TIDMSEQI
RNS Number : 1333R
Sequoia Economic Infra Inc Fd Ld
07 December 2016
THIS ANNOUNCEMENT IS NOT FOR RELEASE, DISTRIBUTION OR
PUBLICATION, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED
STATES (INCLUDING TO U.S. PERSONS, AS SUCH TERM IS DEFINED UNDER
REGULATION S OF THE US SECURITIES ACT OF 1933, AS AMED, THE
"SECURITIES ACT"), CANADA, AUSTRALIA, NEW ZEALAND, JAPAN OR THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
This announcement is not a prospectus. This announcement does
not constitute or form part of, and should not be construed as, any
offer or invitation to sell, issue, purchase or subscribe for, or
any solicitation of any offer to sell, issue, purchase or subscribe
for, any shares in the Company (as defined below) or securities in
any other entity nor shall it, or any part of it, or the fact of
its distribution, form the basis of, or be relied on in connection
with, any contract or investment decision in relation thereto. This
announcement does not constitute a recommendation regarding any
securities. Investors should not purchase or subscribe for any
securities referred to in this announcement except on the basis of
information contained in the prospectus published by the company in
connection with the company's placing programme (the
"Prospectus").
Sequoia Economic Infrastructure Income Fund Limited (the
"Company")
Result of Placing of Ordinary Shares under Placing Programme
7 December 2016
On 26 October 2016, the Company announced it was targeting a
placing of in excess of GBP40 million of new Ordinary Shares under
its Placing Programme under which the Company has authority to
issue up to a maximum of 120 million shares (the "Placing"), as
detailed in the Company's Prospectus dated 6 May 2016.
The Board is pleased to announce that the Placing has been
significantly oversubscribed and investor demand for the Placing
has significantly exceeded the maximum amount of 120 million new
Ordinary Shares which can be issued pursuant to the Company's
Placing Programme.
The Board after consideration and consultation with the
Investment Adviser and the bookrunner, has determined to issue the
maximum number of new Ordinary Shares available under the Placing
Programme. A total of 120 million new Ordinary Shares will be
issued at a price of 105.0 pence per new Ordinary Share (the
"Placing Price") pursuant to the Placing (the "New Shares").
Accordingly, the gross proceeds of the Placing will be
approximately GBP126 million.
The Board has taken into account the strength of the Investment
Adviser's near term investment pipeline and the Company's stated
dividend target. The Company's near term investment pipeline
consists of approximately GBP130 million of opportunities with over
GBP300 million of additional opportunities available to the
Investment Adviser.
A scaling back exercise has been undertaken with respect to
applications received pursuant to the Placing.
Application has been made for the New Shares to be admitted to
the Official List and to trading on the London Stock Exchange's
premium segment of the Main Market ("Admission"). A total of
120,000,000 New Shares will be issued (subject to Admission). It is
expected that Admission will become effective and dealings in the
New Shares will commence on 9 December 2016. Once issued, the New
Shares will rank pari passu with the existing Ordinary Shares.
Following Admission, the Company will have 595,412,613 Ordinary
Shares in issue. Therefore, the total number of voting rights of
the Company will be 595,412,613 and this figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest, or a
change to their interest in, the Company.
Stifel Nicolaus Europe Limited acted as Sponsor and Sole
Bookrunner.
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 more information, please contact:
Sequoia Investment Management
Company
Steve Cook
Dolf Kohnhorst
Randall Sandstrom +44 (0)20 7079
Greg Taylor 0480
Stifel Nicolaus Europe Limited
Neil Winward
Mark Bloomfield +44 (0)20 7710
Gaudi Le Roux 7600
Praxis Fund Services Limited
(Company Secretary)
Shona Darling +44 (0) 1481 755528
IMPORTANT NOTICES
Neither this announcement nor the information contained herein
is for release, publication or distribution, directly or
indirectly, in or into the United States, South Africa, Canada,
Australia, New Zealand or Japan or any other jurisdiction where to
do so might constitute a violation of the relevant laws or
regulations of such jurisdiction. The securities referred to herein
have not been and will not be registered under the relevant
securities laws of any such excluded territory.
This announcement does not contain, constitute or form part of
an offer for sale of, resale of, transfer of or delivery of or the
solicitation of an offer to purchase directly or indirectly,
securities in the United States or to, or for the account or
benefit of a U.S. Person (as defined in Regulation S of the
Securities Act). The securities referred to herein have not been,
and will not, be registered under the Securities Act or any other
applicable securities laws of, or with any securities regulatory
authority of, any state or other jurisdiction of the United States,
and may not be offered, sold, resold, transferred or delivered,
directly or indirectly, in the United States or to, or for the
account or benefit of, any U.S. Person absent registration or an
applicable exemption from the registration requirements of the
Securities Act and in compliance with any applicable securities
laws of any state or other jurisdiction in the United States. The
Company has not been and will not be registered under the U.S.
