Review of Film Production Financing

RNS Number : 3157A

Secured Income Fund PLC

01 June 2021

 

 1 June 2021  

Secured Income Fund plc

Review of Film Production Financing 

Secured Income Fund plc (LSE: SSIF) (the "Company"), a specialist secured lending income investment trust, listed in the UK, announces that it is undertaking a review of its Film Production Financing portfolio, which had a book value for all six loans of £9,586,462 as of April 30, 2021.

The portfolio comprises six film financings and the Fund Manager, KKV, has established that the restrictions and changed operating practices resulting from the COVID pandemic are likely to have a significantly bigger detrimental impact on these assets than originally anticipated.

The review of the portfolio, is therefore expected to result in a substantial increase in provisioning against the book values of all six loans.  KKV is working proactively with the borrower to ensure the best possible outcome for shareholders.  A further announcement will be made once the review is concluded.

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	[e-mail]
finnCap Ltd. Corporate Finance: William Marle Sales: Mark Whitfeld	tel: [phone]

 

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