SQN Secured Income Fund PLC Result of General Meeting (5345Q)
19 June 2020 - 9:30PM
UK Regulatory
TIDMSSIF
RNS Number : 5345Q
SQN Secured Income Fund PLC
19 June 2020
SQN Secured Income Fund Plc
LEI: 213800TR2S2TT6PKVH57
19 June 2020
SQN SECURED INCOME FUND PLC
(the "Company")
Results of General Meeting
The Directors announce that at the general meeting of the
Company held earlier today (the "General Meeting"), in accordance
with the Directors' recommendation set out in the shareholder
circular dated 26 May 2020 (the "Circular"), the resolution in
connection with the continuation of the Company as set out in the
Circular (the "Continuation Resolution") was not passed by
shareholders.
As explained in the circular to shareholders dated 26 May 2020,
the Directors acknowledge that the Company has not, since launch,
scaled in the manner the Board, the manager and shareholders had
hoped and the Directors have been considering the future of the
Company in the light of this. In addition, under the Company's
Articles of Association, as the Company did not have a Net Asset
Value of at least GBP250 million as at 31 December 2019, the
Directors were required to convene a general meeting to propose an
ordinary resolution to shareholders to approve the continuation of
the Company as an investment trust.
As indicated above, shareholders did not vote in favour of
continuation of the Company. Accordingly, the directors are
required under the Articles of Association to convene a further
general meeting of the Company to be held within 90 days of the
date of the General Meeting to consider a special resolution to
approve the voluntary winding up or other reconstruction of the
Company. Therefore, the Board will now undertake a strategic review
into the future of the Company, in particular examining the likely
returns to shareholders and the timing of any managed wind down of
the investment portfolio compared to other options to return
capital to shareholders or the creation of a more liquid investment
in a larger vehicle listed on the London Stock Exchange. The Board
will consult with shareholders as part of the strategic review
process and intends to inform shareholders of the outcome of the
strategic review at the end of August 2020 with a view to holding
the required general meeting in September 2020.
Details of the number of proxy votes cast for, against and
withheld in respect of the Continuation Resolution (which was held
on a poll) are set out below and will also be published on the
Company's website, www.kkvim.com/sqn-secured-income-fund/ .
Ordinary Resolution For Discretion Against Withheld*
That, in accordance
with Article 190.3
of the articles
of association
of the Company,
the continuation
of the Company
be approved. 6,599.940 0 31,751,044 135,000
*A vote withheld is not a vote in law and has not been counted
in the votes for and against the Continuation Resolution.
Alternate Director Appointment
The Board announces the appointment of Mr Douglas Armstrong as
an alternate independent, non-executive Director for Mr David
Stevenson with effect from the start of the General Meeting until
the conclusion of the General Meeting. Mr Armstrong is a solicitor
at Dickson Minto W.S., the Company's lawyers. Mr Armstrong acted as
Chairperson of the meeting.
There is no other information required to be disclosed pursuant
to paragraph 9.6.13R of the Listing Rules in relation to this
appointment.
Enquiries:
KKV Investment Management Ltd tel: +44 20 7429
Catherine Halford Riera 2200
Nicola Bird
finnCap Ltd. tel: +44 20 7220
Corporate Finance: 0500
William Marle / Giles Rolls
Sales:
Mark Whitfeld
Kepler Partners LLP tel: +44 20 3384
Hugh van Cutsem 8790
Buchanan Communications tel: +44 20 7466
Charles Ryland/Henry Wilson 5000
Notes:
Neither the Company's website nor the content of any website
accessible from hyperlinks on those websites (or any other website)
is (or is deemed to be) incorporated into, or forms (or is deemed
to form) part of this announcement.
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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