SQN Asset Finance Income Fund Ltd Net Asset Value and Dividend (replacment)
RNS Number : 5248O
SQN Asset Finance Income Fund Ltd
02 October 2019
2 October 2019
SQN Asset Finance Income Fund Limited
Monthly Net Asset Value and Dividend (Replacement)
The following amendment has been made to the announcement (SQN
Net Asset Value and Dividends) made on 30 September 2019 at
07:00hrs under RNS number 0251O.
The record date has been amended from 4 October to 11 October
2019 and the ex-date has been amended from 3 October to 10 October.
All other details remain unchanged.
The full amended text is shown below.
SQN Asset Finance Income Fund Limited
Monthly Net Asset Value and Dividend
Net Asset Value and Performance
SQN Asset Finance Income Fund Limited (the "Company"), the
leading diversified equipment leasing fund listed in the UK, is
pleased to provide its monthly net asset value ("NAV") update.
As at 31 August 2019, the unaudited estimated NAV per Ordinary
Share(1) was 94.55 pence.
As at 31 August 2019, the unaudited estimated NAV per C Share(1)
was 98.04 pence.
The Company also announces the cumulative NAV total return(2)
performance as at 31 August 2019, as follows:
Share class Month-to-month 1 year return 3 year return Return since
Ordinary shares -0.55% 4.21% 18.35% 34.51%
C shares 0.62% 7.29% - 10.43%
The Company is pleased to announce a dividend of 0.6042 pence
per Ordinary Share and per C Share for the month ended 31 August
2019, reflecting an annualised dividend of 7.25 pence for each
share class. The dividend will be payable on 25 October 2019 to
holders of each share class on the register on 11 October 2019. The
ex-dividend date is 10 October 2019.
The Annual Report and Audited Consolidated Annual Accounts for
the year ended 30(th) June 2019 will be released under separate RNS
immediately following this.
The NAV per Ordinary Share for the month of August has reduced
from 95.68 pence per share to 94.55 pence per share principally as
a result of additional IFRS 9 impairments in respect of two
anaerobic digestion (AD) plants (GBP3.2m in total).
The Company is also pleased to report the successful refinancing
through an MBO of the paper mill financing in Scotland.
This transaction sees GBP11.9m of cash being returned over 3-4
months with a further GBP3.8m of asset finance provided to the new
entity. The overall yield on the transaction is improved by 45bp
over the original deal, as the result of a GBP900,000 premium the
Manager was able to negotiate.
(1) NAV Footnote
The Ordinary Share and C Share NAVs are quoted before deducting
the 0.6042 pence per share dividends, announced on 27 August 2019
that went ex-dividend on 5 September 2019 and was paid on 27
(2) Performance Footnote
The NAV total return details the change in NAV from the start of
the relevant period and assumes that dividends paid to shareholders
are reinvested at NAV.
The Company's factsheet for August 2019 will shortly be
available on the Company's website:
For further information please contact:
SQN Capital Management, LLC
Neil Robert 01932 575 888
Winterflood Securities Limited 020 3100 0000
Henry Wilson 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 Neil Roberts and Jeremiah Silkowski.
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 email@example.com or visit www.rns.com.
(END) Dow Jones Newswires
October 02, 2019 07:01 ET (11:01 GMT)