TIDMSQN

RNS Number : 7321T

SQN Asset Finance Income Fund Ltd

22 March 2019

22 March 2019

SQN Asset Finance Income Fund Limited

Further to Results of AGM

In accordance with Provision 4 of the UK Code of Corporate Governance dated July 2018, the Board of SQN Asset Finance Income Fund Limited, ("SQN") wish to provide an update to the RNS announcement made on 20 November 2018, under the heading "Result of Annual General Meeting and Class Meetings", in which the Company noted that, despite all Resolutions being passed, votes against two resolutions, in excess of 20% of those voting, had been received.

In Resolution 5, 24.06% of those voting cast their votes against the reappointment of one of the directors, Paul Meader.

The Board is aware that those votes against were primarily from two shareholders and relates to Mr Meader's role as a director on a number of public investment company boards whereas certain advisory groups have previously recommended a maximum of five public company directorships. The Board has sought to engage with the two relevant shareholders in relation to Mr Meader's appointment and will continue to do so.

Since that time, Mr Meader has resigned from one listed investment company board as a result of long tenure. The Board also notes the more recent change, to certain advisory group and shareholder group policies in relation to Investment Company boards, that now recognises the reduced workload associated with this type of company.

Regardless, the Board believes that Mr Meader has made a significant contribution to the Board since his appointment in August 2017 and that he has sufficient time to meet his commitments to the Company.

There was also a 55.07% vote against Resolution 3: the authority to issue up to 10% of the Company's issued ordinary share capital, in addition to the standard 10% authority sought in Resolution 2. In that regard, the Company will not, in the future, seek to include such a Resolution unless shareholders have been engaged beforehand.

For further information please contact:

Company Secretary

   BNP Paribas Securities Services S.C.A.,                                           01481 750853

Sharon A Williams

 
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

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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March 22, 2019 06:51 ET (10:51 GMT)

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