Sequoia Economic Infrastructure Fund Regulatory News (SEQI)

THIS ANNOUNCEMENT IS NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES (INCLUDING TO U.S. PERSONS, AS SUCH TERM IS DEFINED UNDER REGULATION S OF THE US SECURITIES ACT OF 1933, AS AMENDED, THE "SECURITIES ACT"), CANADA, AUSTRALIA, NEW ZEALAND, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

20 September 2019

Sequoia Economic Infrastructure Income Fund Limited ("SEQI" or the "Company") 

Result of Placing and Total Voting Rights

On 2 September 2019, SEQI, the specialist investor in economic infrastructure debt, announced it was seeking to issue up to a maximum of 125 million new ordinary shares of no par value in the Company (the "New Shares") (the "Placing"), equivalent to gross proceeds of £138.75 million at 111.0 pence per share (the "Placing Price").

The Board of Directors is pleased to announce that the Placing has been significantly oversubscribed. Accordingly, a scaling back exercise has been undertaken with respect to applications received pursuant to the Placing.

Stifel Nicolaus Europe Limited acted as Sole Bookrunner and Financial Adviser to the Company.

A total of 125,000,000 New Shares will be issued (subject to Admission as defined below) at the Placing Price, raising gross proceeds of £138.75 million. Application has been made for the New Shares to be admitted to the Official List and to trading on the London Stock Exchange's premium segment of the Main Market ("Admission"). It is expected that Admission will become effective and dealings in the New Shares will commence on 24 September 2019. Once issued, the New Shares will rank pari passu with the existing Ordinary Shares.

Following Admission, the Company will have 1,386,353,491 Ordinary Shares in issue. Therefore, the total number of voting rights of the Company will be 1,386,353,491 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company.

Robert Jennings, Chairman of SEQI commented:

"We are very appreciative of the significant support shown by both existing and new shareholders, which will allow the Company to repay part of its debt facilities and the Investment Adviser to re-draw on these facilities as the Company deploys into its pipeline over the remainder of this year. The investment opportunity in the economic infrastructure debt market remains compelling and we are confident of being able to generate attractive returns to shareholders."

The information contained in this announcement may constitute inside information defined under the Market Abuse Regulation (EU) No. 596/2014. The person responsible for the release of this announcement on behalf of the Company is Praxis Fund Services Limited.

LEI: 2138006OW12FQHJ6PX91

For further information please contact: 

Sequoia Investment Management Company +44 (0)20 7079 0480

Steve Cook

Dolf Kohnhorst

Randall Sandstrom

Greg Taylor

Stifel Nicolaus Europe Limited +44 (0)20 7710 7600

Neil Winward

Mark Bloomfield

Gaudi Le Roux

Tulchan Communications (Financial PR) +44 (0)20 7353 4200

James Macey White

Martin Pengelley

Elizabeth Snow

Praxis Fund Services Limited (Company Secretary) +44 (0) 1481 755530

Matt Falla

About Sequoia Economic Infrastructure Income Fund Limited

The Company is a Guernsey registered closed-ended investment company that seeks to provide investors with regular, sustained, long-term distributions and capital appreciation from a diversified portfolio of senior and subordinated economic infrastructure debt investments. The Company is advised by Sequoia Investment Management Company Limited.

Important Notices

Neither this announcement nor the information contained herein is for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia, New Zealand, Japan or the Republic of South Africa or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction. The securities referred to herein have not been and will not be registered under the relevant securities laws of any such excluded territory.

This announcement does not contain, constitute or form part of an offer for sale of, resale of, transfer of or delivery of or the solicitation of an offer to purchase directly or indirectly, securities in the United States or to, or for the account or benefit of a U.S. Person (as defined in Regulation S of the Securities Act). The securities referred to herein have not been, and will not, be registered under the Securities Act or any other applicable securities laws of, or with any securities regulatory authority of, any state or other jurisdiction of the United States, and may not be offered, sold, resold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. Person absent registration or an applicable exemption from the registration requirements of the Securities Act. The Company has not been and will not be registered under the U.S. Investment Company Act of 1940, as amended, and neither International Fund Management Limited nor Sequoia Investment Management Company Limited will be registered as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. Consequently, investors will not be entitled to the benefits and protections of the U.S. Investment Company Act of 1940, as amended or the U.S. Investment Advisers Act of 1940, as amended. The shares of the Company will be offered and sold only to non-U.S. Persons outside the United States in reliance on Regulation S under the Securities Act. There will be no offer of the Company's securities in the United States. The distribution of this announcement may also be restricted by law in other jurisdictions.

The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Subject to certain exceptions, the securities referred to herein may not be offered or sold in the United States, Canada, Australia, New Zealand, Japan or the Republic of South Africa or to, or for the account or benefit of, any national, resident or citizen of the United States, Canada, Australia, New Zealand, Japan or the Republic of South Africa. There will be no offer of the ordinary shares in the United States, Canada, Australia, New Zealand, Japan or the Republic of South Africa.

Stifel Nicolaus Europe Limited ("Stifel"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for the Company and no one else in connection with the Placing. Stifel will not regard any other person as its client in relation to the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, nor for providing advice in relation to the Placing, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

Neither Stifel nor any of its directors, officers, employees, advisers, affiliates or agents accepts any responsibility or liability whatsoever for/or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or its subsidiary, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith.

The Company is incorporated in Guernsey and has been registered as a registered closed-ended collective investment scheme under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. It is suitable only for professional or experienced investors, or those who have taken appropriate professional advice.

Further information in relation to the regulatory treatment of listed funds domiciled in Guernsey may be found on the website of the Guernsey Financial Services Commission at http://www.gfsc.gg/The-Commission/Pages/Home.aspx.