KKV Secured Loan Fund Limited Valuation Update (6532A)
September 30 2020 - 10:49AM
UK Regulatory
TIDMKKVL
RNS Number : 6532A
KKV Secured Loan Fund Limited
30 September 2020
30 September 2020
KKV Secured Loan Fund Limited
LEI: 2138007S3YRY3IUU4W39
Valuation Update
The Board of KKV Secured Loan Fund Limited (the "Company") today
provides an update in respect of the valuation of the Company's
portfolios.
The Company released an announcement on 6 August 2020, in which
it stated that KKV Investment Management Limited (the "Portfolio
Manager") had identified concerns regarding the valuation of
certain assets in the portfolios of the Ordinary and C Share
Classes of the Company. At that time, the Company stated that the
Portfolio Manager had identified assets representing c.GBP54m* of
the NAV of the Ordinary Shares and c.GBP4m* of the NAV of the C
Shares that it believed required further review with the assistance
of an independent third-party, and that additional assets may also
be affected.
The Portfolio Manager has advised the Board that, follow further
analysis, it is proposing that assets representing a total of
GBP94m* of the NAV of the Ordinary Shares and c.GBP51m* of the NAV
of the C Shares be reviewed with the assistance of an independent
third-party. This excludes the Company's Anaerobic Digestion assets
which are, as previously disclosed, subject to a separate review
process for the year-ended 30 June 2020.
The NAV as at 30 June 2020 reflected the Portfolio Manager's
initial estimate of impairments and, given the uncertainties, the
Board decided to seek additional support for the Portfolio Manager
to review specific assets, provide assurance on investment values
and confirm the need for any further material impairments. While an
independent third-party will be used to assist with the review of
these assets, it is not necessarily the case that all such assets
will require material impairment. The Portfolio Manager's review
will continue to run in parallel and it is likely that assets not
part of independent third-party exercise may also require
impairment.
*The asset values quoted above are based upon the valuation
attributed to such assets in the estimated unaudited NAV as at 30
June 2020, announced on 24 July 2020 (being the last published
NAV). As previously stated, such assets are likely to be subject to
impairment which will be reflected in the Company's report and
accounts for the year-ended 30 June 2020.
The Company has appointed KPMG LLP ("KPMG") to assist the Board
with its ongoing review, although additional third-party
specialists may be appointed if appropriate. KPMG has commenced its
work and will complete this in advance of the publication of the
Company's annual report and accounts for the year-ended 30 June
2020, expected to be announced prior to the end of 2020. A further
update will be provided as soon as additional material information
is available.
At 30 June 2020 there was an amount of GBP2.15m that is due from
the Ordinary Share class to the C Share class. It is intended that
this amount will be repaid as soon as possible.
This announcement is released by KKV Secured Loan Fund Limited
and contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed
in accordance with the Company's obligations under Article 17 of
MAR.
For further information please contact:
KKV Investment Management Ltd
Catherine Halford Riera
Nicola Bird 020 7429 2200
BNP Paribas Securities Services S.C.A., Guernsey
Branch
Company Secretary 01481 750 853
Winterflood Securities Limited
Neil Langford 020 3100 0000
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, the person responsible for releasing
this announcement is Sharon Williams, Company Secretary.
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END
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