TIDMSEQI
RNS Number : 8385A
Sequoia Economic Infra Inc Fd Ld
03 June 2019
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 U.S. SECURITIES ACT OF 1933, AS AMED, THE
"SECURITIES ACT"), THE REPUBLIC OF SOUTH AFRICA, CANADA, AUSTRALIA,
NEW ZEALAND OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
3 June 2019
Sequoia Economic Infrastructure Income Fund Limited (the
"Company" or "SEQI")
Issue under the Share Issuance Programme targeting GBP216
million
Further to the announcement on 14 May 2019 and in light of what
the Board of Directors of the Company (the "Board") consider to be
an attractive pipeline of investment opportunities in the economic
infrastructure debt market, the Board has resolved to proceed with
a partially pre-emptive issue of ordinary shares of no par value
(the "Ordinary Shares") seeking to raise approximately GBP216
million of gross proceeds before expenses (the "Gross Issue
Proceeds"), equivalent to up to 200 million new Ordinary Shares
(the "New Ordinary Shares") (the "Issue").
The Directors have determined that the New Ordinary Shares will
be issued at a price of 108.0 pence per New Ordinary Share (the
"Issue Price"). The Company has provided an updated unaudited net
asset value ("NAV") as at 13 May 2019 of 103.00 pence per Ordinary
Share. The NAV excludes the dividend in respect of the period ended
31 March 2019 which had an ex-dividend date of 2 May 2019 and was
paid on 30 May 2019. The New Ordinary Shares will be entitled to
the interim quarterly dividend for the period ended 30 June 2019,
expected to be declared in July 2019, after the closing of the
Issue.
The Board recognises the importance of pre-emption rights to
Ordinary Shareholders. Accordingly, 132,644,126 New Ordinary Shares
are being initially offered to Qualifying Shareholders by way of
the Open Offer pursuant to which they will be entitled to apply for
1 New Ordinary Share for every 8 existing Ordinary Shares held at
6.00 p.m. on 30 May 2019 (the "Record Date"). The balance of the
New Ordinary Shares, together with any New Ordinary Shares not
taken up by Qualifying Shareholders under the Open Offer, will be
made available under the Placing and/or Offer for Subscription.
As at 3 June 2019, the Company had drawn an amount of
approximately GBP175.3 million from its Revolving Credit Facility
(the "RCF"). The Company intends to use the proceeds from the Issue
(less expenses) (the "Net Issue Proceeds") to repay the drawn
commitments under its RCF. Any remaining Net Issue Proceeds in
excess of the amount drawn under the RCF are expected to be
deployed into the Company's near term pipeline of opportunities, in
accordance with the Investment Policy of the Company. Following
deployment of the Net Issue Proceeds, the Company intends to
re-draw on its RCF to invest in further pipeline opportunities as
and when they become available.
The Issue is being conducted in accordance with the terms and
conditions set out in the Prospectus consisting of a Registration
Document published on 19 September 2018 (the "Registration
Document") and a new Summary Document (the "Summary") and a new
Securities Note (which updates the Registration Document) (the
"Securities Note"), which are expected to be published later today
following their approval by the Financial Conduct Authority (the
"FCA"). The Registration Document, Securities Note and Summary
together comprise the prospectus (the "Prospectus").
Stifel Nicolaus Europe Limited ("Stifel") is acting as sole
sponsor, financial adviser and bookrunner to the Company.
Robert Jennings, Chairman of SEQI commented:
"This fundraise builds on another year of excellent progress and
will enhance SEQI's ability to capitalise on the compelling
pipeline of investment opportunities within the economic
infrastructure debt market. Since the IPO in 2015, SEQI's
disciplined approach to making investments has delivered a track
record of value-accretive asset growth and sustained, long-term
income to shareholders. We remain confident in our Investment
Adviser's asset selection as the portfolio continues to be well
diversified by geography and sector."
Pipeline and financing of opportunities
The Investment Adviser is currently engaged in various stages of
negotiations on potential near term acquisitions with a total value
in excess of GBP200 million. In addition, the Investment Adviser
expects to see a steady stream of further investment opportunities.
The acquisition of these potential investments is subject to, among
other things, the approval of the Directors, and the Investment
Adviser completing satisfactory due diligence in relation to such
potential investments. Any such acquisitions will also be subject
to agreement having been reached between the Investment Adviser and
the relevant counterparty as to the terms.
