SQN Asset Finance Income Fund Ltd Monthly NAV, Dividend and Investment Update (1781L)
21 Dicembre 2018 - 8:00AM
UK Regulatory
TIDMSQN
RNS Number : 1781L
SQN Asset Finance Income Fund Ltd
21 December 2018
21 December 2018
SQN Asset Finance Income Fund Limited
Monthly Net Asset Value, Dividend and Investment Update
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 30 November 2018, the unaudited estimated NAV per Ordinary
Share(1) was 97.49 pence.
As at 30 November 2018, the unaudited estimated NAV per C
Share(1) was 98.12 pence.
The Company also announces the cumulative NAV total return(2)
performance as at 30 November 2018, as follows:
Share class Month-to-month 1 year return 3 year return Return since
return inception
Ordinary shares 0.52% 5.69% 21.30% 31.10%
C shares 0.55% 3.95% - 4.58%
Dividends
The Company is pleased to announce a dividend of 0.6042 pence
per Ordinary Share and per C Share for the month ended 30 November
2018, reflecting an annualised dividend of 7.25 pence for each
share class. The dividend will be payable on 21 January 2019 to
holders of each share class on the register on 11 January 2019. The
ex-dividend date is 10 January 2019.
(1) NAV Footnote
The Ordinary Share and C Share NAVs are quoted before deducting
the 0.6042 pence per share dividends, announced on 21 November 2018
that went ex-dividend on 6 December 2018 and were paid on 17
December 2018.
(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.
Investment Updates
Suniva:
Following the update on the Suniva investment provided in the
Annual Report released on 3 October 2018, in which the Company
reported that it had come into an adversarial position with its
co-debtor-in-possession lender ("co-DIP Lender"), the Company is
pleased to announce that a resolution has been reached and that all
adversarial proceedings have been dismissed.
Further, the Company has reported over the past year that it has
been seeking a buyer or joint venture partner to revitalise the
operations of Suniva in order to facilitate a recovery of the
Company's investment. The Company today announces that it has
executed a term sheet with such a partner which includes an
instalment sale of the equipment, subject to certain performance
milestones.
As part of the settlement with the co-DIP Lender, the Company
has agreed to sell its position in the DIP Loan for $2.5 million
and enter into a lease for certain intellectual property and other
assets that served as collateral for the Company's loans. Once the
terms of the lease have been agreed, the Company will receive
additional consideration of $800,000, to be paid in quarterly
instalments over the next two years.
In addition, the Company also announces today that it has
entered into a collaborative agreement with the co-DIP lender, all
of the parties to the estate of Suniva, and new investors unrelated
to the entity with which the Company has executed the term sheet.
As part of this agreement, a combination of the co-DIP Lender and
new investors plan to invest between $15 million and $20 million in
pursuit of a potential distribution of tariffs collected for the
benefit of the U.S. domestic solar manufacturing industry, the
proceeds of which could further contribute to the full
recovery.
None of the agreements made affect in any way the Company's
ability to collect on the guarantee. Therefore, at the same time,
the Company continues to pursue payment from the publicly-traded
guarantor, which has specifically reserved for the liability in its
latest published financial statements.
The Investment Manager remains confident that this combination
of developments will lead to a full recovery of the Company's
investment although there remains uncertainty over the timing of
such recovery. In light of this, the Board is reviewing the impact
of the expected timing of receipts on the carrying value of the
asset.
Marine Vessels:
The Company reports today that it has received EUR19 million in
cash plus a note for additional interest from the sale of four
vessels which served as collateral for a loan that had previously
been reported as delinquent. The outstanding principal balance on
the investment was approximately EUR15 million with the balance
plus the note accounting for additional charges and interest. At
the settlement of this transaction the Company will have generated
an approximate 10% internal rate of return.
Factsheet
The Company's factsheet for November 2018 will shortly be
available on the Company's website:
www.sqncapital.com/managed-funds/sqn-asset-finance-income-fund.
For further information please contact:
SQN Capital Management, LLC
Jeremiah Silkowski
Neil Robert 01932 575 888
Winterflood Securities Limited 020 3100 0000
Neil Langford
Chris Mills
Buchanan
Charles Ryland
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 rns@lseg.com or visit www.rns.com.
END
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