20 Nov 2018 15:43
20 November 2018
SQN Asset Finance Income Fund Limited
Result of Annual General Meeting and Class Meetings
SQN Asset Finance Income Fund Limited is pleased to announce that at the Annual General Meeting held at 14.00hrs GMT today and the C Shares Class Meeting at 14.20hrs GMT today all of the resolutions proposed at the meetings were duly passed.
In respect of the Ordinary Share Class Meeting at 14.10hrs GMT today, all resolutions with the exception of Resolution 3 were also passed.
The Board notes the votes against Resolution 5 of the Annual General Meeting (the re-election of Paul Meader as a Director of the Company) for a total of 46,710,045 shares representing 24.06% of those shares voting and 9.41% of the issued share capital. Mr Meader was appointed as a Director in August 2017 and has since made a significant contribution to the Board. The Company will consult with its shareholders to understand and seek to address any concerns they may have.
In addition, the Board notes the votes against Resolution 3 of the Ordinary Share Class Meeting (the authority to issue up to 10% of the Company's issued ordinary share capital, in addition to the authority sought pursuant to Resolution 2) for a total of 75,846,137 ordinary shares representing 55.07% of those ordinary shares voting and 21.20% per cent of the issued ordinary share capital. Resolution 3 was proposed to provide the Company with additional flexibility to issue ordinary shares at a premium to net asset value where demand exceeds supply aligning the Company's issuance authority with the Prospectus Rules. The Board believes that the votes against Resolution 3 relate to the fact that shareholder advisory groups recommend that issuance authority be limited to 10% (which was approved by shareholders pursuant to Resolution 2). The Company will consult with its shareholders in relation to any future general issuance authority.
Further information on the votes cast on each resolution will be available on the Company's website shortly.
For further information please contact:
BNP Paribas Securities Services S.C.A. Guernsey Branch
Sharon A Williams
Telephone: 01481 750850
Winterflood Securities Limited
Neil Langford
Chris Mills
Telephone: 020 3100 0000
Buchanan Communications Limited
Charles Ryland
Telephone: 020 7466 5000