SQN Secured Income Fund PLC Company Update -- Conclusion of Strategic Review (9411S)
July 14 2020 - 5:15AM
UK Regulatory
TIDMSSIF
RNS Number : 9411S
SQN Secured Income Fund PLC
14 July 2020
13 July 2020
SQN Secured Income Fund plc
Company Update - Conclusion of Strategic Review
Further to the announcement on 19 June 2020, the Board of SQN
Secured Income Fund plc (the "Company") has concluded its strategic
review of the options available to the Company. The Board has
determined that the Company should be put into managed wind-down
with cash returned to shareholders in a timely and efficient
manner.
The Board therefore intends to publish a circular to
shareholders (the "Circular") within the next few weeks and to
convene a general meeting at which it will seek approval from
shareholders to amend the Company's investment objective and policy
and approve any related matters necessary to facilitate a managed
wind-down. If approved the Board will then endeavour to realise all
of the investments in a manner that achieves a balance between
maximising the value received from investments and making timely
returns to shareholders.
The longest dated loan in the portfolio matures in March 2026,
whereas the weighted average life of the portfolio is 2.9 years
which includes some extensions for CoVid. Subject to shareholders
approving the managed wind-down, the Board will, in seeking to
maximise value from the Company's portfolio, consider asset sales
if appropriate terms can be agreed, but expects that the majority
of the portfolio will be run off in accordance with the maturity
profile of the loans with the possibility of some borrowers
refinancing their loans with the Company prior to such maturity
dates.
Board and management arrangements
The announcement by the Company on 9 July 2020 confirmed Brett
Miller's appointment as a non-executive director. He will be
working with the rest of the board and the Investment Manager to
help maximise shareholder returns.
Contact Details
David Stevenson (Chairman)
Telephone 07973 873 785
Brett Miller (Director)
Telephone 07770447338
finnCap Ltd. tel: +44 20 7220
Corporate Finance: William Marle / 0500
Giles Rolls
Sales: Mark Whitfeld
Forward-looking statements
This announcement may contain forward-looking statements with
respect to the Company's future financial performance and position.
Such statements are based on current expectations, estimates and
projections of the Company and information currently available to
the Company. The Company cautions readers that such statements
involve certain risks and uncertainties that are difficult to
predict and therefore it should be understood that many factors can
cause actual performance and position to differ materially from
these statements. The Company accepts no obligation to update the
statements contained in this press release, unless required by
law.
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
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