TIDMSEQI
RNS Number : 7670Z
Sequoia Economic Infra Inc Fd Ld
22 May 2019
THIS ANNOUNCEMENT IS NOT FOR RELEASE, DISTRIBUTION OR
PUBLICATION, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED
STATES (INCLUDING TO U.S. PERSONS, AS SUCH TERM IS DEFINED UNDER
REGULATION S OF THE US SECURITIES ACT OF 1933, AS AMED, THE
"SECURITIES ACT"), CANADA, AUSTRALIA, NEW ZEALAND, JAPAN OR THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
22 May 2019
Sequoia Economic Infrastructure Income Fund Limited (the
"Company" or "SEQI")
Increase in Dividend Target
The Board of SEQI (the "Board"), the specialist investor in
economic infrastructure debt, is pleased to announce that it has
increased the Company's dividend target from the current level of 6
pence per ordinary share of no par value (the "Shares") per annum,
to target a dividend of 6.25 pence per Share per annum (payable
quarterly).
The increase of the Company's dividend target of approximately
4.1 per cent. takes into account the increase in the Company's net
asset value ("NAV") from 98.0 pence per Share following its IPO in
March 2015 to the latest available NAV of 102.6 pence per Share
(excluding the dividend declared in respect of the quarter ended 31
March 2019). In absence of any unforeseen circumstances, it is
expected that the first dividend to be declared under the new
target will be in respect of the quarter ending 30 June 2019.
The Company will continue to target growth in its NAV per Share
of between one and two per cent. per annum over the long term.
Robert Jennings, Chairman of SEQI commented:
"SEQI has performed well since its IPO in March 2015 and has met
its existing dividend target while growing its NAV by over 4 per
cent.. Accordingly, the Board has decided that it would be
appropriate to rebase the Company's dividend target to reflect the
underlying growth in its asset value since launch.
The Board believes that the investment opportunity in the
economic infrastructure debt market remains compelling and we are
confident of the Company's ability to generate attractive returns
for shareholders without compromising the risk profile of our
portfolio."
For further information please contact:
Sequoia Investment Management Company
Steve Cook
Dolf Kohnhorst
Randall Sandstrom
Greg Taylor +44 (0) 20 7079 0480
Stifel Nicolaus Europe Limited
Neil Winward
Mark Bloomfield
Gaudi Le Roux +44 (0) 20 7710 7600
Praxis Fund Services Limited (Company
Secretary)
Matthew Falla +44 (0) 1481 755530
Tulchan Communications (Financial
PR)
James Macey White
Martin Pengelley
Elizabeth Snow +44 (0)20 7353 4200
Important Notes:
The target dividend and NAV returns stated above should not be
taken as an indication of the Group's expected future performance
or results over any period and does not constitute a profit
forecast. It is intended to be a target only and there is no
guarantee that it can or will be achieved. It should not be seen as
an indication of the Group's expected or actual return.
Accordingly, potential investors should not place any reliance on
the target figures stated above in deciding whether to invest in
the Shares. The increase in the dividend target is not an
indication that the dividend level will be adjusted annually going
forward.
The information contained in this announcement may constitute
inside information. The person responsible for the release of this
announcement on behalf of the Company is Praxis Fund Services
Limited.
About the Company
The Company seeks to provide investors with regular, sustained,
long-term distributions and capital appreciation from a diversified
portfolio of senior and subordinated economic infrastructure debt
investments. The Company is advised by Sequoia Investment
Management Company Limited
LEI: 2138006OW12FQHJ6PX91
Important Notices
Neither this announcement nor the information contained herein
is for release, publication or distribution, directly or
indirectly, in or into the United States, South Africa, Canada,
Australia, New Zealand or Japan or any other jurisdiction where to
do so might constitute a violation of the relevant laws or
regulations of such jurisdiction. The securities referred to herein
have not been and will not be registered under the relevant
securities laws of any such excluded territory.
This announcement does not contain, constitute or form part of
an offer for sale of, resale of, transfer of or delivery of or the
solicitation of an offer to purchase directly or indirectly,
securities in the United States or to, or for the account or
benefit of a U.S. Person (as defined in Regulation S of the
Securities Act). The securities referred to herein have not been,
and will not, be registered under the Securities Act or any other
applicable securities laws of, or with any securities regulatory
authority of, any state or other jurisdiction of the United States,
and may not be offered, sold, resold, transferred or delivered,
directly or indirectly, in the United States or to, or for the
account or benefit of, any U.S. Person absent registration or an
applicable exemption from the registration requirements of the
Securities Act. Although the issuer does not intend to register any
part of the proposed offering in the United States, any public
offering in the United States would be made by means of a
prospectus that could be obtained from the issuer and would contain
detailed information about the company and management, as well as
financial statements. The Company has not been and will not be
registered under the U.S. Investment Company Act of 1940, as
amended, and neither International Fund Management nor Sequoia
Investment Management Company will be registered as an investment
adviser under the U.S. Investment Advisers Act of 1940, as amended.
