The Fund publishes information on repurchases as of May 4, 2020. The Fund has currently issued profit share loans corresponding to a value of approximately SEK 4.2 billion. In the traces following the outbreak of covid-19 in Sweden, the Fund has received an increased number of early redemption notifications from investors of approximately SEK 780 million. The responsible manager notes that under current market conditions combined with the Fund's investment strategy, it is not possible to carry out early redemption at the investor's request without the risk of substantially disadvantaging other investors in the Fund.
Given the above, the Board of the Fund decides the following.
- On the basis of clauses 10.1 - 10.3 of the General Terms and Conditions regarding the Fund's ability to await the redemption of profit-sharing loans, the Board decides that the Fund will handle received notifications of early redemption in such a way that the payments to the investors who requested redemption are divided and implemented on an ongoing basis in accordance with that the Fund's liquidity so permits.
Payments during the period should be distributed pro-rata among investors as the Fund can liquidate positions or commitments in orderly form and without significant inconvenience to other investors.
Redemption shall, in accordance with clause 10.3 compared with 4.11 of the General Terms and Conditions, take place at the NAV rate determined at the end of the month that falls closest before the redemption date.
- The Board will continuously monitor developments and make the necessary decisions on how to handle future redemption transactions.
See further information in this FAQ.
Revised expectation regarding future developments with covid-19 impact. The company aims to achieve 6–8 % annual net return to the holders of profit-sharing loans. In view of the covid-19 impact, the fund revises its expected return for 2020 to 3–5 % net return. Since its inception, however, the return has been within the range with an average annual return of 7.4 % per latest NAV with annual interest rate on interest effect.
Annual return 2016-2020
For further information, please contact:
Fredrik Sjöstrand, CEO / CIO Scandinavian Credit Fund I AB (publ), tel. +46 70 575 75 51, email@example.com
Peter Norman, CEO of Scandinavian Kreditfonden AB, tel. 0733 929 455, firstname.lastname@example.org