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RNS

Net Asset Value and Dividend (replacment)

Released 12:01 02-Oct-2019

RNS Number : 5248O
SQN Asset Finance Income Fund Ltd
02 October 2019
 

2 October 2019

SQN Asset Finance Income Fund Limited

Monthly Net Asset Value and Dividend (Replacement)

 

The following amendment has been made to the announcement (SQN Net Asset Value and Dividends) made on 30 September 2019 at 07:00hrs under RNS number 0251O.

 

The record date has been amended from 4 October to 11 October 2019 and the ex-date has been amended from 3 October to 10 October. All other details remain unchanged.

 

The full amended text is shown below.

 

SQN Asset Finance Income Fund Limited

Monthly Net Asset Value and Dividend

 

Net Asset Value and Performance

SQN Asset Finance Income Fund Limited (the "Company"), the leading diversified equipment leasing fund listed in the UK, is pleased to provide its monthly net asset value ("NAV") update.

 

As at 31 August 2019, the unaudited estimated NAV per Ordinary Share1 was 94.55 pence.

 

As at 31 August 2019, the unaudited estimated NAV per C Share1 was 98.04 pence.

 

The Company also announces the cumulative NAV total return2 performance as at 31 August 2019, as follows:

 

Share class

Month-to-month return

1 year return

3 year return

Return since inception

Ordinary shares

-0.55%

4.21%

18.35%

34.51%

C shares

0.62%

7.29%

-

10.43%

 

Dividends

The Company is pleased to announce a dividend of 0.6042 pence per Ordinary Share and per C Share for the month ended 31 August 2019, reflecting an annualised dividend of 7.25 pence for each share class. The dividend will be payable on 25 October 2019 to holders of each share class on the register on 11 October 2019. The ex-dividend date is 10 October 2019.

 

Investment Update

The Annual Report and Audited Consolidated Annual Accounts for the year ended 30th June 2019 will be released under separate RNS immediately following this.

 

The NAV per Ordinary Share for the month of August has reduced from 95.68 pence per share to 94.55 pence per share principally as a result of additional IFRS 9 impairments in respect of two anaerobic digestion (AD) plants (£3.2m in total).

 

The Company is also pleased to report the successful refinancing through an MBO of the paper mill financing in Scotland.

 

This transaction sees £11.9m of cash being returned over 3-4 months with a further £3.8m of asset finance provided to the new entity. The overall yield on the transaction is improved by 45bp over the original deal, as the result of a £900,000 premium the Manager was able to negotiate.

 

1NAV Footnote

The Ordinary Share and C Share NAVs are quoted before deducting the 0.6042 pence per share dividends, announced on 27 August 2019 that went ex-dividend on 5 September 2019 and was paid on 27 September 2019.

 

2Performance Footnote

The NAV total return details the change in NAV from the start of the relevant period and assumes that dividends paid to shareholders are reinvested at NAV.

 

Factsheet

The Company's factsheet for August 2019 will shortly be available on the Company's website: www.sqncapital.com/managed-funds/sqn-asset-finance-income-fund

 

For further information please contact:

 

SQN Capital Management, LLC

Jeremiah Silkowski

Neil Robert

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. The principals responsible for managing the portfolio are Neil Roberts and Jeremiah Silkowski.


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.
 
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Net Asset Value and Dividend (replacment) - RNS