KKV Secured Loan Fund Limited Notice of AGM (9595Q)
01 Novembro 2021 - 1:45PM
UK Regulatory
TIDMKKVL
RNS Number : 9595Q
KKV Secured Loan Fund Limited
01 November 2021
1 November 2021
KKV Secured Loan Fund Limited
("the Company")
LEI: 2138007S3YRY3IUU4W39
Notices of Annual General Meeting ("AGM") and Class Meetings
The Company announces that it has today posted to shareholders
the Notices convening the Company's AGM and separate Ordinary and C
Share Class Meetings.
The AGM Notice contains details of proposed bonus payments and
an incentive plan.
In light of the events during the last 12 months, the Board have
been required to devote considerably more time to the affairs of
the Company than would otherwise be expected of a board comprising
a majority of non-executive directors. To recognise their efforts,
the Board proposes that Shareholders approve a one-off cash bonus
of GBP 280,000 to the Directors, payable in such proportions as the
Directors determine ("Bonus Payment").
The Company's investment management agreement with KKV
Investment Management Ltd ("Portfolio Manager") and International
Fund Management Limited ("IMA") terminates with effect from 31
December 2021. Following termination of the IMA, it is expected
that a number of the employees of the Portfolio Manager will become
employees and/or consultants to the Company. In addition, it is
expected that the Board will have to continue to devote
considerably more time to the affairs of the Company than would
otherwise be expected of a board comprising a majority of
non-executive directors.
The Board has considered alternative remuneration structures to
align the interests of the Directors, employees and consultants
(both present and future) with the interests of Shareholders in
achieving the investment objective of the Company. The intention is
to incentivise (i) consultants and employees to remain with the
Company until the realisation process is substantially complete,
(ii) the maximisation of proceeds from the realisation of
investments, (iii) the minimisation of liabilities, and (iv) the
reduction of costs, with the overall aim of enhancing the
distribution of cash to Shareholders.
Accordingly, the Board has concluded that it is appropriate for
the Company to adopt an incentive plan consistent with the above
objectives (the "Incentive Plan").
The structure of the Incentive Plan is for a bonus pool to be
created for Directors (save for an independent director who shall
not participate in the Incentive Plan ("Independent Director")),
employees and consultants of the Company (both present and future)
comprising cash equivalent to 1.4% of the aggregate funds
distributed to Shareholders since 1 July 2021 ("Bonus Pool"). The
precise allocation of the Bonus Pool will be at the discretion of
the Board, subject to the approval of the Independent Director. The
Board will not distribute more than 50% of the Bonus Pool until
such time as the Net Assets of the Company fall below GBP20m and no
part of the Bonus Pool will be paid out until such time as a
minimum of GBP80m has been returned to Shareholders cumulatively
since 1 July 2021.
The Bonus Pool will be capped at 2.0% of the Net Asset Value of
the Company as at 30 June 2021 (or such lower amount as to ensure
that the Incentive Plan is considered to be a smaller related party
transaction).
The Bonus Payment and Incentive Plan together are deemed to be a
smaller related party transaction for the purposes of Listing Rule
11.1.10R.
The AGM will be held at the Company's registered office, BNP
Paribas House, St Julian's Avenue, St Peter Port, Guernsey GY1 1WA
on Monday 29 November 2021 starting at 11:00 GMT and will be
followed by both Class Meetings.
The Company intends to report its annual results for the year
ending 30 June 2021 within the temporary two-month extension period
granted by the Financial Conduct Authority. The expectation is that
the annual report will be published by end of the November 2021
The Notices of AGM and Class Meetings will be submitted to the
National Storage Mechanism and will shortly be available for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Additional copies of these documents will be available on the
company's website at https://www.kkvim.com/kkv-secured-loan-fund/
and may be also obtained on request from the Company's registered
office.
For further information please contact:
KKV Secured Loan Fund Limited Brett Miller via the Company
Secretary
KKV Investment Management Ltd Investor.communications@kkvim.com
BNP Paribas Securities Services guernsey.bp2s.kkv.co.sec@bnpparibas.com
S.C.A.,
Guernsey Branch
Company Secretary
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NOADKDBKABDDKDK
(END) Dow Jones Newswires
November 01, 2021 12:45 ET (16:45 GMT)
Sqn Asset Finance Income (LSE:SQN)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Sqn Asset Finance Income (LSE:SQN)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024