Consequently, investors will not be entitled to the benefits and
protections of the U.S. Investment Company Act of 1940, as amended
or the U.S. Investment Advisers Act of 1940, as amended. The Shares
of the Company will be offered and sold only to non-US persons
outside the United States in reliance on Regulation S under the
Securities Act. There will be no offer of the Company's securities
in the United States. The distribution of this document may also be
restricted by law in other jurisdictions.
This announcement does not constitute or form part of, and
should not be construed as, any offer or invitation to sell, or any
solicitation of any offer to purchase or subscribe for any Shares
any other securities 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, any contract or investment decision whatsoever, in
any jurisdiction. This announcement does not constitute a
recommendation regarding any securities.
The distribution of this announcement may be restricted by law
in certain jurisdictions and persons into whose possession any
document or other information referred to herein comes should
inform themselves about, and observe, any such restrictions. Any
failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.
Subject to certain exceptions, the securities referred to herein
may not be offered or sold in the United States, South Africa,
Canada, Australia, New Zealand or Japan or to, or for the account
or benefit of, any national, resident or citizen of the United
States, Canada, Japan, Australia, New Zealand or South Africa.
There will be no offer of the Shares in the United States, Canada,
South Africa, Japan, Australia or New Zealand.
Certain statements in this announcement are forward-looking
statements which are based on the Company's expectations,
intentions and projections regarding its future performance,
anticipated events or trends and other matters that are not
historical facts. These forward-looking statements, which may use
words such as "aim", "anticipate", "believe", "could", "intend",
"estimate", "expect", and words of similar meaning, include all
matters that are not historical facts. These forward-looking
statements involve risks, assumptions and uncertainties that could
cause the actual results of operations, financial condition,
liquidity and dividend policy and the development of the
industries, which the Company's businesses operate to differ
materially from the impression created by forward-looking
statements. These statements are not guarantees of future
performance and are subject to known and uncertain risks,
uncertainties and other factors that could cause actual results to
differ material from those express or implied by such
forward-looking statements. Given those risks and uncertainties,
prospective investors are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date of such statements and, except as required by the
Financial Conduct Authority, the London Stock Exchange or
applicable law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
Stifel Nicolaus Europe Limited ("Stifel"), which is authorised
and regulated in the United Kingdom by the Financial Conduct
Authority, is acting exclusively for the Company and no-one else in
connection with the potential equity raise described in the
announcement by the Company on 14 May 2019. Stifel will not regard
any other person as its client in relation to the potential equity
raise and will not be responsible to anyone other than the Company
for providing the protections afforded to its clients, nor for
providing advice in relation to the potential equity raise, the
contents of this announcement or any transaction, arrangement or
other matter referred to herein.
Neither Stifel nor any of its directors, officers, employees,
advisers, affiliates or agents accepts any responsibility or
liability whatsoever for/or makes any representation or warranty,
express or implied, as to the truth, accuracy or completeness of
the information in this announcement (or whether any information
has been omitted from the announcement) or any other information
relating to the Company or its subsidiary, whether written, oral or
in a visual or electronic form, and howsoever transmitted or made
available or for any loss howsoever arising from any use of the
announcement or its contents or otherwise arising in connection
therewith.
The Company is incorporated in Guernsey and has been registered
as a registered closed-ended collective investment scheme under the
Protection of Investors (Bailiwick of Guernsey) Law, 1987, as
amended. It is suitable only for professional or experienced
investors, or those who have taken appropriate professional
advice.
You are wholly responsible for ensuring that all aspects of the
Company are acceptable to you. Investment in listed funds may
involve special risks that could lead to a loss of all or a
substantial portion of such investment. Unless you fully understand
and accept the nature of the Company and the potential risks
inherent in it you should not invest in the Company.
Further information in relation to the regulatory treatment of
listed funds domiciled in Guernsey may be found on the website of
the Guernsey Financial Services Commission at
http://www.gfsc.gg/The-Commission/Pages/Home.aspx.
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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