TOC Property Backed Lendng Tst PLC Company Update (0350F)
October 24 2018 - 5:26AM
UK Regulatory
TIDMPBLT
RNS Number : 0350F
TOC Property Backed Lendng Tst PLC
24 October 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA
OR THE UNITED STATES OF AMERICA OR TO US PERSONS, OR TO ANY OTHER
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
For release on 24 October 2018
TOC Property Backed Lending Trust PLC
(the "Company" or "PBLT")
Company Update
Quarterly Net Asset Value 31 August 2018
The Company announces that its unaudited Net Asset Value ("NAV")
per share as at 31 August 2018 on a cum-income basis was 96.63
pence (this represents a decrease of 0.96% on the net asset value
as at 31 May 2018).
Gearing Facility
The Company announced with its interim results on 31 August 2018
that it intended to borrow at conservative levels up to 30% of net
assets.
It is now pleased to announce that an GBP8.5 million committed
revolving facility with Shawbrook Bank Limited has been put in
place. The facility has a one year term.
The Company's investment pipeline remains strong, and the
Company expects to start drawing the facility down before the end
of October 2018.
Investments
The Company also announced with its interim results that it was
considering whether to extend the term of three related party loans
and, in one case, to increase the size of the loan. Discussions
with the Investment Adviser are continuing concerning these three
loan facilities and a further announcement will be made once they
have concluded.
For further information regarding TOC Property Backed Lending
Trust PLC (LEI: 213800EXPWANYN3NEV68) please call:
TOC Property Backed Lending Trust PLC
Ian McElroy +44 (0) 191 222 0099
Tier One Capital Ltd (Investment Adviser)
Brendan O'Grady +44 (0) 191 222 0099
Maitland Administration Services (Scotland)
Limited (Secretary)
Martin Cassels +44 (0) 131 550 3760
finnCap Ltd (Sponsor, Broker and Financial
Adviser)
William Marle / Giles Rolls / Max Bullen-Smith +44 (0) 207 220 0500
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.
The Company's investment adviser is Tier One Capital Limited
("Tier One" or the "Investment Adviser"). Tier One has developed a
direct lending offering that provides an opportunity which sits
between conventional lending and the emerging peer-to-peer platform
market. Tier One uses its direct lending and credit expertise to
source funds for borrowers, broker facility agreements and then
offer continued support and guidance to borrowers through the
lifespan of their loan.
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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