SQN Asset Finance Income Fund Ltd Monthly NAV, Dividend and Investment Update (4548F)
21 February 2018 - 6:00PM
UK Regulatory
TIDMSQN
RNS Number : 4548F
SQN Asset Finance Income Fund Ltd
21 February 2018
21 February 2018
SQN Asset Finance Income Fund Limited
Monthly Net Asset Value, Dividend and Investment Update
Net Asset Value
SQN Asset Finance Income Fund Limited (the "Company"), the
leading diversified equipment leasing fund listed in the UK, is
pleased to provide its monthly net asset value ("NAV") update.
As at 31 January 2018, the unaudited estimated NAV per ordinary
share (cum-income) was 98.97 pence. This includes the 0.6042 pence
per ordinary share dividend announced on 22 January 2018 that went
ex-dividend on 1 February 2018 and was paid on 19 February 2018. 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 98.36 pence.
As at 31 January 2018, the unaudited estimated NAV per C share
(cum-income) was 97.71 pence. This includes the 0.1667 pence per C
share dividend announced on 22 January 2018 that went ex-dividend
on 1 February 2018 and was paid on 19 February 2018. On a pro-forma
basis, the unaudited estimated NAV per C share, adjusted for the
payment of this dividend to holders of C shares, is 97.54
pence.
Dividends
The Company is pleased to announce a dividend of 0.6042 pence
per ordinary share for the month ended 31 January 2018, reflecting
an annualised dividend of 7.25 pence per share. The dividend will
be payable on 19 March 2018 to holders of ordinary shares on the
register on 2 March 2018. The ex-dividend date is 1 March 2018.
The Company is also pleased to announce a dividend on the C
Share of 0.1667 pence per C share for the month ended 31 January
2018. The dividend will be payable on 19 March 2018 to holders of C
shares on the register on 2 March 2018. The ex-dividend date is 1
March 2018.
Investment Update
Ordinary Shares
Within the ordinary share portfolio, the positive resolution of
the Snoozebox investment was announced on 2 February 2018.
Additionally, since the Company's announcement on 23 January
following the White House's announcement regarding the
implementation of tariffs to support the United States solar cell
manufacturing industry, a number of manufacturers have made public
plans to re-start or establish operations in the United States.
This was the expected market reaction and, consistent with this,
Suniva has been engaged with a number of parties with regard to
resuming production.
With the pay-out of approximately GBP3.0 million of investments
leading into January, since launch GBP42.3 million of investments
have been repaid in the Ordinary Shares with a weighted average
yield that exceeds the anticipated returns. This includes certain
transactions that required some degree of restructuring which, in
each case, resulted in yields in excess of 10%.
C Shares
The pace of investment within the C Share portfolio continues to
accelerate with another GBP4.2 million investment made this week
and additional investments expected to close before month-end,
including a GBP4.3 million investment in waste-processing
equipment. This week's investment was in a composting facility for
a consortium of mushroom growers.
Including the above, GBP59.0 million has been or will be
invested by the end of February, in a diversified portfolio which
includes material handling equipment, transportation equipment,
sub-sea infrastructure construction equipment, a combined heat and
power unit, as well as investments in the agricultural and
environmental sector. The average investment size in the C Share
portfolio is approximately GBP5.0 million compared with the
Ordinary Share portfolio which is greater than GBP7.0 million. The
funding calendar for March and April is expected to be busy as the
Company draws down on GBP16.0 million of commitments, works through
GBP53.0 million of approved transactions, and begins to covert a
pipeline of GBP64.0 million into closed investments.
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 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
END
MSCSEDFASFASELE
(END) Dow Jones Newswires
February 21, 2018 02:00 ET (07:00 GMT)
Slf Realisation (LSE:SLFR)
Historical Stock Chart
From Apr 2024 to May 2024
Slf Realisation (LSE:SLFR)
Historical Stock Chart
From May 2023 to May 2024