On 11 February 2020, the Board of Directors announced that they had determined that HWSIL should be put into managed wind-down with cash returned to shareholders in a timely and efficient manner. The Board sought approval from shareholders through an EGM on 20 March 2020 in which shareholders approved the resolution. Consequently the fund will be managed with the intention of realising all remaining assets in the portfolio in a prudent manner consistent with the principles of good investment management and with a view to returning cash to shareholders in an orderly manner.
HWSIL, used a targeted investment strategy, focusing on market segments which were and, in the opinion of the Investment Adviser under-served by the mainstream banking sector.
Previously, HWSIL’s lending and investment activities focused on the secured SME lending market within the UK. The Investment Adviser believed that this market segment was under-served due to the combination of relatively modest individual loan size and the need for skilled credit analysis, which caused other alternative lenders to focus their efforts elsewhere.
Through a combination of skilled investment analysis, the experience of the Investment Adviser’s investment team and a focus on under-served lending segments, the Company believed that it was well positioned to capitalise on this opportunity.
The Company was incorporated and registered in Guernsey on 27 April 2016 with registered number 61955. The principal legislation under which the Company operates is the Companies (Guernsey) Law, 2008, as amended.
Former Investment Policy
The Company invests in Loans, which are predominantly secured upon a variety of asset types. The types of Loans that the Company targets includes the following:
General Commercial Loans to Businesses
This type of lending may be secured against a range of business assets, including, but not limited to, real estate, plant and machinery, inventory, trade receivables and intellectual property rights.
The Company may finance equipment, including agricultural equipment, aircraft, industrial and manufacturing machinery, coastal marine vessels, power generation and vehicles. Such Loans may be structured as equipment leases, as hire purchase contracts or as other types of Loans and will typically be secured against the equipment.
Specialised Financial Services
There are a number of regional financial services companies providing finance to small businesses for general corporate purposes, capital improvements, and other business purposes. The Company may finance portfolios or loans, leases or other financial assets originated by such financial services companies that provide contractual revenue streams from the underlying borrowers.