(Alliance News) - SQN Asset Finance Income Fund Ltd on Thursday said it has named a new investment manager, following a strategic review.
SQN Asset Finance has turned to KKV Investment Management Ltd newly formed investment management company, part of Icelandic specialist bank Kvika Banki hf.
"The immediate focus for KKV will be to manage the existing portfolio and to work with borrowers that may require assistance as a result of the challenges caused by Covid-19," the investor explained.
The company added that it will bring forward its triennial continuation vote to June 30, from November.
SQN Asset Finance said it will propose separate "continuation resolutions for the ordinary shares and the C shares".
"If the 2020 continuation vote passes for any share class, the board intends to propose a further continuation vote during 2021 for that share class with any excess cash flow from the amortisation, repayment or realisation of assets prior to the 2021 continuation vote being returned to shareholders either through the repurchase of shares or, if the quantum is material, via a return of capital," SQN Asset Finance said.
Shares were trading 1.2% higher at 23.68 pence each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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