(Alliance News) - Investment firm SQN Asset Finance Income Fund Ltd on Monday lowered its dividend for its recently ended financial year as net asset value from its ordinary shares dropped.
As at June 30, SQN's net asset value per ordinary share fell to 94.91 pence from 97.72p the same date the year before. However, net asset value per C share rose to 98.15p from 97.62.
During the period, SQN repurchased 321,316 shares for a total of GBP295.529.
SQN paid a dividend of 6.65 pence per share, down 8.3% from 7.85p the prior year.
SQN Asset Finance said it is now fully invested, with no new material investments expected in the coming year. Instead the company's focus will be on its investments in anaerobic digestion plants, which make up 41% of its portfolio.
Once the plants reach a steady state and full output, SQN will look to either refinance or sell the assets at a value uplift.
In addition, SQN Asset Finance is working on a recovery of GBP25.5 million from US solar energy firm Suniva, which has recently come out of bankruptcy and has entered into two new leases with the group.
SQN is currently pursuing a guarantee from Suniva's former parent company, with the case being heard in New York court with a trial date set for late November or early December.
Shares in SQN Asset Finance were down 1.8% at 80.04 pence on Tuesday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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