Sure Ventures PLC Investment Approach And Loan Facility (8526L)
24 April 2018 - 4:00PM
UK Regulatory
TIDMSURE
RNS Number : 8526L
Sure Ventures PLC
24 April 2018
SURE VENTURES PLC / ISIN: GB00BYWYZ460 / Ticker: SURE / Market:
SFS / Sector: Investment
24 April 2018
SURE VENTURES PLC
INFORMATION ON INVESTMENT APPROACH AND LOAN FACILITY
Sure Ventures plc (the "Company") announces further information
on its investment approach and its entry into a loan facility.
As contemplated in the prospectus published by the Company on 17
November 2017, the Company has made a GBP5 million commitment to
invest in the Suir Valley Venture Fund (the "Fund"), a sub-fund of
Suir Valley Funds ICAV. It is expected that the Company's
commitment to the Fund will be drawn down from time to time over a
period of up to four years, dependent on the investment activity of
the Fund. The Fund is managed by Shard Capital AIFM LLP ("SCAIFM")
which is also the Company's manager.
Prior to the full drawdown of the Company's commitment to the
Fund, the cash held by the Company will be utilised in accordance
with the Company's stated investment policy and cash management
policy. The directors, on advice from SCAIFM, consider that it is
in the interests of shareholders for the cash held by the Company
in respect of its commitment to the Fund to potentially be
available for investment in suitable investment opportunities
pending draw down by the Fund.
As stated in the Company's investment policy, the Company will
seek to satisfy capital calls on its commitment to the Fund and
other investee entities through a combination of reserves,
realisation proceeds, borrowings and, potentially, further issues
of equity.
In that regard, the Company has entered into a loan facility
agreement with Shard Merchant Capital Limited, an associate of
SCAIFM, which makes available to the Company a facility of up to
GBP1 million (the "Loan Facility"). The Loan Facility may be drawn
at any time for the purpose of satisfying capital calls or for
other working capital purposes. Amounts borrowed under the Loan
Facility are subject to interest charged at a rate of 3 per cent
per annum and are repayable within four years of drawdown or (if
earlier) on the fifth anniversary of the date of the loan facility
agreement. The Loan Facility will only be utilised in accordance
with the Company's stated borrowing policy.
For further information, please visit www.sureventuresplc.com or
contact:
+44 (0) 20 7186
Gareth Burchell Sure Ventures plc 9918
Isabel de Salis / St Brides Partners (Financial +44 (0) 20 7236
Priit Piip PR) 1177
This information is provided by RNS
The company news service from the London Stock Exchange
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