Investment Company Act of 1940, as amended, and neither the
Investment Manager nor the Investment Adviser will be registered as
an investment adviser under the U.S. Investment Advisers Act of
1940, as amended. Consequently, investors will not be entitled to
the benefits and protections of the U.S. Investment Company Act of
1940, as amended or the U.S. Investment Advisers Act of 1940, as
amended. The shares of the Company will be offered and sold only to
non-US persons outside the United States in reliance on Regulation
S under the Securities Act. There will be no offer of the Company's
securities in the United States. The distribution of this document
may also be restricted by law in other jurisdictions.
This announcement does not constitute or form part of any offer
or invitation to sell, or any solicitation of any offer to purchase
or subscribe for any Ordinary Shares or any other securities nor
shall it (or any part of it) or the fact of its distribution, form
the basis of, or be relied on in connection with, any contract.
The distribution of this announcement may be restricted by law
in certain jurisdictions and persons into whose possession any
document or other information referred to herein comes should
inform themselves about, and observe, any such restrictions. Any
failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.
Subject to certain exceptions, the securities referred to herein
may not be offered or sold in South Africa, Canada, Australia, New
Zealand or Japan or to, or for the account or benefit of, any
national, resident or citizen of Canada, Japan, Australia, New
Zealand or South Africa. There will be no offer of the Ordinary
shares in the United States, Canada, South Africa, Japan, Australia
or New Zealand.
In member states of the European Economic Area (the "EEA"), this
announcement is directed only at (a) persons who are "qualified
investors" ("Qualified Investors"), within the meaning of Article
2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) (as
amended, including by Directive 2010/73/EU, to the extent such
amendments have been implemented in the relevant Member State and
including any relevant implementing measure in the relevant Member
State); (b) in the United Kingdom, Qualified Investors who are
persons who (i) fall within article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005, as amended
(the "Order"); (ii) fall within Article 49(2)(a) to (d) ("high net
worth companies, unincorporated associations, etc") of the Order;
or (iii) are persons to whom it may otherwise be lawfully
communicated (all such persons together being referred to as
"Relevant Persons"). This announcement must not be acted on or
relied on by persons who are not Relevant Persons. Any investment
or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with
relevant persons.
Stifel Nicolaus Europe Limited ("Stifel"), which is authorised
and regulated in the United Kingdom by the Financial Conduct
Authority, is acting exclusively for the Company and no-one else in
connection with the equity issue. Stifel will not regard any other
person as its client in relation to the issue and will not be
responsible to anyone other than the Company for providing the
protections afforded to its clients, nor for providing advice in
relation to the issue, the contents of this announcement or any
transaction, arrangement or other matter referred to herein.
Neither Stifel nor any of its directors, officers, employees,
advisers, affiliates or agents accepts any responsibility or
liability whatsoever for/or makes any representation or warranty,
express or implied, as to the truth, accuracy or completeness of
the information in this announcement (or whether any information
has been omitted from the announcement) or any other information
relating to the Company or its subsidiary, whether written, oral or
in a visual or electronic form, and howsoever transmitted or made
available or for any loss howsoever arising from any use of the
announcement or its contents or otherwise arising in connection
therewith.
The Company has been established in Guernsey and has been
registered as a registered closed-ended collective investment
scheme under the Protection of Investors (Bailiwick of Guernsey)
Law, 1987, as amended. It is suitable only for professional or
experienced investors, or those who have taken appropriate
professional advice.
Regulatory requirements which may be deemed necessary for the
protection of retail or inexperienced investors, do not apply to
listed funds. By investing in the Company you will be deemed to be
acknowledging that you are a professional or experienced investor,
or have taken appropriate professional advice, and accept the
reduced requirements accordingly.
You are wholly responsible for ensuring that all aspects of the
Company are acceptable to you. Investment in listed funds may
involve special risks that could lead to a loss of all or a
substantial portion of such investment. Unless you fully understand
and accept the nature of the Company and the potential risks
inherent in it you should not invest in the Company.
Further information in relation to the regulatory treatment of
listed funds domiciled in Guernsey may be found on the website of
the Guernsey Financial Services Commission at
http://www.gfsc.gg/The-Commission/Pages/Home.aspx.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 07, 2016 02:00 ET (07:00 GMT)
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