SQN Asset Finance Income Fund Ltd Monthly NAV, Dividend and Portfolio Update (6884L)
21 July 2017 - 4:00PM
UK Regulatory
TIDMSQN
RNS Number : 6884L
SQN Asset Finance Income Fund Ltd
21 July 2017
21 July 2017
SQN Asset Finance Income Fund Limited
LEI: 2138007S3YRY3IUU4W39
Monthly Net Asset Value. Dividend and Portfolio Update
Net Asset Value
SQN Asset Finance Income Fund Limited (the "Company" or "SQN"),
the leading diversified equipment leasing fund listed in the UK, is
pleased to provide its monthly net asset value ("NAV") update.
As at 30 June 2017, the unaudited estimated NAV per ordinary
share (cum-income) was 99.63 pence. This includes the 0.6042 pence
per ordinary share dividend announced on 21 June 2017 that went
ex-dividend on 6 July 2017 and was paid on 19 July 2017. On a
pro-forma basis, the unaudited estimated NAV per ordinary share,
adjusted for the payment of this dividend to holders of ordinary
shares, is 99.03 pence.
As at 30 June 2017, the unaudited estimated NAV per C share was
98.06 pence.
Dividends
The Company is pleased to announce a dividend of 0.6042 pence
per ordinary share for the month ended 30 June 2017, reflecting an
annualised dividend of 7.25 pence per share. The dividend will be
payable on 18 August 2017 to holders of ordinary shares on the
register on 4 August 2017. The ex-dividend date is 3 August
2017.
The Board also has pleasure in declaring the second interim
dividend on the C share of 0.3 pence per C share for the 3-month
period to 30 June 2017. The dividend will be payable on 18 August
2017 to holders of C shares on the register on 4 August 2017. The
ex-dividend date is 3 August 2017.
Ordinary Share Investment Update
Further to the announcement on 19 April 2017, the United States
solar cell manufacturer investment remains held at cost with no
income accruing. Whilst progress towards a resolution is complex
and involves a decision process that neither the solar company nor
SQN can control, since the date of the announcement, progress has
been in-line with expectations. There have been a number of
developments that can be viewed as favourable although there can be
no assurance that they will affect the outcome. The most material
development is that the other major solar manufacturer operating in
the United States has joined the petition and, as such, more than
90% of the industry is now being represented in the action.
Additionally, an unrelated financial investor has joined with SQN
to provide funds to support the solar company and pursue the 201
Trade Case based on their strong belief that the company will be
successful in being granted the compensation and protections being
sought. At the same time, the solar company has been engaged in
conversations with multiple parties concerning forward-selling as
much as 100% of its production capacity in 2018, pending a
resolution that incorporates varying degrees of the requested
remedies.
The next steps in the process are a public hearing at the
International Trade Commission on 15 August 2017 and, most
importantly, the Commission's findings on 22 September 2017. If the
Commission finds that there have been damages, it has until 10
October 2017 to make a recommendation to the White House. The White
House will then have up to 60 days to make a final decision.
As also previously reported, legal action has commenced to force
payment under the guarantee from the parent company. Summary
judgement has been entered in New York Court and is awaiting the
judge's sign-off which is expected by 28 August 2017 after which
legal enforcement will commence.
'C' Share Investment Update
The Company has allocated GBP49 million of capital between drawn
and committed investments. An additional GBP19 million of
transactions have been approved, together with a pipeline of GBP114
million. May and June were relatively slow months in terms of
deployment but the pace has picked up in July keeping the Company
on track to convert the C shares into ordinary shares by year end,
following the resolution of the U.S. solar investment.
For further information please contact:
SQN Capital Management,
LLC
Jeremiah Silkowski
Neil Roberts 01932 575 888
Winterflood Securities Limited 020 3100 0000
Neil Langford
Chris Mills
Buchanan
Charles Ryland
Vicky Hayns
Henry Wilson 020 7466 5000
Notes to Editor
The Company invests in equipment lease and asset finance
arrangements across a diverse portfolio of assets and industries
predominantly in the UK, Northern Europe and US. The Company
focuses on business-essential, revenue-producing (or cost saving)
equipment and other assets with high in-place value and long
economic life relative to the investment term.
The Company's Investment Managers are SQN Capital Management,
LLC, a Registered Investment Advisor with the United States
Securities and Exchange Commission and its subsidiary, SQN Capital
Management (UK) Limited. The principals responsible for managing
the portfolio are Jeremiah Silkowski and Neil Roberts.
This information is provided by RNS
The company news service from the London Stock Exchange
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