Result of Meeting

RNS Number : 2361T

Secured Income Fund PLC

23 March 2021

 

Secured Income Fund Plc

LEI: 213800TR2S2TT6PKVH57

23 March 2021

SECURED INCOME FUND PLC

(the "Company")

Results of General Meeting

The Board of Secured Income Fund plc announces that, at the general meeting of the Company held earlier today, all of the proposed resolutions were approved by shareholders.

As a result, the Company will establish a B Share Scheme (as defined in the circular to shareholders dated 26 February 2021 (the "Circular")) and arrange for the buyback and cancellation of the Management Shares.

Defined terms have the meaning given to them in the Circular.

Details of the number of proxy votes cast for, against and withheld in respect of the Resolutions (each of which was held on a poll) are set out below and will also be published on the Company's website, https://kkvim.com/secured-income-fund/ .

	For	Discretion	Against	Withheld*
Resolution 1 (Special Resolution)
1, That the Company adopt New Articles of Association which include the rights of the B Shares, as set out in Part 3 of the circular to Shareholders of the Company dated 26 February 2021 (the "Circular"),  and permit the Directors to capitalise reserves from time to time for the purposes of the B Share Scheme (as defined in the Circular).	35,493,570	0	3,412	0
Resolution 2 (Ordinary Resolution)
2. That, pursuant to article 192 of the articles of association of the Company, the Directors be authorised to capitalise sums standing to the credit of the Company's reserves and to apply such sums in paying up in full up to 43,857,133 B Shares.	35,493,570	0	3,412	0
Resolution 3 (Ordinary Resolution)
3. That the Directors be authorised to issue up to an aggregate nominal amount of £43,857,133 B Shares on a pro rata basis to the holders of Ordinary Shares by way of bonus issues.	35,493,570	0	3,412	0
Resolution 4 (Ordinary Resolution)
4. That the share buyback contract between the Company and Amberton Asset Management Limited for the buyback and cancellation of Management Shares (as defined in the Circular) is approved.	35,493,570	0	3,412	0

B Share Scheme

Pursuant to the authority received from shareholders at the general meeting, the Board has resolved to return £6,582,543.75 to Shareholders via an issue of B Shares.

B Shares of £1 each will be paid up from capital and issued to all Shareholders by way of a bonus issue pro-rata to their holding of Ordinary Shares on the basis of one B Share for every eight Ordinary Shares held at the Record Date of 6.00 p.m. on 23 March 2021. The B Shares will be issued on 24 March 2021 and immediately redeemed at £1 per B Share. The Redemption Date in respect of this Return of Capital is 24 March 2021. The proceeds from the redemption of the B Shares, which is equivalent to 12.5 pence per Ordinary Share, will be sent to uncertificated Shareholders through CREST or via cheque to certificated Shareholders. The capital being returned represents approximately 16 per cent. of the Company's Net Asset Value as at 31 January 2021, being the latest published Net Asset Value prior to the publication of the Circular.

Timetable

It is expected that the timetable will be as follows:

Record Date of initial Return of Capital	6.00 p.m. on 23 March 2021
Ex date in respect of initial Return of Capital	24 March 2021
Redemption Date of initial Return of Capital	24 March 2021
Payment date for CREST	31 March 2021
Dispatch of cheques in respect of certificated holders	31 March 2021

All redemption payments will be paid gross of tax.

Alternate director appointment

The Board announces the appointment of Mrs Sarah Wylie as an alternate independent, non-executive Director for Mr David Stevenson with effect from the start of the general meeting until the conclusion of the general meeting. Mrs Wylie is a solicitor at Dickson Minto W.S., the Company's lawyers. Mrs Wylie acted as Chairperson of the meeting.

There is no other information required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules in relation to this appointment.

Enquiries:

For further information please contact:

Directors David Stevenson (Chair) Susan Gaynor Coley Brett Miller	tel: [phone] tel: [phone] tel: [phone]
KKV Investment Management Ltd Catherine Halford Riera	email: [e-mail]
finnCap Ltd. Corporate Finance: William Marle / Giles Rolls Sales: Mark Whitfeld	tel: [phone]

Notes:

Neither the Company's website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

 

END

 

 

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