TIDMSQN
RNS Number : 1040N
SQN Asset Finance Income Fund Ltd
21 October 2016
21 October 2016
THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION
SQN Asset Finance Income Fund Limited
Net Asset Value, Dividend and Update on C Share Conversion
Net Asset Values
SQN Asset Finance Income Fund Limited (the "Company"), the only
diversified equipment leasing fund listed in the UK, is pleased to
provide its monthly net asset value ("NAV") update.
Ordinary Shares
As at 30 September 2016, the unaudited estimated NAV per
Ordinary Share (cum-income) was 99.57 pence. This includes the
0.6042 pence per Ordinary Share dividend announced on 21 September
2016 that went ex-dividend on 6 October 2016 and will be paid on 24
October 2016. 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 98.97 pence.
C Shares
As at 30 September 2016, the unaudited estimated NAV per C Share
(cum-income) was 98.53 pence. This includes the 0.4861 pence per C
Share dividend announced on 21 September 2016 that went ex-dividend
6 October 2016 and will be paid on 24 October 2016. 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 98.04
pence.
Dividend
The Company is pleased to announce a dividend of 0.6042 pence
per Ordinary Share for the month ended 30 September 2016. The
dividend will be payable on 21 November 2016 to holders of Ordinary
Shares on the register on 4 November 2016. The ex-dividend date is
3 November 2016.
In light of the C Share Conversion, the Company is not declaring
a separate C Share dividend for the period to 30 September 2016.
The holders of C Shares will have their C Shares converted to
Ordinary Shares prior to the record date for the Ordinary Share
dividend on the basis of the Conversion Ratio set out below.
Therefore, in relation to the month ended 30 September 2016,
holders of C Shares will be entitled to receive 0.6042 pence per
new Ordinary Share issued pursuant to the Conversion.
C Share Conversion
Further to the announcement on 14 October 2016, the Board is
pleased to announce the Conversion Ratio for Conversion of the C
Shares into Ordinary Shares in accordance with the terms set out in
the Company's prospectus dated 18 September 2015 (the
"Prospectus").
The ex-dividend NAVs attributable to the Ordinary Shares and the
C Shares as at the Calculation Time, being 14 October 2016, were
98.71 pence per Ordinary Share and 98.01 pence per C Share. The
change in the NAVs since 30 September 2016 reflects the income and
expenses accrued and a change in the value of exchange rate hedging
which has been impacted by the recent fall in the value of
Sterling, which is expected to unwind over time.
Therefore, the Conversion Ratio, as calculated in accordance
with the terms set out in the Prospectus, is 0.9929 Ordinary Shares
for every one C Share held. Entitlements will be rounded down to
the nearest whole Ordinary Share.
On the basis of the Conversion Ratio, a holder of 1,000 C Shares
will receive 992 new Ordinary Shares upon Conversion.
The Ordinary Shares arising on Conversion will rank pari passu
with, and will have the same rights as, the Ordinary Shares of the
Company already in issue, including the right to receive the
dividend declared for the month ending 30 September 2016.
Application has been made for 178,722,000 new Ordinary Shares to
be admitted to the Official List and to trading on the Main Market
of the London Stock Exchange. It is expected that admission will
become effective and that dealings in the new Ordinary Shares will
commence on 25 October 2016.
The C Shares will be permanently removed from trading on the
London Stock Exchange with effect from the opening of trading at
8:00 a.m. on 25 October 2016.
Effective from 25 October 2016, the total number of Ordinary
Shares in issue will be 357,707,507 and the total number of voting
rights in the Company will be 357,707,507. 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 under the FCA's
Disclosure Rules and Transparency Rules. No shares are held in
Treasury.
Further details of the Conversion and rights attaching to the C
Shares are set out in the Prospectus.
The expected timetable for Conversion is as follows:
Record date for Conversion 24 October 2016
and C Share register closes
Conversion Time and dealings 25 October 2016
in new Ordinary Shares commence
Crediting of CREST accounts 25 October 2016
with new Ordinary Shares
Share Certificates in respect w/c 31 October
of new Ordinary Shares despatched 2016
Terms used and not defined in this announcement have the
meanings given in the Prospectus unless the context otherwise
requires.
For further information please contact:
SQN Capital Management
Jeremiah Silkowski
Neil Roberts 01932 575 888
Winterflood Securities Limited 020 3100 0000
Neil Langford
Chris Mills
Buchanan
Charles Ryland
Victoria 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
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