Of the Investment Adviser's pipeline of near term opportunities
approximately, 44.9 per cent. of the assets are senior secured debt
instruments, 71.0 per cent. are floating rate instruments and 100
per cent. are private debt instruments. The anticipated composition
of the potential investments by geographical region is 29.7 per
cent. US, 20.4 per cent. UK and 49.9 per cent. Europe.
Approximately GBP109.3 million of the Company's assets will
reach their expected maturity in the next 12 months, with
approximately a further GBP340.1 million of redemptions scheduled
over the remaining life of the RCF to December 2021. In practice,
more redemptions are likely to occur allowing for prepayments over
the period. This suggests that, should market conditions change and
the Company be unwilling to pay back future drawings on the RCF by
raising more equity capital, the Company expects to be able to
prepay the RCF out of cashflow generated by the portfolio.
Environmental, Social and Governance ("ESG") Considerations
As part of the Company's investment process, the Company has
committed to implement enhanced ESG considerations and is
implementing a comprehensive ESG policy with the goal of full
implementation by 2020.
In connection with the Company's commitment to implementing an
ESG policy, the Investment Adviser has signed up to the United
Nations Principles of Responsible Investment ("UNPRI"). Whilst
these principles have historically been tailored towards equity
investors, their scope has expanded to private debt. The UNPRI
encompass all stages of the private debt process (origination, due
diligence, documentation, holding period and exit decisions).
Further details will be available in the Securities Note, once
published, and shareholders will be updated as the Company places
further emphasis on ESG considerations as part of its investment
process.
The Issue
The Issue is being implemented by way of an Open Offer, Placing
and Offer for Subscription. The target size of the Issue is
approximately GBP216 million before expenses. The target number of
New Ordinary Shares to be issued pursuant to the Issue is 200
million at the Issue Price of 108.0 pence per New Ordinary Share.
The Issue Price of 108.0 pence represents a premium of
approximately 4.85 per cent. to the unaudited NAV per Ordinary
Share as at 13 May 2019 of 103.00 pence and a discount of
approximately 3.74 per cent. to the closing price of 112.20 pence
per existing ordinary share on 31 May 2019.
The New Ordinary Shares issued pursuant to the Issue will rank
pari passu in all respects with the existing Ordinary Shares. For
the avoidance of doubt, the New Ordinary Shares will be entitled to
the interim quarterly dividend for the period ended 30 June 2019,
expected to be declared in July 2019, after the closing of the
Issue.
The Board recognises the importance of pre-emption rights to
Ordinary Shareholders. Accordingly, a substantial proportion of the
New Ordinary Shares are being initially offered to Qualifying
Shareholders by way of the Open Offer pursuant to which they will
be entitled to apply for 1 New Ordinary Share for every 8 existing
Ordinary Shares held on the Record Date (being 132,644,126 New
Ordinary Shares).
The balance of the New Ordinary Shares (being 67,355,874 New
Ordinary Shares), together with any New Ordinary Shares not taken
up by Qualifying Shareholders under the Open Offer (including under
the Excess Application Facility), may be made available, at the
discretion of the Directors, under the Placing and/or Offer for
Subscription. The Issue is not underwritten.
To the extent that the maximum number of New Ordinary Shares
available to be issued pursuant to the Share Issuance Programme are
not issued under the Issue, such New Ordinary Shares shall continue
to be available for issuance under the terms of the Share Issuance
Programme (announced on 19 September 2018).
Benefits of the Issue
The Board believes that proceeding with the Issue will have the
following benefits:
-- Providing the Company with the funds to repay the RCF which
will allow the Company to re-draw funds under the RCF as and when
investment opportunities arise without incurring cash drag;
-- Allowing the Company to invest further capital in the
identified available pipeline opportunities which should enable the
Group to further diversify its Existing Portfolio;
-- Creating the potential to enhance the NAV per existing
Ordinary Share through the issuance of New Ordinary Shares at a
premium to NAV per Ordinary Share, after the related costs have
been deducted;
-- Spreading the Company's fixed running costs across a wider
base of shareholders, and benefiting from the reducing scale of
charges for the Investment Adviser, thereby reducing the total
expense ratio;
-- Increasing the size of the Company which should help make the
Company more attractive to a wider base of investors and improve
market liquidity in the Ordinary Shares; and
-- Increasing the size of the Company which should help make the
Company more attractive to a wider base of borrowers and improve
the Company's pipeline of opportunities.
