(Alliance News) - SQN Asset Finance Income Fund Ltd on Friday said it will conduct a strategic review of the company's operations, as it declared a 0.6042 pence per share dividend.
The review comes after the fund saw its shares plunge this week when it said it would be undertaking a review of the models and projections supporting the carrying values of its anaerobic digestion plant investments.
Shares in SQN on Friday morning in London were up 0.8% at 63.60p each. On Monday morning, its shares were 82.60p per share.
An anaerobic digestion plant converts food and crop waste into biogas, which in turn can be used to generate heat and electricity.
SQN said it is invested in a total of 11 anaerobic digestion plants. Six of them are in the ramp-up phase, with three having not yet reached targeted operational capacity. As a result, the company said it intends to appoint a third-party valuer to provide an independent assessment of the valuation of these assets.
The company also reiterated its announcement on Monday that the publication of the net asset value of its ordinary shares would be delayed due to the assessments. The expected date of publication was not disclosed.
For December, SQN said the NAV total return for the C shares was 98.03 pence per share, reflecting a 0.7% month-to-month return.
By Ife Taiwo; ifetaiwo@alliancenews.com
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