TIDMSEQI
RNS Number : 9322Q
Sequoia Economic Infra Inc Fd Ld
03 March 2021
THIS ANNOUNCEMENT IS NOT FOR RELEASE, DISTRIBUTION OR
PUBLICATION, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED
STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN OR THE REPUBLIC OF
SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT HAS BEEN DETERMINED TO CONTAIN INSIDE
INFORMATION
3 March 2021
Sequoia Economic Infrastructure Income Fund Limited ("SEQI" or
the "Company")
Result of Placing and Total Voting Rights
Further to the announcement on 23 February 2021, the Board of
Directors of SEQI, the specialist investor in economic
infrastructure debt, announces that the Placing of new ordinary
shares has raised GBP110m of gross proceeds. A total of 104,513,064
new ordinary shares will be issued at a price of 105.25 pence per
share.
Application has been made for the new ordinary shares to be
admitted to the premium listing segment of the Official List of the
UK Listing Authority and to trading on the Main Market of the
London Stock Exchange ("Admission"). It is expected that Admission
will become effective and dealings in the new ordinary shares will
commence at 8.00 a.m. on 5 March 2021.
Following Admission, the number of ordinary shares that the
Company has in issue will be 1,763,120,710. This amount includes
shares issued under the Company's Scrip Dividend programme as well
as shares issued to the Investment Adviser in lieu of its fees,
both of which have been separately announced on 1 March 2021. The
total number of voting rights of the Company will be 1,763,120,710
and this figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change to their interest in the
Company.
Robert Jennings, Chairman of Sequoia Economic Infrastructure
Income Fund said:
"We are delighted with the support from our shareholders,
particularly given the significant turbulence across global fixed
income markets over the last week. The new proceeds will be used to
repay drawings under our debt facilities, thereby allowing our
Investment Adviser to re-draw on these facilities as it deploys
selectively into our pipeline of investment opportunities."
Steve Cook, Head of Portfolio Management at Sequoia Investment
Management Company said:
"We have closely monitored the investment portfolio since the
COVID-19 pandemic induced a sharp downturn in markets generally
last year and have been pleased with both the underlying
performance of the economic infrastructure projects and with the
material improvement in NAV. We believe the portfolio is well
positioned for a potentially higher interest rate investment
environment with 60 per cent. of the Company's loans being floating
rate linked and very few long-dated fixed rate loans, which could
allow the Company to secure higher returns in the long term."
Dealing codes
The ticker for the Company's ordinary shares is SEQI. The ISIN
for the Company's ordinary shares is GG00BV54HY67 and the SEDOL is
BV54HY6.
The Placing is conditional, among other things, on Admission
being effective. Any defined terms used in this announcement are as
set out in the announcement on 23 February 2021.
The information contained in this announcement constitutes
inside information. The person responsible for the release of this
announcement on behalf of the Company is Praxis Fund Services
Limited.
LEI: 2138006OW12FQHJ6PX91
For further information:
Sequoia Investment Management Company +44 (0) 20 7079 0480
Steve Cook
Dolf Kohnhorst
Randall Sandstrom
Greg Taylor
Jefferies International Limited +44 (0) 20 7029 8000
Neil Winward
Gaudi Le Roux
Tulchan Communications (Financial PR) +44 (0) 20 7353 4200
Martin Pengelley
Elizabeth Snow
Laura Marshall
Praxis Fund Services Limited (Company
Secretary) +44 (0) 1481 755530
Matt Falla
Katrina Rowe
About Sequoia Economic Infrastructure Income Fund Limited
The Company is a Guernsey registered closed-ended investment
company that 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.
Important Notices
This announcement is not an offer to sell or a solicitation of
any offer to buy the New Ordinary Shares in the United States,
Australia, Canada, New Zealand or the Republic of South Africa,
Japan, or in any other jurisdiction where such offer or sale would
be unlawful.
This communication is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This communication is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States,
except pursuant to an applicable exemption from registration. No
public offering of securities is being made in the United
States.
The Company has not been and will not be registered under the US
Investment Company Act of 1940 (the "Investment Company Act") and,
as such, holders of the New Ordinary Shares will not be entitled to
the benefits of the Investment Company Act. No offer, sale, resale,
pledge, delivery, distribution or transfer of the New Ordinary
Shares may be made except under circumstances that will not result
in the Company being required to register as an investment company
under the Investment Company Act.
This communication is only addressed to, and directed at,
persons in member states of the European Economic Area who are
"qualified investors" within the meaning of Article 2(e) of the
Prospectus Regulation ("Qualified Investors"). For the purposes of
this provision, the expression "Prospectus Regulation" means
Regulation (EU) 2017/1129. In the United Kingdom, this
communication is being distributed only to, and is directed only
at, "qualified investors" (as defined in the UK version of the
Prospectus Regulation, which forms part of UK law by virtue of the
European Union (Withdrawal) Act 2018 (as amended from time to
time)): (i) who have professional experience in matters relating to
investments who fall within the definition of "investment
professional" in Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005, as amended (the
"Order"), or (ii) who are high net worth companies, unincorporated
associations and partnerships and trustees of high value trusts as
described in Article 49(2) of the Order, and (iii) other persons to
whom it may otherwise lawfully be communicated (all such persons
together being referred to as "relevant persons"). Any investment
or investment activity to which this communication relates is
available only to and will only be engaged in with such persons.
This communication must not be acted on or relied on in any member
state of the European Economic Area who are not Qualified Investors
or in the United Kingdom by persons who are not relevant
persons.
The merits or suitability of any securities must be
independently determined by the recipient on the basis of its own
investigation and evaluation of the proposed investment trust. Any
such determination should involve, among other things, an
assessment of the legal, tax, accounting, regulatory, financial,
credit and other related aspects of the securities.
