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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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1.1. The terms and conditions set out below apply to your use of the Company’s website. Please read them.
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”).
1.3. By clicking and entering www.recreditinvest.com you agree that you have read and accept these terms and conditions. If you do not agree, do not use www.recreditinvest.com. The information in the Company’s website is only for the attention of the residents of jurisdictions where it can be lawfully disseminated. It is your responsibility to be aware of and to observe all applicable laws and regulations for your country of residence.
1.4. No information contained in these pages should be taken as a recommendation to buy, sell or hold the securities of any entity. Nothing on the Company’s website or in the Materials constitutes or is intended to constitute financial or other advice and you should not act upon any information contained on the Company’s website or in the Materials without first consulting a financial or other professional adviser.
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1.6. Under the Company’s articles of incorporation, the board of directors of the Company (the “Board”) may refuse to register a transfer of the Securities to any person, as determined by the Board, to whom a sale or transfer of Securities, or in relation to whom the holding of Securities (whether directly or indirectly affecting such person, and whether taken alone or in conjunction with other persons, connected or not, or any other circumstances appearing to the Board to be relevant): (a) would or could be in breach of the laws or requirements of any jurisdiction or governmental authority; (b) might result in the Company incurring a liability to taxation; or (c) would or could (i) cause the Company’s assets to be deemed “plan assets” for the purpose of the US Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or the US Internal Revenue Code of 1986, as amended (the “US Tax Code”); (ii) cause the Company to be required to register as an “investment company” under the US Investment Company Act (including because the holder of the shares is not a “qualified purchaser” as defined in Section 2(a)(51) of the US Investment Company Act and the related rules and regulations thereunder) or to lose an exemption or status thereunder to which it might otherwise be entitled; (iii) cause the Company to have to register under the US Exchange Act of 1934, as amended (the “US Exchange Act”), or any similar legislation; (iv) cause the Company not to be considered a “foreign private issuer” as such term is defined in Rule 3b-4(c) under the US Exchange Act; (v) result in a person holding shares in violation of the transfer restrictions put forth in any prospectus published by the Company, from time to time; or (vi) cause the Company to be a “controlled foreign corporation” for the purposes of the US Tax Code (each of (a), (b) and (c), a “Non-Qualified Holder”). If it shall come to the notice of the Board that any Securities are owned directly or beneficially by any Non-Qualified Holder, the Board may give notice to such person requiring it (a) to provide the Board within thirty days with sufficient satisfactory documentary evidence to satisfy the Board that such person (as applicable) is not a Non-Qualified Holder or (b) to sell or transfer its Securities to a person qualified to own the same within thirty days and within such thirty days to provide the Board with satisfactory evidence of such sale or transfer. If any person upon whom such a notice is served does not within thirty days after such notice transfer its Securities to a person qualified to own the same or establish to the satisfaction of the Board (whose judgment shall be final and binding) that it is qualified and entitled to own the Securities, such person shall be deemed upon the expiration of such thirty days to have forfeited its Securities.
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RECI’s discount has halved over the past six months. We believe this is due to both actions taken by the trust (with an active buyback programme, changing asset mix and enhanced disclosure of highest-risk positions) and more favourable markets. Interestingly, not all debt investment companies have benefitted from the more favourable markets. By historical standards, the current level of RECI’s discount is very high, ca.10% above the 10-year average. RECI was at an average 2% premium in 2015-19, and traded at premium again in 2021-22, leaving room for investor concerns to moderate considerably by just reverting to historical average levels.
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