SQN Secured Income Fund PLC Continuation Vote (8660K)
27 Aprile 2020 - 8:00AM
UK Regulatory
TIDMSSIF
RNS Number : 8660K
SQN Secured Income Fund PLC
27 April 2020
SQN Secured Income Fund plc
(LSE: SSIF) (the "Company" or "SSIF")
Continuation Vote
The Board of SQN Secured Income Fund plc (LSE: SSIF), a
specialist secured lending income generating investment trust, is
pleased to provide an update on the Company's continuation vote due
to be held this year.
As notified on 23 January, the Company's net asset value at the
end of December 2019 was GBP50m which was below the GBP250m
targeted when management of the Company's portfolio was assumed by
SQN Asset Management Limited ("SQN"). Therefore, as required by the
Company's Articles of Association, shareholders will be given the
opportunity to decide on the Company's future by way of a
continuation vote ("Continuation Vote").
Whilst the Board had planned to convene the Continuation Vote in
Q1 2020, these plans were interrupted by the spread of Covid-19
which has since developed into a global pandemic with widespread
lock downs. Consequently, the Board has resolved to convene a
general meeting (the "General Meeting") to hold the Continuation
Vote on 19(th) June 2020. The notice convening that General Meeting
will be issued in mid/late May.
This decision has been taken after much debate as there are
practical considerations to consider. The Board wants to ensure all
shareholders have the opportunity to attend the General Meeting if
possible, and to be fully consulted in advance of the General
Meeting. Holding the General Meeting in June will, hopefully, allow
for this.
Further, the Board thinks it prudent to wait until the outcome
of the SQN Asset Finance Income Fund ("AFIF") investment manager
review has concluded before consulting with shareholders and
holding the General Meeting. The outcome of the review will almost
certainly affect SSIF's current investment manager, SQN, albeit it
should be noted that the AFIF management team is not the team that
manages SSIF. The outcome of this review is expected by the end of
this month.
In addition, the Board wishes to obtain a clearer view on the
impact of Covid-19 on SSIF's portfolio before making any
recommendation to shareholders. This applies to both the legacy
portfolio and the more recent loans which SQN has originated and
which, to date, are all performing in line with expectations with
no missed payments.
The Board has been considering a wide range of options in
relation to the Company's future. The economic stability of the
assets and the preservation of capital and income is at the
forefront of the Board's deliberations when reviewing these
options, particularly given the current economic climate.
Consequently, as previously announced, SSIF will not be advancing
any new loans to new borrowers between now and the General
Meeting.
Ken Hillen, Chairman of the Company, commented: "This short
delay will hopefully allow for some clarity to be obtained on which
the Board can make appropriate recommendations to shareholders, who
in turn will have the opportunity to make an informed decision
about the future of the Company."
For further information please contact:
SQN Asset Management Limited tel: +44 1932 575
Dawn Kendall 888
finnCap Ltd. tel: +44 20 7220
Corporate Finance: 0500
William Marle / Giles Rolls
Sales:
Mark Whitfeld
Kepler Partners LLP tel: +44 20 3384
Hugh van Cutsem 8790
Buchanan Communications tel: +44 20 7466
Charles Ryland/Henry Wilson 5000
Notes to Editor
The Company aims to provide shareholders with attractive
risk-adjusted returns, principally in the form of regular,
sustainable dividends, through investment predominantly in a range
of secured loans and other secured loan-based instruments
originated through a variety of channels and diversified by way of
asset class, geography and duration.
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 Asset
Management Limited. The principal responsible for managing the
portfolio is Dawn Kendall.
This announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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