SME Loan Fund PLC (The) Company Update (5907D)
April 27 2017 - 10:15AM
UK Regulatory
TIDMSMEF
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 tel: +44 1481 810 100
Limited
elysium@elysiumfundman.com
SQN Asset Management tel: +44 1932 575 888
Limited
Neil Roberts
Jeremiah Silkowski
Cantor Fitzgerald Europe tel: +44 20 7894 8016
Sue Inglis
Buchanan Communications tel: +44 20 7466 5000
Charles Ryland/Vicky
Hayns
www.thesmeloanfund.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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