SLF Realisation Fund Limited Net Asset Value(s) (3937W)

TIDMSLFR

RNS Number : 3937W

SLF Realisation Fund Limited

22 December 2021

SLF Realisation Fund Limited

Quarterly Net Asset Value Updates

SLF Realisation Fund Limited (the "Company") announces the following NAV and trading updates. The borrower numbers are by reference to the Company's Annual Report and Accounts for the year to 30 June 2021.

Ordinary Shares:

As at 30 September 2021, the unaudited estimated NAV was GBP72.32m or 20.32 pence per Ordinary Share. This compares to GBP93.24m or 26.19 pence per Ordinary Share from the June 2021 audited NAV.

The total return per Ordinary Share during the period from 30 June 2021 to 30 September 2021 was therefore 0.5 per cent (after taking into account capital returns during the period). A total of GBP21.36m has been returned to Ordinary Shareholders during the period, reflecting 6 pence per Ordinary Share.

Since 30 September 2021 there have been the following notable developments:

Borrower 20: A wholesale lending position, has not refinanced prior to its maturity date, and it is not anticipated that it will repay in full in the near term. The interest on the position continues to be paid in full by the borrower. The Company expects the principal to be repaid over time as underlying loans mature and are repaid, however, the timing of such repayments remains uncertain. The Company has security over the underlying loan pool, however, the amount that will ultimately be recovered by the Company may be impacted by the performance of the loan book. The Company has downgraded the internal rating of this position, however, this will not impact the carrying value under the Company's Fair Value Methodology, as the holding is currently held at a discount to book value. The position as of 30 September 2021 represented 2.8% of the Ordinary Share NAV.

Borrower 6: A French glass manufacturer has suffered from increasing energy costs and issues related to a key operations project. The borrower has requested an extension to the payment profile and a restructure is under negotiation. Subject to the outcome of the restructuring, consideration will be given to the impact, if any, on the Fair Value of the position. The position as of 30 September 2021 represented 25.1% of the Ordinary Share NAV.

C Shares:

As at 30 September 2021, the unaudited estimated NAV was GBP44.39m or 31.95 pence per C Share. This compares to GBP82.95m or 59.71 pence per C Share from the June 2021 audited NAV.

The total return per C Share during the period from 30 June 2021 to 30 September 2021 was therefore 0.4 per cent (after taking into account capital returns during the period). A total of GBP38.90m has been returned to C Shareholders during the period, reflecting 28 pence per C Share.

Since 30 September 2021 there have been the following notable developments:

Borrower 44: A wholesale lending position, has not refinanced prior to its maturity date, and it is not anticipated that it will repay in full in the near term. The interest on the position continues to be paid in full by the borrower. The Company expects the principal to be repaid over time as underlying loans mature and are repaid, however, the timing of such repayments remains uncertain. The Company has security over the underlying loan pool, however, the amount that will ultimately be recovered by the Company may be impacted by the performance of the loan book. The Company has downgraded the internal rating of this position, however, this will not impact the carrying value under the Company's Fair Value Methodology, as the holding is currently held at a discount to book value. The position as of 30 September 2021 represented 9.5% of the C Share NAV.

For further information please contact:

 
SLF Realisation Fund Limited 
 Brett Miller                               via the Company Secretary 
KKV Investment Management Ltd 
 Investor Relations                         020 7429 2200 
BNP Paribas Securities Services S.C.A., 
 Guernsey Branch 
 Company Secretary                          01481 750853 
Winterflood Securities Limited 
 Neil Langford 
 Chris Mills                                020 3100 0000

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December 22, 2021 02:00 ET (07:00 GMT)

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