An SME-focused direct lending portfolio aimed at mid-market loans, the investment trust launched in June 2016 initally raising GBP 80 million. It lent GBP 13 million to Arensis Energy, which entered administration offically on 15 October, in the summer of 2018, representing 9.2% of the fund as part of a hire purchase agreement.
Analysts at Liberum say the group is a wood pellet manufacturing business, representing 30% of UK production. Hadrians Wall is the senior creditor in the Group and has security over all of the assets, including manufacturing facilities and equipment.
Liberum added that the investment adviser does not expect the administration will have a negative impact on the valuation of the investment and the fund’s board has decided not to put a loss reserve in place.
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