SQN Asset Finance Income Fund Ltd Monthly NAV and Dividend (3562Y)
21 August 2018 - 4:00PM
UK Regulatory
TIDMSQN
RNS Number : 3562Y
SQN Asset Finance Income Fund Ltd
21 August 2018
21 August 2018
SQN Asset Finance Income Fund Limited
Monthly Net Asset Value and Dividend
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 July 2018, the unaudited estimated NAV per ordinary
share was 97.35 pence (see below)*.
As at 31 July 2018, the unaudited estimated NAV per C share was
97.59 pence (see below)*.
Dividends
The Company is pleased to announce a dividend of 0.6042 pence
per ordinary share for the month ended 31 July 2018, reflecting an
annualised dividend of 7.25 pence per share. The dividend will be
payable on 17 September 2018 to holders of ordinary shares on the
register on 31 August 2018. The ex-dividend date is 30 August
2018.
The Company is also pleased to announce a dividend on the C
Share of 0.4167 pence per C share for the month ended 31 July 2018,
reflecting an annualised dividend of 5.00 pence per share The
dividend will be payable on 17 September 2018 to holders of C
shares on the register on 31 August 2018. The ex-dividend date is
30 August 2018.
Based on the further deployment of capital in the C Shares, the
Company is on target to pay a full dividend, at an annualised rate
of 7.25%, on the C Shares for the month ending 31 August 2018.
IFRS 9 Update
The Company has formally adopted IFRS 9 from 1 July 2018 and is
publishing the July 2018 NAV under this new accounting
standard.
The implementation of IFRS 9 decreases the Company's NAV by
approximately 40 bps in respect of the Ordinary Shares in addition
to the 69 bps impairment in respect of Suniva taken under IAS 39 in
June 2018.
In respect of the C Shares, the decrease in the Company's NAV,
due to IFRS 9, is approximately 3 bps.
Given that the adjustment to the NAV is purely driven by a
revised accounting methodology, it will have no impact on the
Company's future cash flows. The Board, therefore, expects the
Company to continue to pay a dividend of 7.25 pence per annum on
both its Ordinary and 'C' Shares going forward.
A short explanatory note with additional information about IFRS
9 is being made available on the Company's website
www.sqncapital.com/managed-funds/sqn-asset-finance-income-fund.
*NAV Footnote
The Ordinary Share NAV includes an adjustment of 40 bps in
respect of the Company adopting IFRS 9 with effect from 1st July
2018. This is also net of the 0.6042 pence per ordinary share
dividend announced on 23 July 2018 that went ex-dividend on 2
August 2018 and was paid on 16 August 2018.
The C Share NAV includes an adjustment of 3 bps in respect of
the Company adopting IFRS 9 with effect from 1st July 2018. This is
also net of the 0.3333 pence per C share dividend announced on 23
July 2018 that went ex-dividend on 2 August 2018 and was paid on 16
August 2018.
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
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 Neil Roberts and Jeremiah Silkowski.
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
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