Monthly NAV and Dividend

RNS Number : 6613P

SQN Asset Finance Income Fund Ltd

22 February 2016

 

22 February 2016

SQN Asset Finance Income Fund Limited

Monthly Net Asset Value and Dividend

Net Asset Value

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

As at 31 January 2016, the unaudited estimated NAV per ordinary share (cum-income) was 99.60 pence. This includes the 0.6042 pence per ordinary share dividend announced on 22 January 2016 that went ex-dividend on 4 February 2016 and is being paid today, 22 February 2016. On a pro-forma basis, the unaudited estimated NAV per ordinary share, adjusted for the payment of this dividend to holders of ordinary shares, is 99.00 pence.

As at 31 January 2016, the unaudited estimated NAV per C share was 98.49 pence.

Dividend

The Company is pleased to announce a dividend of 0.6042 pence per ordinary share for the month ended 31 January 2016, reflecting an annualised dividend of 7.25 pence per share. The dividend will be payable on 21 March 2016 to holders of ordinary shares on the register on 4 March 2016. The ex-dividend date is 3 March 2016.

The Board also has pleasure in declaring the maiden interim dividend on the C shares of 0.30 pence per C share for the period from admission to 31 January 2016.  The dividend will be payable on 21 March 2016 to holders of C shares on the register on 4 March 2016. The ex-dividend date is 3 March 2016.

C Share Investment Update

The Board has approved investments totalling £140.5 million of which £33.0 million has been drawn, £33.5 million committed and £74.0 million on which offers have been made. The majority of these transactions are Sterling denominated.

The investments in the C share pool to date have included:

·      the sale and leaseback of paper production facilities in Scotland;

·      initial drawings under a facility to build a merchant based anaerobic digestion plant in North East England;

·      a private power station supporting agricultural production in North East England.

The pipeline of opportunities remains robust with more than sufficient deal flow to deploy the balance of the net proceeds of the C share issue. The Company will continue to carefully select and structure transactions from its pipeline in an effort to optimise the portfolio balance.

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 Vicky Watkins	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 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 Manager is SQN Capital Management, LLC, a Registered Investment Advisor with the United States Securities and Exchange Commission. The principals responsible for managing the portfolio are Jeremiah Silkowski and Neil Roberts.

 

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