This announcement may not be used in making any investment
decision. This announcement does not contain sufficient information
to support an investment decision and investors should ensure that
they obtain all available relevant information before making any
investment. This announcement does not constitute and may not be
construed as an offer to sell, or an invitation to purchase or
otherwise acquire, investments of any description, nor as a
recommendation regarding the possible offering or the provision of
investment advice by any party. No information in this announcement
should be construed as providing financial, investment or other
professional advice and each prospective investor should consult
its own legal, business, tax and other advisers in evaluating the
investment opportunity. No reliance may be placed for any purposes
whatsoever on this announcement or its completeness.
Nothing in this announcement constitutes investment advice and
any recommendations that may be contained herein have not been
based upon a consideration of the investment objectives, financial
situation or particular needs of any specific recipient.
The information and opinions contained in this announcement are
provided as at the date of the document and are subject to change
and no representation or warranty, express or implied, is or will
be made in relation to the accuracy or completeness of the
information contained herein and no responsibility, obligation or
liability or duty (whether direct or indirect, in contract, tort or
otherwise) is or will be accepted by the Company, the Investment
Adviser, Jefferies or any of their affiliates or by any of their
respective officers, employees or agents in relation to it. No
reliance may be placed for any purpose whatsoever on the
information or opinions contained in this announcement or on its
completeness, accuracy or fairness. The document has not been
approved by any competent regulatory or supervisory authority.
Potential investors should be aware that any investment in the
Company is speculative, involves a high degree of risk, and could
result in the loss of all or substantially all of their investment.
Results can be positively or negatively affected by market
conditions beyond the control of the Company or any other person.
The returns set out in this document are targets only. There is no
guarantee that any returns set out in this document can be achieved
or can be continued if achieved, nor that the Company will make any
distributions whatsoever. There may be other additional risks,
uncertainties and factors that could cause the returns generated by
the Company to be materially lower than the returns set out in this
announcement. Past performance cannot be relied on as a guide to
future performance.
The information in this announcement may include forward-looking
statements, which are based on the current expectations and
projections about future events and in certain cases can be
identified by the use of terms such as "may", "will", "should",
"expect", "anticipate", "project", "estimate", "intend",
"continue", "target", "believe" (or the negatives thereon) or other
variations thereon or comparable terminology. These forward-looking
statements, as well as those included in any related materials, are
subject to risks, uncertainties and assumptions about the Company,
including, among other things, the development of its business,
trends in its operating industry, and future capital expenditures
and acquisitions. In light of these risks, uncertainties and
assumptions, the events in the forward-looking statements may not
occur.
Each of the Company, the Investment Adviser, Jefferies and their
affiliates and their respective officers, employees and agents
expressly disclaim any and all liability which may be based on this
announcement and any errors therein or omissions therefrom.
No representation or warranty is given to the achievement or
reasonableness of future projections, management targets,
estimates, prospects or returns, if any. Any views contained herein
are based on financial, economic, market and other conditions
prevailing as at the date of this announcement. The information
contained in this announcement will not be updated.
This announcement does not constitute or form part of, and
should not be construed as, any offer or invitation or inducement
for sale, transfer or subscription of, or any solicitation of any
offer or invitation to buy or subscribe for or to underwrite, any
share in the Company or to engage in investment activity (as
defined by the Financial Services and Markets Act 2000) in any
jurisdiction 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.
Prospective investors should take note that the Company's
Ordinary Shares may not be acquired by: (i) investors using assets
of: (A) an "employee benefit plan" as defined in Section 3(3) of US
Employee Retirement Income Security Act of 1974, as amended
("ERISA") that is subject to Title I of ERISA; (B) a "plan" as
defined in Section 4975 of the US Internal Revenue Code of 1986, as
amended (the "US Tax Code"), including an individual retirement
account or other arrangement that is subject to Section 4975 of the
US Tax Code; or (C) an entity which is deemed to hold the assets of
any of the foregoing types of plans, accounts or arrangements that
is subject to Title I of ERISA or Section 4975 of the US Tax Code;
or (ii) a governmental, church, non-US or other employee benefit
plan that is subject to any federal, state, local or non-US law
that is substantially similar to the provisions of Title I of ERISA
or Section 4975 of the US Tax Code.
Jefferies is authorised and regulated in the United Kingdom by
the Financial Conduct Authority. Jefferies is acting for the
Company and no one else in connection with the Placing, and will
not be responsible to anyone other than the Company for providing
the protections afforded to clients of Jefferies or for affording
advice in relation to any transaction or arrangement referred to in
this announcement. This announcement does not constitute any form
of financial opinion or recommendation on the part of Jefferies or
any of its affiliates and is not intended to be an offer, or the
solicitation of any offer, to buy or sell any securities. Regulated
services with respect to EU27 countries and EU27 investors shall be
undertaken by such of Jefferies International Limited's affiliates
as Jefferies acting in good faith thinks fit and references to
Jefferies International Limited shall be read as references to such
affiliate(s).
Jefferies is entitled, at its discretion and out of its own
resources, at any time to rebate to third parties (including the
Investment Adviser) part or all of its fees relating to the
Placing.
In accordance with the UK version of the Packaged Retail and
Insurance-based Investment Products Regulation (EU) No 1286/2014
which forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018 (as amended from time to time), the Key
Information Document relating to the Company is available to
investors at www.seqifund.com.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEEANDAEELFEFA
(END) Dow Jones Newswires
March 03, 2021 02:00 ET (07:00 GMT)
Sequoia Economic Infrast... (LSE:SEQI)
Historical Stock Chart
From Apr 2024 to May 2024
Sequoia Economic Infrast... (LSE:SEQI)
Historical Stock Chart
From May 2023 to May 2024