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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 12 August note, Experience shows resilience of the model (2), we noted the key takeaways from RECI’s July quarterly investor update and end-July 2021 factsheets were i) attractive returns from low LTV (average 65%) credit exposure to UK and European large, well-capitalised and experienced institutional borrowers, ii) stable dividends,, iii) a highly granular book, iv) modest leverage, and v) access to a strong pipeline of enhanced return investment opportunities identified by Cheyne. With the shares now at a premium to NAV, RECI has potential access to capital to fully exploit these opportunities and achieve further economies of scale in the listed vehicle.
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