LONDON (Alliance News) - SQN Asset Finance Income Fund Ltd on Thursday said it plans to raise GBP180 million through the placing of 180 million C shares at 100 pence each.
The company raised GBP30 million in a placing under its placing programme in June, and at that time said it expected to undertake a larger fundraising in its third or fourth quarter. SQN said Thursday that its pipeline of opportunities has "continue to grow" since June.
The company listed on the Main Market of the London Stock Exchange last July, raising GBP150 million in its initial public offering. It said Thursday that it has invested around GBP147 million in a portfolio of asset financings and equipment leases. As at the end of June its net investments were GBP99.24 million, with cash of GBP75.65 million.
"The pipeline remains robust, outstripping the capital raised during the IPO and subsequent placing programme. At this time, we do not foresee any changes in market dynamics that would affect our ability to continue to profitably deploy capital in our specialist segment of equipment lease and asset financing opportunities in the GBP1 to GBP20 million range," the company said in a statement.
Shares in SQN were untraded Thursday morning. It last closed at 108.46 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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