TIDMSUPP

RNS Number : 8174V

Schroder UK Public Private Tst plc

16 December 2021

Schroder UK Public Private Trust plc

Update on Rutherford Health plc

The Company (LSE: SUPP) announces that its portfolio company Rutherford Health plc ("Rutherford"), an operator of cancer treatment centres in the UK, has received commitments for new funding in the amount of GBP10 million. The Company and other shareholders have together committed to provide a bridge loan in the amount of GBP8 million (the "Loan"). In addition, LF Equity Income Fund has committed to provide a convertible loan facility of GBP2 million.

The Company has committed a total of GBP3 million to the Loan which will accrue interest at the rate of 15% p.a. The Loan will be provided in two tranches of 50% each. The first tranche will be drawn immediately and the second tranche can be drawn down by Rutherford at any time in the next six months subject to certain conditions. As a next step, Rutherford intends to source additional long-term funding to strengthen the business as it grows revenues in its existing facilities.

The Loan is provided in the context of a wider reorganisation of Rutherford whereby Mark Jackson has been appointed as the new Non-executive Chairman of Rutherford with effect from 7 December 2021. Mark worked for many years as a GP practice lead before founding and growing his own successful company. He has also served on the Boards of a number of well-known companies in the health and care sectors, including several years as the Chairman of Exemplar Health Care, Deputy Chairman of Allied Healthcare, as well as Non-Executive Director at UME Group.

In addition, Mike Moran stepped down as Chief Executive Officer ("CEO") with effect from 9 December 2021. The intention is for a new CEO with significant operational experience in the UK Healthcare Services industry to be appointed in early 2022. An experienced interim, Sean Sullivan, has been appointed as a Chief Restructuring Officer to bridge the intervening period. Also in the interim, Rutherford intends to appoint a strategic advisory firm to support its development of a growth orientated business plan going forward.

The Company's stake in Rutherford was valued at GBP33.9m as at 30 September 2021. The impact of these developments will be considered by the Company's AIFM in relation to the NAV calculation as of 31 December 2021.

Enquiries:

Schroder Investment Management Limited

 
 Estelle Bibby (Press)    0207 658 3431 
 John Spedding            0207 658 3206

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December 16, 2021 02:29 ET (07:29 GMT)

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