SQN Asset Finance Income Fund Ltd Foreign Exchange Hedging (5293G)
18 Marzo 2020 - 8:00AM
UK Regulatory
TIDMSQN
RNS Number : 5293G
SQN Asset Finance Income Fund Ltd
18 March 2020
18 March 2020
SQN Asset Finance Income Fund Limited
Foreign Exchange Hedging
The Board of the Company has instructed the Investment Managers
to close out the forward foreign exchange hedging used to hedge non
Sterling exposures back to Sterling. The Investment Managers
executed that instruction late yesterday.
In recent days, the Company has faced margin calls on its
forward foreign exchange hedging as Sterling has weakened
notably.
The Board is concerned to preserve liquidity in what is an
extreme market and economic environment. Whilst no lessees or
borrowers are yet exhibiting new stress as a result of the COVID-19
virus and the exceptional governmental measures being taken, some
are operating in sectors and geographies that could be adversely
impacted. Accordingly, the Board believes that it is in
shareholders' best interests to seek to preserve liquidity and act
promptly and prudently now in advance of any further adverse
foreign exchange moves which could create liquidity pressures for
the Company.
The Company's approximate non Sterling exposures are as
follows:
Ordinary shares
US dollar 25.43%*
Euro 11.49%*
*of the last announced net asset value, being for 30th November
2019
C shares
US dollar 21.54%**
Euro 9.73%**
** of the last announced net asset value, being 31st January
2020.
For further information please contact:
SQN Capital Management, LLC
Jeremiah Silkowski jsilkowski@sqncapital.com
Nicola Bird nbird@sqncapital.com
Catherine Halford Riera chalford@sqncapital.com 01932 575 888
Winterflood Securities Limited 020 3100 0000
Neil Langford
Chris Mills
Buchanan
Charles Ryland
Victoria Hayns
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.
This information is provided by RNS, the news service of the
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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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