SQN Asset Finance Income Fund Ltd Monthly NAV and Dividend (4393V)
July 23 2018 - 5:25AM
UK Regulatory
TIDMSQN
RNS Number : 4393V
SQN Asset Finance Income Fund Ltd
23 July 2018
23 July 2018
SQN Asset Finance Income Fund Limited
Monthly Net Asset Value and Dividend
Net Asset Value
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 30 June 2018, the unaudited estimated NAV per ordinary
share was 97.72 pence, which includes an adjustment to the
valuation of the Suniva investment. The Company has continued
discussions with multiple counterparties seeking to lease or
purchase the Suniva equipment. The recent developments in the
United States have provided additional support for domestic
manufacturers which should strengthen Suniva's market position.
Furthermore, efforts have intensified in pursuing the guarantee
with subpoenas being issued to officers of the guarantor. The Board
as advised by the Manager continues to believe that a full recovery
of the Suniva investment will be achieved. This is expected to be
through the lease or sale of the Suniva equipment and, to the
extent required, by pursuing the guarantee. The Company has
examined the minimum expected recovery under the lease or sale of
the Suniva equipment and, considering the potential time required
to realise the guarantee, the Company has reflected an impairment
of GBP2.4m to the Suniva investment to account for the risk
adjusted time value of money on such proportion of the investment
should a full recovery not be achieved through a sale or re-lease.
Without this specific impact, the NAV per ordinary Share would have
been 98.41 pence.
As at 30 June 2018, the unaudited estimated NAV per C share was
97.62 pence.
Dividends
The Company is pleased to announce a dividend of 0.6042 pence
per ordinary share for the month ended 30 June 2018, reflecting an
annualised dividend of 7.25 pence per share. The dividend will be
payable on 16 August 2018 to holders of ordinary shares on the
register on 3 August 2018. The ex-dividend date is 2 August
2018.
The Company is also pleased to announce a dividend on the C
Share of 0.3333 pence per C share for the month ended 30 June 2018.
The dividend will be payable on 16 August 2018 to holders of C
shares on the register on 3 August 2018. The ex-dividend date is 2
August 2018.
The Company expects to increase the dividend, to an annualised
rate of 7.25%, on the C Shares in August 2018
Investment Update
A separate RNS announcement is being issued simultaneously.
The Company's factsheet for June 2018 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 Roberts 01932 575 888
Winterflood Securities Limited 020 3100 0000
Neil Langford
Chris Mills
Buchanan
Charles Ryland
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 Jeremiah Silkowski and Neil Roberts
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
MSCKXLBLVDFLBBB
(END) Dow Jones Newswires
July 23, 2018 05:25 ET (09:25 GMT)
Slf Realisation (LSE:SLFR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Slf Realisation (LSE:SLFR)
Historical Stock Chart
From Apr 2023 to Apr 2024