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The offer and sale of the Company’s securities have not been and will not be registered under the applicable securities laws of Australia, Canada, Japan or South Africa. The Company’s securities may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, in Australia, Canada, Japan or South Africa or to any resident or citizen of Australia, Canada, Japan or South Africa. There will be no public offer of the Company’s securities in Australia, Canada, Japan or South Africa.
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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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In our note, Why the discount has been closing and its outlook, published 15 October, we noted that RECI’s discount has halved over the past six months. We believe this is due to both actions taken by the trust (active buyback programme, changing asset mix and enhanced disclosure) and more favourable markets. Not all debt investment companies have benefitted from the more favourable markets. RECI’s current discount is still high, ca.10% above the 10-year average. RECI was at an average 2% premium in 2015-19, and traded at a premium again in 2021-22, leaving room for investor concerns to moderate considerably, just reverting to historical average levels.
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