SQN Secured Income Fund PLC Update on Continuation Vote and Mgmt Arrangements (5018L)
30 Aprile 2020 - 12:40PM
UK Regulatory
TIDMSSIF
RNS Number : 5018L
SQN Secured Income Fund PLC
30 April 2020
SQN Secured Income Fund plc
(LSE: SSIF) (the "Company" or "SSIF")
Update on Continuation Vote and Management Arrangements
The Board of SQN Secured Income Fund plc (LSE: SSIF), a
specialist secured lending income generating investment trust,
notes the announcement earlier today of the outcome of the SQN
Asset Finance Income Fund's ("AFIF") strategic review and, in
particular, the intention of SQN Capital Management, LLC and SQN
Capital Management (UK) Limited (together 'SQN CM') to enter into
an agreement under which KKV Investment Management Ltd ("KKV") will
become the Investment Manager of AFIF .
KKV is a newly formed investment management company under the UK
Asset Management arm of Kvika Banki hf ("Kvika"). Kvika is an
Icelandic publicly traded specialist bank focusing on asset
management and investment services. Kvika focuses on providing high
quality and tailor-made services to its varied client base through
its operations in Iceland and the United Kingdom. KKV will be led
by Dawn Kendall and Ariel Vegoda, both currently senior personnel
within the SQN Group. Under an agreement with SQN CM, it is
intended that the employees of SQN Capital Management (UK) Limited
("SQN UK") will transfer to KKV. Dawn Kendall is the lead portfolio
manager at SQN Asset Management Limited ('SQN AM') which is
currently responsible for SSIF's investment portfolio and shares
resources with SQN UK. The Board of SSIF has therefore commenced a
dialogue over the future management of SSIF with SQN CM and
KKV.
It is the SSIF Board's expectation that at the same time as the
appointment of KKV to manage AFIF is formalised, which is expected
to occur on or around 1 June, 2020, the management of SSIF will
transfer to KKV on the same contractual terms as are currently in
place. This transfer is expected to take place with the agreement
of both the SSIF Board and SQN CM which will continue to provide
support and consulting services to KKV for a period of at least an
additional twelve months at no additional cost to SSIF. The SSIF
Board remains aware, however, that the appointment of KKV to manage
AFIF remains subject to the finalisation of various agreements
between AFIF, KKV and SQN CM.
Shareholders should note that this expected change in management
arrangements will not affect the previously announced Continuation
Vote that is due to be held on 19(th) June 2020 and that Dawn
Kendall and her team will be extensively involved in that
process.
A further announcement will be made in due course.
Background Information on KKV
KKV is a subsidiary of Kvika Securities Ltd. ("KSL"). KSL is the
UK subsidiary of Kvika, a Nordic commercial bank with a focus on
asset management and investment services (including corporate
finance, corporate banking and capital markets). Kvika is a market
leader in consolidation and rationalisation in the Icelandic
financial market and has the strategic focus of growing its asset
management operations. It is now the second largest asset manager
in Iceland with GBP2.6bn in assets under management. Kvika was
awarded Bank of the Year in Iceland in 2018 and 2019 by the leading
industry magazine, The Banker. Kvika is headquartered in Iceland
with its shares listed on Nasdaq Iceland.
KSL is regulated and authorised in the UK by the Financial
Conduct Authority to manage alternative investment funds and
provide asset management and corporate finance services.
Ken Hillen, Chairman of the Company, commented: "We look forward
to continuing to work with Dawn Kendall and her team after the
transfer of the management of the Company to KKV Investment
Management ."
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
Prosek Partners (for KKV) Tel: +44 20 3890
9193
Fiona Laffan/Clare Glyn
Notes
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.
This announcement is released by SQN Secured Income Fund plc and
contains inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, the person responsible for releasing
this announcement is Ken Hillen, Chairman.
This information is provided by RNS, the news service of the
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END
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