Blackstone Loan Financing Limited Shareholder Consultation (9676N)
26 Janvier 2023 - 10:37AM
UK Regulatory
TIDMBGLF
RNS Number : 9676N
Blackstone Loan Financing Limited
26 January 2023
26 January 2023
Blackstone Loan Financing Limited
(the "Company")
Shareholder Consultation
The Board announces a shareholder consultation on potential
policy amendments in light of the prevailing and persistent
discount to net asset value ("NAV") at which the Company's shares
trade and with a view to broadening investor interest in the
Company's shares and maximising shareholder total return. Although
the Company has implemented multiple share buyback programmes to
assist in managing the discount to NAV, the Board believes that
greater measures are required. The Board will therefore commence a
shareholder consultation to seek views on two potential policy
amendments:
Potential Exit Opportunity
The Board is giving consideration to a potential exit
opportunity for shareholders, either as a one-off event or over
regular intervals. It is expected that should such proposal be put
forward to shareholders, any exit opportunity will be by way of the
creation of a new share class, which would return capital to
holders of such shares as investments are realised over time.
Reinvestment/Distribution of Excess Net Income
On 23 January 2023, the Company announced its target annual
dividend for 2023 of between EUR0.08 and EUR0.09 per ordinary
share, which will consist of quarterly payments of EUR0.02 per
ordinary share for the first three quarters and a final quarter
payment of a variable amount to be determined at that time(1) .
This represents an increase over the 2022 annual target of between
EUR0.07 and EUR0.08 per ordinary share, and a dividend yield of
between 11.27% and 12.86% based on the BGLF closing price of
EUR0.71 on 20 January 2023.
The target annual dividend is set at a level that the Board
believes provides an attractive income to shareholders, while also
allowing the Company to retain a proportion of the distributions it
receives from Blackstone Corporate Funding ("BCF") (after costs)
("Excess Net Income") for share repurchases to manage the share
price discount to NAV and re-investment.
The Board intends to consult with shareholders over the
potential for a reallocation of the Excess Net Income to allow for
either or any combination of:
-- an expansion of the existing share buyback programme;
-- a potential further increase in the quarterly and/or annual dividend level; or
-- direct primary market CLO Income Note investments in
Blackstone managed and controlled CLOs. Such investments will be
similar to those indirectly owned by the Company through its
investment via BCF.
Singer Capital Markets and Winterflood Securities, joint
financial advisers and brokers to the Company, will contact key
shareholders in due course. Any institutional shareholders not
contacted by Singer Capital Markets or Winterflood Securities
wishing to participate in the shareholder consultation are invited
to contact Singer Capital Markets or Winterflood Securities.
The results of the Board's review following the shareholder
consultation process will be announced in due course. Any proposals
may be conditional on approval by shareholders at an EGM, and
further details, including the benefits to the Company and its
shareholders, and any potential related risks, will be set out in a
shareholder circular convening the EGM to be published by the
Company if appropriate.
(1) The target dividend set out in this announcement is a target
only and not a profit forecast. It should not be taken as an
indication of the Company's expected future performance or results.
There is no guarantee that the target dividend set out in this
announcement can or will be achieved or can be continued if
achieved. There may be other additional risks, uncertainties and
factors that could cause the returns generated by the Company to be
materially lower than the target dividend set out in this
announcement. Accordingly, investors should not place any reliance
on such target.
The information contained within this announcement constitutes
inside information.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Nicole Troy of BNP Paribas
S.A., Jersey Branch, Company Secretary.
Enquiries :
Blackstone Loan Financing Limited via BNP Paribas
Charlotte Valeur, Chair
BNP Paribas 01534 709178 / 813873
Singer Capital Markets
James Maxwell / Alaina Wong (Corporate
Finance)
Alan Geeves / Sam Greatrex (Sales) 020 7496 3000
Winterflood Investment Trusts
Neil Langford (Corporate Finance)
Darren Willis (Sales) 020 3100 0000
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END
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