TIDMSQN
RNS Number : 6782O
SQN Asset Finance Income Fund Ltd
09 November 2016
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES,
AUSTRALIA, CANADA OR JAPAN.
This announcement is an advertisement and does not constitute a
prospectus and investors must only subscribe for or purchase any
shares referred to in this announcement on the basis of information
contained in a prospectus published by SQN Asset Finance Income
Fund Limited (the "Company") on 8 November 2016 (the "Prospectus")
and not in reliance on this announcement. Copies of the Prospectus
may, subject to any applicable law, be obtained from the registered
office of the Company. This announcement does not constitute and
may not be construed as, an offer to sell or an invitation to
purchase, investments of any description, a recommendation
regarding the issue or the provision of investment advice by any
party. No information set out in this announcement or referred to
in other written or oral form is intended to form the basis of any
contract of sale, investment decision or any decision to purchase
shares in the Company.
9 November 2016
SQN Asset Finance Income Fund Limited
Placing, Open Offer and Offer for Subscription
SQN Asset Finance Income Fund Limited announced on 8 November
2016, that it had published a prospectus in connection with the
Placing, Open Offer and Offer for Subscription for a target issue
of 150 million C Shares at 100 pence per C Share (the "Issue"). The
Directors have also reserved the right to increase the size of the
Issue to up to 180 million C Shares if the overall demand exceeds
150 million C Shares.
Placing, Open Offer and Offer for Subscription
The Issue is being implemented by way of a Placing, Open Offer
and Offer for Subscription. The inclusion of an Open Offer ensures
that approximately 50 per cent. of the total number of C Shares
available under the Issue will first be made available to existing
shareholders.
Under the Open Offer, existing shareholders are entitled to
subscribe for up to an aggregate of 89,426,876 C Shares pro rata to
their holdings of existing ordinary shares on the basis of 1 C
Share for every 4 ordinary shares held at close of business on 4
November 2016.
The balance of C Shares to be made available under the Issue,
together with any C Shares not taken up pursuant to the Open Offer,
will be made available under the Excess Application Facility, the
Placing and the Offer for Subscription.
Benefits of the Issue
The Board believes that the Issue and its terms have the
following principal benefits for shareholders:
-- an increase in the market capitalisation of the Company which
can be expected to improve market liquidity of the Company's
Shares. This may enhance the marketability of the Company and may
result in a broader investor base over the longer term;
-- an increase in the net asset value will allow the Company to
make a larger number of investments which will potentially allow
for greater diversification within the Company's portfolio;
-- provides a larger equity base over which the fixed costs of
the Company may be spread, thereby reducing the Company's ongoing
charges ratio;
-- the inclusion of an Open Offer ensures that approximately 50
per cent. of the total number of C Shares available under the Issue
will first be made available to existing shareholders which allows
existing shareholders to increase the size of their investment;
-- any C Shares not taken up under the Open Offer will be made
available under the Excess Application Facility, the Placing and
Offer for Subscription, thereby enabling existing shareholders to
subscribe for more than their Open Offer Entitlement whilst also
enabling the Company to attract new investors, thereby diversifying
its shareholder base; and
-- provides new shares which will help meet investor demand for
investment in the Company which cannot be met in the secondary
market, as reflected by the prevailing premium to net asset value
at which the ordinary shares currently trade.
Extraordinary General Meeting
The Prospectus, which has been posted to shareholders, includes
a notice to convene an extraordinary general meeting to be held at
10.30 a.m. (London time) on 5 December 2016 in order to obtain
shareholders' approval for the disapplication of pre-emption rights
in connection with the implementation of the Issue.
Admission and dealings
Applications will be made to the London Stock Exchange and to
the UKLA for the C Shares to be admitted to trading on the main
market of the London Stock Exchange and the premium segment of the
Official List, respectively. It is expected that admission will
become effective and that dealings in the C Shares will commence on
or around 12 December 2016.
Terms used in this announcement shall, unless the context
otherwise requires, bear the meanings given to them in the
Prospectus.
For further information please contact:
SQN Capital Management
Jeremiah Silkowski
Neil Roberts 01932 575 888
Winterflood Securities
Limited
Neil Langford
Chris Mills 020 3100 0000
Buchanan
Charles Ryland
Victoria Hayns 020 7466 5000
Important Information
The content of this announcement, which has been prepared by and
is the sole responsibility of SQN Asset Finance Income Fund Limited
(the "Company"), has been approved by Winterflood Securities
Limited ("Winterflood") solely for the purposes of section 21(2)
(b) of the Financial Services and Markets Act 2000 (as
amended).
This announcement is an advertisement. It 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 any
solicitation of any offer to purchase or subscribe for, any shares
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 inducement to enter into, any
contract therefor.
Recipients of this announcement who are considering acquiring
shares in the Company are reminded that any such acquisition must
be made only on the basis of the information contained in the
Prospectus and any supplement or supplements thereto which may be
different from the information contained in this announcement.
Winterflood Securities Limited ("Winterflood"), which is
authorised and regulated by the Financial Conduct Authority, is
acting only for the Company in connection with the matters
described in this announcement and is not acting for or advising
any other person, or treating any other person as its client, in
relation thereto and will not be responsible for providing the
regulatory protection afforded to clients of Winterflood or advice
to any other person in relation to the matters contained
herein.
The shares of the Company have not been, nor will they be,
registered under the US Securities Act of 1933, as amended, or with
any securities regulatory authority of any state or other
jurisdiction of the United States or under the applicable
securities laws of Australia, Canada or Japan. Further, the Company
has not been and will not be registered under the US Investment
Company Act of 1940, as amended. Subject to certain exceptions, the
shares of the Company may not be offered or sold in any member
state of the EU other than the United Kingdom, the United States of
America, Australia, Canada or Japan or to or for the account or
benefit of any national, resident or citizen of any member state of
the EU other than the United Kingdom, Australia, Canada or Japan or
any person located in the United States. The Issue and the
distribution of this announcement in other jurisdictions may be
restricted by law and the persons into whose possession this
announcement comes should inform themselves about, and observe, any
such restrictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEBIBDBCXGBGLI
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