TIDMFCIF
RNS Number : 2965G
Funding Circle SME Income Fund Ltd
04 August 2016
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN
PART, IN OR INTO THE UNITED STATES OR TO US PERSONS.
Guernsey, 4 August 2016
FUNDING CIRCLE SME INCOME FUND LIMITED
Performance Update
The Board notes recent market commentary on Funding Circle loan
performance and reiterates guidance that the Company's portfolio of
Credit Assets, randomly allocated to it through each of the Funding
Circle marketplaces, continues to perform in line with
expectations.
The Company's US Credit Assets are projected to return in excess
of 8% per annum on a net unlevered basis - consistent with historic
performance observed on the Funding Circle US marketplace.
The Company's UK Credit Assets are projected to return in excess
of 7% per annum on a net unlevered basis - consistent with historic
performance observed on the Funding Circle UK marketplace.
The Company is on track to deliver its dividend target of 6-7
pence per share per annum and total NAV return target of 8-9% per
annum once fully deployed and levered.
The Company is committed to maximising sustainable shareholder
returns. The Company does not charge a management or performance
fee and operates with conservative leverage compared to its peers,
differentiating it from multi-platform funds with higher fee loads
and levels of gearing. These funds require substantially higher
levels of returns from assets to deliver the same level of dividend
yield as the Company targets.
CONTACTS
Richard Boleat, Chairman
+44 (0) 1534 615 656
Richard.Boleat@fcincomefund.com
Secretary and Administrator
Sanne Group (Guernsey) Limited
+44 (0) 1481 739810
FundingCircle@sannegroup.com
Media Contact
Natasha Jones
+44 (0) 20 3667 2211
natasha.jones@fundingcircle.com
Corporate Brokers
Goldman Sachs International
Daniel Martin
Chris Emmerson
+44 (0) 20 7774 1000
daniel.martin@gs.com
chris.emmerson@gs.com
Numis Securities
Nathan Brown
+44 (0) 20 7260 1000
n.brown@numis.com
Website www.fcincomefund.com
ABOUT FUNDING CIRCLE SME INCOME FUND
The Company is a registered closed-ended collective investment
scheme registered pursuant to the Protection of Investors
(Bailiwick of Guernsey) Law, 1987, as amended and the Registered
Collective Investment Scheme Rules 2015 issued by the Guernsey
Financial Services Commission ("GFSC").
The Company's investment objective is to provide shareholders
with a sustainable and attractive level of dividend income,
primarily by way of investment in Credit Assets as defined in the
Company's Prospectus.
*****
IMPORTANT NOTICES
This announcement contains "forward-looking" statements, beliefs
or opinions. These forward-looking statements involve known and
unknown risks and uncertainties, many of which are beyond the
control of the Company and all of which are based on its directors'
current beliefs and expectations about future events.
Forward-looking statements are sometimes identified by the use of
forward-looking terminology such as "believes", "expects", "may",
"will", "could", "should", "shall", "risk", "intends", "estimates",
"aims", "plans", "predicts", "projects", "continues", "assumes",
"positioned" or "anticipates" or the negative thereof, other
variations thereon or comparable terminology, or by discussions of
strategy, plans, objectives, goals, future events, assumptions or
intentions. These forward-looking statements include all matters
that are not historical facts. Forward-looking statements may and
often do differ materially from actual results. They appear in a
number of places throughout this announcement and include
statements regarding the intentions, beliefs or current
expectations of the Board or the Company with respect to future
events and are subject to risks relating to future events and other
risks, uncertainties and assumptions relating to the Company's
business concerning, amongst other things, the financial
performance, liquidity, prospects, growth and strategies of the
Company. These forward-looking statements and other statements
contained in this announcement regarding matters that are not
historical facts involve predictions. No assurance can be given
that such future results will be achieved; actual events or results
may differ materially as a result of risks and uncertainties facing
the Company. Such risks and uncertainties could cause actual
results to vary materially from the future results indicated,
expressed or implied in such forward-looking statements. The
forward-looking statements contained in this announcement speak
only as of the date of this announcement. Nothing in this
announcement is, or should be relied on as, a promise or
representation as to the future. The Company disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this
announcement to reflect any change in its expectations or any
change in events, conditions or circumstances on which such
statements are based unless required to do so by applicable law,
the Prospectus Rules, the Listing Rules or the Disclosure Rules and
Transparency Rules of the FCA. No statement in this announcement is
intended as a forecast or profit estimate.
Neither this announcement nor any copy of it may be made or
transmitted into the United States of America (including its
territories or possessions, any state of the United States of
America and the District of Columbia) (the "United States"), or
distributed, directly or indirectly, in the United States or to US
Persons (as such term is defined in Regulation S under the US
Securities Act of 1933, as amended (the "Securities Act"). Neither
this announcement nor any copy of it may be taken or transmitted
directly or indirectly into Australia, Canada, Japan or South
Africa or to any persons in any of those jurisdictions, except in
compliance with applicable securities laws. Any failure to comply
with this restriction may constitute a violation of United States,
Australian, Canadian, Japanese or South African securities laws.
The distribution of this announcement in other jurisdictions may be
restricted by law and persons into whose possession this
announcement comes should inform themselves about, and observe, any
such restrictions. This announcement does not constitute or form
part of any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for securities
in the United States, Australia, Canada, Japan or South Africa or
in any jurisdiction to whom or in which such offer or solicitation
is unlawful.
*****
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBDGDIUBGBGLS
(END) Dow Jones Newswires
August 04, 2016 08:17 ET (12:17 GMT)
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