Expected timetable
Open Offer
Record Date for entitlements to 6.00 p.m. on 30 May 2019
participate in the Open Offer
Ex-entitlement date for the Open 8.00 a.m. on 3 June 2019
Offer
Open Offer opens 8.00 a.m. on 4 June 2019
Basic Entitlements and Excess CREST As soon as practicable after
Open Offer Entitlements credited 8.00 a.m. on 4 June 2019
to CREST stock accounts (Qualifying
Shareholders only)
Recommended latest time for requesting 4.30 p.m. on 17 June 2019
withdrawal of Basic Entitlements
and Excess CREST Open Offer Entitlements
from CREST (i.e, if your Basic Entitlements
and Excess Open Offer Entitlements
are in CREST and you wish to convert
them to certificated form)
Latest time and date for depositing
Basic Entitlements and Excess CREST 3.00 p.m. on 18 June 2019
Open Offer Entitlements into CREST
Latest time and date for splitting 3.00 p.m. on 19 June 2019
Open Offer Application Forms (to
satisfy bona fide market claims
only)
Latest time and date for receipt 11.00 a.m. on 21 June 2019
of completed Open Offer Application
Forms and payment in full under
the Open Offer or settlement of
relevant CREST instructions (as
appropriate)
Placing and Offer for Subscription
Placing and Offer for Subscription 8.00 a.m. on 3 June 2019
open
Latest time and date for receipt 3.00 p.m. on 21 June 2019
of completed Offer for Subscription
Application Forms and payment in
full under the Offer for Subscription
Latest time and date for receipt
of placing commitments under the 11.00 a.m. on 24 June 2019
Placing
Other key dates
Results of the Issue announced 25 June 2019
Admission of the New Ordinary Shares 8.00 a.m. on 27 June 2019
to the Official List and commencement
of dealings on the London Stock
Exchange
CREST accounts credited in respect On or around 27 June 2019
of New Ordinary Shares issued pursuant
to the Issue to be held in uncertificated
form
Dispatch of definitive share certificates On or around 1 July 2019
in respect of New Ordinary Shares
(where applicable) issued pursuant
to the Issue
The Share Issuance Programme
Last date for Ordinary Shares to 18 September 2019
be issued pursuant to the Share
Issuance Programme
The dates and times specified above are subject to change. In
particular, the Directors may (with the prior approval of Stifel)
bring forward or postpone the closing time and date for the Issue.
In the event that a date or time is changed, the Company will
notify persons who have applied for New Ordinary Shares pursuant to
the Issue of changes to the timetable either by post, by electronic
mail or by the publication of a notice through a Regulatory
Information Service. References to times are to London times unless
otherwise stated.
Admission to trading
Application will be made to the Financial Conduct Authority and
the London Stock Exchange for all of the New Ordinary Shares issued
pursuant to the Issue to be admitted to the premium listing segment
of the Official List and to trading on the Main Market. It is
expected that the results of the Issue will be announced through a
Regulatory Information Service on or around 25 June 2019 and it is
expected that Admission will become effective and that dealings for
normal settlement in the Ordinary Shares will commence at 8.00 a.m.
on or around 27 June 2019.
Further details
The ticker for the New Ordinary Shares is SEQI. The ISIN for the
New Ordinary Shares is GG00BV54HY67 and the SEDOL is BV54HY6. The
ISIN of the Basic Entitlements is GG00BJLSX395 and the SEDOL is
BJLSX39. The ISIN for the Excess CREST Open Offer Entitlement is
GG00BJLSX627 and the SEDOL is BJLSX62. The Company's LEI is
2138006OW12FQHJ6PX91.
Copies of the new Summary and Securities Note, when published,
will be submitted to the National Storage Mechanism and will
shortly thereafter be available for inspection at:
www.morningstar.co.uk/uk/nsm as well as on the Company's website at
http://www.seqifund.com/downloads. Terms used and not defined in
this Announcement bear the meaning given to them in the Prospectus.
The new Summary and Securities Note (which updates the Registration
Document) will be published in due course.
