to realise all of the investments in a manner that achieves a balance between maximising the value received from investments and making timely returns of capital to shareholders.
The Board will continue to treat the Ordinary Share class and the C Share class as separate pools of capital during the managed wind-down of the Company and there will not be a combination of the two share classes.
The Company recently announced the appointment of Brett Miller to the Board and, in line with previous announcements on Board succession, Chris Spencer will be standing down from the Board at the forthcoming AGM. Further consideration will be given to the ongoing Board size, structure and composition as the Company enters into managed wind-down, while ensuring it retains the necessary balance of skills, expertise and diversity.
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 Investment Management Ltd Catherine Halford Riera Nicola Bird 020 7429 2200 Buchanan Charles Ryland Henry Wilson 020 7466 5000 BNP Paribas Securities Services S.C.A., Guernsey Branch Company Secretary 01481 750 853 Winterflood Securities Limited Neil Langford Chris Mills 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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(END) Dow Jones Newswires
September 24, 2020 02:00 ET (06:00 GMT)
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