SQN Asset Finance Income Fund Ltd Update on AD Plant Valuation & Strategic Review (8206C)
13 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMSQN
RNS Number : 8206C
SQN Asset Finance Income Fund Ltd
13 February 2020
13 February 2020
SQN Asset Finance Income Fund Limited
("SQN" or the "Company")
LEI: 2138007S3YRY3IUU4W39
Updates on the Anaerobic Digestion ("AD) plants valuation
process
and the Company's strategic review process.
Further to the announcements made on 20(th) and 24(th) January
2020, the Board of the Company is pleased to announce that it has
appointed KPMG, Ireland to act for the Company in reviewing the
valuation model used for the 6 AD plants. The Board anticipates
that this review will be completed during March 2020 and will make
an announcement as soon as practicable thereafter.
Accordingly, shareholders should note that the Net Asset
Valuation for the Ordinary Shares for 31st December 2019 and for
31st January 2020 will be delayed until after this review is
completed. The Net Asset Value of the C Shares for 31st January
2020 is anticipated to be released towards the end of February, as
usual.
In addition, the Board has commenced its strategic review of the
Company, including the provision of investment management services.
The Board is pleased to advise shareholders that a large number of
expressions of interest have been received from a wide range of
investment managers. Requests for Proposal have been sent to those
managers that the Board feel could be suitable to manage the assets
of the Company. Initial meetings with managers are expected to take
place in early March 2020 with the process being completed during
April 2020, unless the Board determines that there is a requirement
for detailed due diligence work, which may cause any announcement
to be delayed beyond that date.
As previously noted, the Board will be including the current
managers, SQN Capital Management LLC and SQN Capital Management
(UK) Limited, in this selection process.
Until this process has been completed the Board has agreed with
the manager that no new investments will be made without prior
approval of the Board and only payments covering "business as
usual" and agreed existing commitments will be made.
The Board will continue to keep shareholders updated through
these processes as appropriate.
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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