Sequoia Economic Infra Inc Fd Ld C Share portfolio update and notice of conversion (5752J)
12 September 2016 - 9:00PM
UK Regulatory
TIDMSEQI TIDMSEQC
RNS Number : 5752J
Sequoia Economic Infra Inc Fd Ld
12 September 2016
Sequoia Economic Infrastructure Income Fund Limited
(the "Company")
12 September 2016
C Share portfolio update and notice of conversion
The Board of Sequoia Economic Infrastructure Income Fund Limited
is pleased to announce that the Company has now invested, or
committed to invest, in excess of 85 per cent. of the net issue
proceeds raised through the Company's recent C Share issue which
closed in June 2016 (the "Issue").
Conversion of the C Shares will therefore now occur in
accordance with the Articles (as summarised in the prospectus
published in relation to the Issue on 6 May 2016) (the
"Prospectus").
The Calculation Time for the conversion of C Shares into
Ordinary Shares is 30 September 2016. Accordingly, the conversion
will be made on the basis of the respective net asset values of the
C Shares and Ordinary Shares as at 30 September 2016 (the
"Conversion Ratio"). The Conversion Ratio is expected to be
announced on or around 18 October 2016.
As outlined in the Prospectus, the Company intends to pay
dividends in relation to the C Shares on a quarterly basis, from
the assets attributable to the C Shares, with the first such
dividend expected to be paid for the period ending 30 September
2016. Accordingly, the Company expects to declare a dividend on
both share classes prior to Conversion. The Conversion Ratio will
be adjusted to take into account the effect of the dividends
declared on the NAV of each share class. Dividends declared in
respect of both share classes will be announced alongside the
Company's monthly NAV, on and around 18 October 2016. Any dividends
declared will have a record date ahead of Conversion.
Expected timetable
NAV announcement and Tuesday, 18 October
dividend declaration 2016
on Ordinary and C Shares
Conversion Ratio announced Tuesday, 18 October
2016
Record date for conversion 5.30pm on Monday, 31
and C Share register October 2016
closes
Cancellation of listing Tuesday, 1 November
of C Shares, and dealings 2016
in new Ordinary Shares
commence
Crediting of CREST accounts Tuesday, 1 November
with new Ordinary Shares 2016
Share certificates in Thursday, 3 November
respect of new Ordinary 2016
Shares dispatched
Unless otherwise defined, the terms used in this announcement
shall have the same meaning as set out in the prospectus of the
Company dated 6 May 2016.
For further information please contact:
Sequoia Investment Management
Company
Steve Cook
Dolf Kohnhorst
Randall Sandstrom +44 (0)20
Greg Taylor 7079 0480
Stifel Nicolaus Europe Limited
Neil Winward
Mark Bloomfield +44 (0)20
Gaudi Le Roux 7710 7600
Praxis Fund Services Limited
(Company Secretary) +44 (0) 1481
Shona Darling 755528
About Sequoia Economic Infrastructure Income Fund Limited
The Company is a Guernsey registered closed-ended investment
company that seeks to provide investors with regular, sustained,
long-term distributions and capital appreciation from a diversified
portfolio of senior and subordinated economic infrastructure debt
investments. The Company is advised by Sequoia Investment
Management Company Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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