For further information please contact:
Sequoia Investment Management Company
Steve Cook
Dolf Kohnhorst
Randall Sandstrom
Greg Taylor +44 (0) 20 7079 0480
Stifel Nicolaus Europe Limited
Neil Winward
Mark Bloomfield
Gaudi Le Roux +44 (0) 20 7710 7600
Praxis Fund Services Limited (Company
Secretary)
Matthew Falla +44 (0) 1481 755530
Tulchan Communications (Financial PR)
Martin Pengelley
Elizabeth Snow
Deborah Roney +44 (0)20 7353 4200
The information contained in this announcement may constitute
inside information. The person responsible for the release of this
announcement on behalf of the Company is Praxis Fund Services
Limited.
About the Company
The Company 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
IMPORTANT NOTICES
This announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
This announcement is an advertisement and does not constitute a
prospectus relating to the Company and does not constitute, or form
part of, any offer or invitation to sell or issue, or an invitation
to purchase investments of any description, or any solicitation of
any offer to subscribe for, any securities in the Company in any
jurisdiction 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
or act as any inducements to enter into, any contract therefor.
Copies of the Securities Note and Summary to be published by the
Company will be available from http://www.seqifund.com. A copy of
the Registration Document is currently available from
http://www.seqifund.com.
Recipients of this announcement who are considering acquiring
New Ordinary Shares are reminded that any such acquisition must be
made only on the basis of the information contained in the
Prospectus (or any supplementary prospectus) which may be different
from the information contained in this announcement and must not be
made in reliance on this announcement. The subscription for New
Ordinary Shares is subject to specific legal or regulatory
restrictions in certain jurisdictions. Persons distributing this
announcement must satisfy themselves that it is lawful to do so.
The Company assumes no responsibility in the event that there is a
violation by any person of such restrictions.
This announcement does not constitute and may not constitute and
may not be construed as a recommendation regarding the issue or the
provision of investment advice by any party. No information set out
in this announcement is intended to form the basis of any contract
of sale, investment decision or any decision to purchase
securities. Potential investors should consult a professional
advisor as to the suitability of an investment in the securities
for the person concerned.
The value of Ordinary Shares and the income from them is not
guaranteed and can fall as well as rise due to stock market and
currency movements. When you sell your investment you may get back
less than you originally invested. Figures refer to past
performance and past performance is not a reliable indicator of
future results. Returns may increase or decrease as a result of
currency fluctuations. Capital is at risk and investors need to
understand the risks of investing. Please refer to the Prospectus
for further information, in particular the "Risk Factors" section
set out in both the Securities Note and the Registration
Document.
Neither this announcement nor the information contained herein
is for release, publication or distribution, directly or
indirectly, in or into the United States, the Republic of 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. The Company has not been and will not be registered
under the U.S. Investment Company Act of 1940, as amended, and
neither International Fund Management Limited (the "Investment
Manager") nor Sequoia Investment Management Company
Limited (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-U.S. 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, and
should not be construed as, 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 or investment decision whatsoever, in
any jurisdiction. This announcement does not constitute a
recommendation regarding any securities.
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 the United States, the Republic of
South Africa, Canada, Australia, New Zealand or Japan or to, or for
the account or benefit of, any national, resident or citizen of the
United States, the Republic of South Africa, Canada, Australia, New
Zealand or Japan, Australia, New Zealand or the Republic of South
Africa. There will be no offer of the ordinary shares in the United
States, the Republic of South Africa, Canada, Australia, New
Zealand or Japan.
Certain statements in this announcement are forward-looking
statements which are based on the Company's expectations,
intentions and projections regarding its future performance,
anticipated events or trends and other matters that are not
historical facts. These forward-looking statements, which may use
words such as "aim", "anticipate", "believe", "could", "intend",
"estimate", "expect", and words of similar meaning, include all
matters that are not historical facts. These forward-looking
statements involve risks, assumptions and uncertainties that could
cause the actual results of operations, financial condition,
liquidity and dividend policy and the development of the
industries, which the Company's businesses operate to differ
materially from the impression created by forward-looking
statements. These statements are not guarantees of future
performance and are subject to known and uncertain risks,
uncertainties and other factors that could cause actual results to
differ materially from those express or implied by such
forward-looking statements. Given those risks and uncertainties,
prospective investors are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date of such statements and, except as required by the
Financial Conduct Authority, the London Stock Exchange or
applicable law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
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 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 is incorporated 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.
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.
