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INTERIM CASH DISTRIBUTION NOTICE 

On 24 March 2023 a special resolution was passed to place the Company in to Members’ Voluntary Liquidation. Andrea Frances Alice Harris and Benjamin Alexander Rhodes of Grant Thornton Limited, St James Place, St James Street, St Peter Port, Guernsey GY1 2NZ were appointed as Joint Liquidators (“the Liquidators”).

Note that the Joint Liquidators intend to make an interim distribution of £6,000,000.00 or of £1.05154 per share in accordance with the details held by the Company’s Registrar in respect of your account on 12 April 2024, provided that the Joint Liquidators are satisfied that the required shareholder due diligence has been received.

Note that the sale-related indemnities of c.£5.4 million outlined in the 2023 Notice of Extraordinary General Meeting expired without claims made against these. This interim distribution primarily consists of the release of this indemnity hold back combined with interest earned on cash balances. However, it has taken longer than anticipated to receive tax authority clearance for the Irish subsidiaries of the Group, and as a result the c.£1.2 million liquidity reserve, set aside to provide for any contingent tax liabilities, remains in place until related matters are resolved.

Please note that due to the cost of processing payments, the distribution payment will be made to you only if you are entitled to receive more than £10. All distributions of £10 or less will be paid to charity at the Joint Liquidators’ discretion.

This distribution may have tax consequences and should therefore be reflected in your tax return for the current fiscal year.

It is anticipated that there may be a final distribution of residual funds at the conclusion of the liquidation.

The Joint Liquidators do not intend to report to the shareholders until they are in a position to make a distribution or unless there are matters which need to be considered or agreed by the shareholders.

All enquiries should be directed to Grant Thornton Limited for the attention of the Joint Liquidators at corporate.recovery@gt-ci.com.

SME Credit Realisation Fund Limited will be managed with the intention of realising all assets in the Portfolio in a prudent manner which achieves a balance between maximising the value from the realisation of the Company's investments and making timely returns of capital to Shareholders.

The Company’s managed wind-down will be effected with a view to the Company realising all of its investments in accordance with the Investment Objective set out above.

Such realisations will comprise natural amortisation of the Company’s investments in Credit Assets as well as potential, opportunistic portfolio sales. The Company will not allocate new capital to Credit Assets, directly or indirectly via Leveraged Transactions or SPVs, or undertake capital expenditure except where necessary in the reasonable opinion of the Board in order to protect or enhance the value of any existing investments or to facilitate orderly disposals.

Any cash received by the Company as part of the realisation process prior to its distribution to Shareholders will be held by the Company as cash on deposit and/or as cash equivalents.