SQN Secured Income Fund PLC Fund update (7915A)
January 23 2020 - 12:30PM
UK Regulatory
TIDMSSIF
RNS Number : 7915A
SQN Secured Income Fund PLC
23 January 2020
23 January 2020
SQN Secured Income Fund plc
(LSE: SSIF) (the "Fund")
Fund Update
Dear Investors,
We would like to share with you a recently published research
note from Kepler on the SQN Secured Income Fund.
http://www.rns-pdf.londonstockexchange.com/rns/7915A_1-2020-1-23.pdf
In light of Monday's announcement from SSIF's sister fund, the
Asset Finance Income Fund, we would like to take this opportunity
to highlight the following points:
-- The SQN Secured Income Fund is managed by Dawn Kendall who
joined to set up a separate subsidiary for SQN in April 2017 in
order to take over stewardship of the trust. Dawn has over 30 years
experience of fixed income investing, previously holding senior
positions at Twenty Four, Investec, Architas, Newton and SG
Warburg.
-- The Fund is very well diversified across sectors with the
diversity of borrowers reducing thematic or sector risk. The Fund
does not hold any exposure to Anaerobic Digestion projects and
therefore will be unaffected by the write downs associated with
these assets in the sister fund SQN Asset Finance Income Fund
managed by Neil Roberts.
-- As you will read in the attached independent note from
Kepler, since taking over the Fund Dawn has built a portfolio of
senior secured direct loans and reduced the Fund's (inherited)
exposure to peer to peer platforms. Dividend cover has been
achieved with the new asset mix, the underlying portfolio now
generates a yield of 10% which is in excess of the target return of
net 8% total return per annum.
-- As highlighted in the note, the Fund AUM at the end of
December was GBP50m which is below GBP250m targeted when management
was assumed. As a result, investors will be given the opportunity
to decide on the Fund's future by way of a continuation vote and as
mentioned in a press release in December 2019, SQN and the Board
are in discussions regarding the timing for this and we will be in
touch on that point shortly.
We hope that the work carried out by Dawn and the team provides
comfort that the mandate is in good shape and will continue to
provide the returns that make it an attractive proposition to
investors seeking a regular income. We thank you for your continued
trust and support. If you would appreciate a follow up call to
discuss the Secured Income Fund in further detail we would be very
happy to organise.
With kindest regards,
Nicola Bird
(http://www.sqncapital.com/managed-funds/sqn-secured-income-fund/about/)
For further information please contact:
SQN Asset Management Limited tel: +44 1932 575
Neil Roberts/Jeremiah Silkowski/Dawn 888
Kendall
finnCap Ltd. tel: +44 20 7220 0500
Corporate Finance:
William Marle / Giles Rolls
Sales:
Mark Whitfeld
Kepler Partners LLP tel: +44 20 3384 8790
Hugh van Cutsem
Buchanan Communications tel: +44 20 7466 5000
Charles Ryland/Henry Wilson
Notes to Editor
The Company aims to provide shareholders with attractive
risk-adjusted returns, principally in the form of regular,
sustainable dividends, through investment predominantly in a range
of secured loans and other secured loan-based instruments
originated through a variety of channels and diversified by way of
asset class, geography and duration.
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 Asset
Management Limited. The principals responsible for managing the
portfolio are Jeremiah Silkowski, Dawn Kendall and Neil
Roberts.
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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