Sequoia posts monthly increase in net asset value; non-execs retire

(Alliance News) - Sequoia Economic Infrastructure Income Fund Ltd on Friday said its net asset value per share in July increased slightly.

The London-based income fund's July NAV stood at 97.21 pence, up 0.7% from 96.52p on June 30.

Sequoia said interest income of 0.65p per share and a 0.12p gain on currency movement offset a decrease in asset valuations of 0.12p, resulting in the NAV increase.

At July 29, Sequoia had cash of GBP168.8 million and had drawn GBP124.7 million on its GBP325 million revolving credit facility. The company also had undrawn commitments on its existing investments, which were collectively valued at GBP190.1 million.

During July, the company held a share buyback programme and repurchased 6.9 million shares at an average price of 87p per share.

Further, Sequoia said that Non-Executive Directors Jan Pethick and Jon Bridel have retired, in line with the company's succession planning arrangements.

"The board wishes to express its sincere thanks to Pethick and Bridel for their invaluable contribution to the board since the company's launch in 2015," the company added.

Shares in Sequoia were up 0.3% at 88.82 pence on Friday morning in London.

By Sophie Rose; sophierose@alliancenews.com

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Sequoia Economic Infrastructure Fund