C Share portfolio update and notice of conversion

RNS Number : 5752J

Sequoia Economic Infra Inc Fd Ld

12 September 2016

 

Sequoia Economic Infrastructure Income Fund Limited

(the "Company")

12 September 2016

C Share portfolio update and notice of conversion

The Board of Sequoia Economic Infrastructure Income Fund Limited is pleased to announce that the Company has now invested, or committed to invest, in excess of 85 per cent. of the net issue proceeds raised through the Company's recent C Share issue which closed in June 2016 (the "Issue").

Conversion of the C Shares will therefore now occur in accordance with the Articles (as summarised in the prospectus published in relation to the Issue on 6 May 2016) (the "Prospectus").

The Calculation Time for the conversion of C Shares into Ordinary Shares is 30 September 2016. Accordingly, the conversion will be made on the basis of the respective net asset values of the C Shares and Ordinary Shares as at 30 September 2016 (the "Conversion Ratio"). The Conversion Ratio is expected to be announced on or around 18 October 2016.

As outlined in the Prospectus, the Company intends to pay dividends in relation to the C Shares on a quarterly basis, from the assets attributable to the C Shares, with the first such dividend expected to be paid for the period ending 30 September 2016. Accordingly, the Company expects to declare a dividend on both share classes prior to Conversion. The Conversion Ratio will be adjusted to take into account the effect of the dividends declared on the NAV of each share class. Dividends declared in respect of both share classes will be announced alongside the Company's monthly NAV, on and around 18 October 2016. Any dividends declared will have a record date ahead of Conversion.  

Expected timetable

NAV announcement and dividend declaration on Ordinary and C Shares	Tuesday, 18 October 2016
Conversion Ratio announced	Tuesday, 18 October 2016
Record date for conversion and C Share register closes	5.30pm on Monday, 31 October 2016
Cancellation of listing of C Shares, and dealings in new Ordinary Shares commence	Tuesday, 1 November 2016
Crediting of CREST accounts with new Ordinary Shares	Tuesday, 1 November 2016
Share certificates in respect of new Ordinary Shares dispatched	Thursday, 3 November 2016

Unless otherwise defined, the terms used in this announcement shall have the same meaning as set out in the prospectus of the Company dated 6 May 2016.

For further information please contact:

Sequoia Investment Management Company Steve Cook Dolf Kohnhorst Randall Sandstrom Greg Taylor	[phone]
Stifel Nicolaus Europe Limited Neil Winward Mark Bloomfield Gaudi Le Roux	[phone]
Praxis Fund Services Limited (Company Secretary) Shona Darling	[phone]

About Sequoia Economic Infrastructure Income Fund Limited

The Company is a Guernsey registered closed-ended investment company that seeks to provide investors with regular, sustained, long-term distributions and capital appreciation from a diversified portfolio of senior and subordinated economic infrastructure debt investments. The Company is advised by Sequoia Investment Management Company Limited.

 

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