Information for Distributors
Solely for the purposes of the product governance requirements
contained within: (a) EU Directive 2014/65/EU on markets in
financial instruments, as amended ("MiFID II"); (b) Articles 9 and
10 of Commission Delegated Directive (EU) 2017/593 supplementing
MiFID II; and (c) local implementing measures (together, the "MiFID
II Product Governance Requirements"), and disclaiming all and any
liability, whether arising in tort, contract or otherwise, which
any "manufacturer" (for the purposes of the Product Governance
Requirements) may otherwise have with respect thereto, the Ordinary
Shares have been subject to a product approval process, which has
determined that such securities are: (i) compatible with an end
target market of investors who meet the criteria of retail and
professional clients and eligible counterparties, each as defined
in MiFID II; and (ii) eligible for distribution through all
distribution channels as are permitted by MiFID II (the "Target
Market Assessment").
Notwithstanding the Target Market Assessment, distributors
should note that: the price of the Ordinary Shares may decline and
investors could lose all or part of their investment; the Ordinary
Shares offer no guaranteed income and no capital protection; and an
investment in Ordinary Shares is compatible only with investors who
do not need a guaranteed income or capital protection, who (either
alone or in conjunction with an appropriate financial or other
adviser) are capable of evaluating the merits and risks of such an
investment and who have sufficient resources to be able to bear any
losses that may result therefrom. The Target Market Assessment is
without prejudice to the requirements of any contractual, legal or
regulatory selling restrictions in relation to the Issue.
Furthermore, it is noted that, notwithstanding the Target Market
Assessment, Stifel will only procure investors who meet the
criteria of professional clients and eligible counterparties.
For the avoidance of doubt, the Target Market Assessment does
not constitute: (a) an assessment of suitability or appropriateness
for the purposes of MiFID II; or (b) a recommendation to any
investor or group of investors to invest in, or purchase, or take
any other action whatsoever with respect to the New Ordinary Shares
pursuant to the Issue.
Each distributor is responsible for undertaking its own Target
Market Assessment in respect of the New Ordinary Shares and
determining appropriate distribution channels.
Marketing disclosures pursuant to AIFMD (as defined below)
The Company is an externally managed alternative investment fund
and has appointed the Investment Manager (the "AIFM"), as its
alternative investment fund manager
Pursuant to Article 23 of AIFMD and the Alternative Investment
Fund Managers Regulations 2013 (No. 1173/2013) and the Investment
Funds Sourcebook of the FCA (the "UK AIFMD Rules"), the AIFM is
required to make available to persons in the European Union who are
invited to and who choose to participate in the Issue, by making an
oral or written offer to subscribe for New Ordinary Shares,
including any individuals, funds or others on whose behalf a
commitment to subscribe for New Ordinary Shares is given (the
"Subscribers") certain information (the "Article 23 Disclosures").
For the purposes of the Issue, the AIFM has made the Article 23
Disclosures available to subscribers in the 'Investor - Shareholder
Information' section of the Company's website at:
http://www.seqifund.com.
PRIIPS (as defined below)
In accordance with the Regulation (EU) No 1286/2014 of the
European Parliament and of the Council of 26 November 2014 on key
information documents for packaged retail and insurance-based
investment products ("PRIIPs") and its implementing and delegated
acts (the "PRIIPs Regulation"), the AIFM has prepared a key
information document (the "KID") in respect of the Ordinary Shares.
The KID is made available by the AIFM to "retail investors" prior
to them making an investment decision in respect of the Ordinary
Shares at http://www.seqifund.com.
If you are distributing Ordinary Shares, it is your
responsibility to ensure that the KID is provided to any clients
that are "retail clients".
The Company is the only manufacturer of the Ordinary Shares for
the purposes of the PRIIPs Regulation and neither Stifel nor the
AIFM are manufacturers for these purposes. Neither Stifel nor the
AIFM makes any representations, express or implied, or accepts any
responsibility whatsoever for the contents of the KID prepared by
the Company nor accepts any responsibility to update the contents
of the KID in accordance with the PRIIPs Regulation, to undertake
any review processes in relation thereto or to provide the KID to
future distributors of Ordinary Shares. Both Stifel and the AIFM
and their respective affiliates accordingly disclaim all and any
liability whether arising in tort or contract or otherwise which it
or they might have in respect of the key information documents
prepared by the Company. Investors should note that the procedure
for calculating the risks, costs and potential returns in the KID
are prescribed by laws. The figures in the KID may not reflect
actual returns for the Company and anticipated performance returns
cannot be guaranteed.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOELLFSDELILVIA
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