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The information contained herein and on the pages that follow may contain forward-looking statements. Any statement other than a statement of historical fact is a forward-looking statement. Actual results may differ materially from those expressed or implied by any forward-looking statement. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any forward-looking statement, which speaks only as of the date of its issuance.
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1.2. The “Company” means Real Estate Credit Investments Limited and any of its subsidiaries and related companies and references to the “Company’s website” are to any of the Company’s websites and also include, but are not limited to, the text, images, links, sounds, graphics and video sequences displayed in such websites (the “Materials”).
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The key messages from RECI’s April’s quarterly investor update, and end-March 2021 factsheet are: i) stable, predictable interest income (1.1p p.m.) now covers the quarterly dividend (3p); ii) as we detailed in our note Portfolio repayments fund enhanced return pipeline, capital gains are likely as historical MTM bond losses reverse (and management expects full repayment of bonds); iii) loan to values are conservative; iv) the portfolio is diversified by sector, geography and borrower; and v) gearing is modest. The discount has closed materially since March 2020, but, pre COVID-19, the shares were on a premium to NAV and RECI has now proved its resilience amid challenging conditions.
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