Company Update

RNS Number : 5907D

SME Loan Fund PLC (The)

27 April 2017

 

27 April 2017

The SME Loan Fund plc (the "Company")

Confirmation of Changes to Investment Objective and Policy, Dividend Policy and Name

Following the passing of all resolutions at the general meeting of The SME Loan Fund plc (LSE: SMEF) held earlier today, the Company confirms the following changes:

Investment Objective and Policy

The investment objective of the Company, a UK investment trust, is now to provide shareholders with attractive risk-adjusted returns, principally in the form of regular, sustainable dividends, through investment predominantly in a range of secured loans and other secured loan-based instruments originated through a variety of channels and diversified by way of asset class, geography and duration.  The consequential changes to the Company's investment policy, which are also now effective, were set out in full in the Company's circular to shareholders dated 5 April 2017, a copy of which is available on the Company's website.

Dividend Policy

As previously announced on 21 February 2017, having regard to the anticipated returns from the Company's portfolio whilst it is realigned in accordance with its refined investment objective and policy, the Directors are rebasing the Company's annual target dividend to 6.25p per share with effect from May 2017, and anticipate increasing this target to at least 7.0p per share with effect from July 2018.  Accordingly, with effect from May 2017, the Directors anticipate declaring a monthly dividend of 0.525p per share.

With regard to the dividend of 0.676p per share announced on 25 April 2017 (RNS number: 3116D) and payable on 26 May 2017 to shareholders on the register at the close of business on 5 May 2017, the Company confirms that this dividend is in relation to the financial period ended 30 June 2016, rather than for the financial year ending 30 June 2017. The distribution of its taxable profit within one year of the financial period ended 30 June 2016 minimises the Company's tax liability.  No further dividend will be declared in April 2017 or paid in May 2017.

Name, Ticker and Website

The change of the Company's name, reflecting its refined investment objective, to SQN Secured Income Fund plc will be effective from 28 April 2017 and the ticker for the shares will be changed to SSIF with effect from 2 May 2017.  The Company's website will remain www.thesmeloanfund.com until further notice.

Enquiries to:
Elysium Fund Management Limited [e-mail]	tel: [phone]
SQN Asset Management Limited Neil Roberts Jeremiah Silkowski	tel: [phone]
Cantor Fitzgerald Europe Sue Inglis Buchanan Communications Charles Ryland/Vicky Hayns	tel: [phone] tel: [phone]
www.thesmeloanfund.com

 

END

 

 

UPDLLFEVSTIDFID