2 Oct 2019 12:01
2 October 2019
SQN Asset Finance Income Fund Limited
Monthly Net Asset Value and Dividend (Replacement)
The following amendment has been made to the announcement (SQN Net Asset Value and Dividends) made on 30 September 2019 at 07:00hrs under RNS number 0251O.
The record date has been amended from 4 October to 11 October 2019 and the ex-date has been amended from 3 October to 10 October. All other details remain unchanged.
The full amended text is shown below.
SQN Asset Finance Income Fund Limited
Monthly Net Asset Value and Dividend
Net Asset Value and Performance
SQN Asset Finance Income Fund Limited (the "Company"), the leading diversified equipment leasing fund listed in the UK, is pleased to provide its monthly net asset value ("NAV") update.
As at 31 August 2019, the unaudited estimated NAV per Ordinary Share1 was 94.55 pence.
As at 31 August 2019, the unaudited estimated NAV per C Share1 was 98.04 pence.
The Company also announces the cumulative NAV total return2 performance as at 31 August 2019, as follows:
Share class | Month-to-month return | 1 year return | 3 year return | Return since inception |
Ordinary shares | -0.55% | 4.21% | 18.35% | 34.51% |
C shares | 0.62% | 7.29% | - | 10.43% |
Dividends
The Company is pleased to announce a dividend of 0.6042 pence per Ordinary Share and per C Share for the month ended 31 August 2019, reflecting an annualised dividend of 7.25 pence for each share class. The dividend will be payable on 25 October 2019 to holders of each share class on the register on 11 October 2019. The ex-dividend date is 10 October 2019.
Investment Update
The Annual Report and Audited Consolidated Annual Accounts for the year ended 30th June 2019 will be released under separate RNS immediately following this.
The NAV per Ordinary Share for the month of August has reduced from 95.68 pence per share to 94.55 pence per share principally as a result of additional IFRS 9 impairments in respect of two anaerobic digestion (AD) plants (£3.2m in total).
The Company is also pleased to report the successful refinancing through an MBO of the paper mill financing in Scotland.
This transaction sees £11.9m of cash being returned over 3-4 months with a further £3.8m of asset finance provided to the new entity. The overall yield on the transaction is improved by 45bp over the original deal, as the result of a £900,000 premium the Manager was able to negotiate.
1NAV Footnote
The Ordinary Share and C Share NAVs are quoted before deducting the 0.6042 pence per share dividends, announced on 27 August 2019 that went ex-dividend on 5 September 2019 and was paid on 27 September 2019.
2Performance Footnote
The NAV total return details the change in NAV from the start of the relevant period and assumes that dividends paid to shareholders are reinvested at NAV.
Factsheet
The Company's factsheet for August 2019 will shortly be available on the Company's website: www.sqncapital.com/managed-funds/sqn-asset-finance-income-fund.
For further information please contact:
SQN Capital Management, LLC Jeremiah Silkowski Neil Robert | 01932 575 888 | ||
Winterflood Securities Limited | 020 3100 0000 | ||
Neil Langford Chris Mills |
| ||
| 020 7466 5000 |
Notes to Editor
The Company invests in equipment lease and asset finance arrangements across a diverse portfolio of assets and industries predominantly in the UK, Northern Europe and US. The Company focuses on business-essential, revenue-producing (or cost saving) equipment and other assets with high in-place value and long economic life relative to the investment term.
The Company's Investment Managers are SQN Capital Management, LLC, a Registered Investment Advisor with the United States Securities and Exchange Commission and its subsidiary, SQN Capital Management (UK) Limited. The principals responsible for managing the portfolio are Neil Roberts and Jeremiah Silkowski.