C Share Conversion Ratio

RNS Number : 8422O

Sequoia Economic Infra Inc Fd Ld

12 February 2016

 

Sequoia Economic Infrastructure Income Fund Limited

(the "Company")

12 February 2016

C Share Conversion Ratio and Admission of new Ordinary Shares to Official List and trading on the London Stock Exchange

Further to its announcement dated 3 February 2016, the Company is pleased to announce the following information in relation to the conversion of its C Shares.

Conversion Ratio for C Shares

The Net Asset Values attributable to the Ordinary Shares and the C Shares as at the Calculation Time, being 29 January 2016, were 96.38 pence per share and 99.99 pence per share respectively. Accordingly, the Conversion Ratio, as calculated in accordance with the Company's Articles as summarised in the prospectus published on 6 October 2015 (the "Prospectus"), is 1.0375 Ordinary Shares for every one C Share.

The Ordinary Share NAV includes a deduction of 1.5 pence in respect of the dividend declared by the Company for the period ending 31 December 2015 as announced on 21 January 2016. For the avoidance of doubt, the Ordinary Shares arising on Conversion will not be entitled to this dividend. The Ordinary Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Ordinary Shares of the Company already in issue, including the right to receive all dividends declared from the date of their admission.

Entitlements will be rounded down to the nearest whole share. Any fractions of Ordinary Shares arising on Conversion will not be allocated to holders of C Shares but will be aggregated and sold for the benefit of the Company.

Further details of the Conversion and rights attaching to the C Shares are set out in the Company's Articles as summarised in the Prospectus.

Terms defined in the Prospectus have the same meaning in this announcement unless otherwise defined.

Admission to the Official List and to trading on the London Stock Exchange

On the basis of the Conversion Ratio, applications have been made for 152,395,794 Ordinary Shares to be admitted to the Premium Segment of the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings in these new Ordinary Shares will commence at 8.00 a.m. on 3 March 2016.

The C Share register is expected to close at 5.30 p.m. on 2 March 2016.  The listing of the C Shares is expected to be cancelled from the Official List and the London Stock Exchange with effect from 8.00 a.m. on 3 March 2016.

Expected timetable

Record date for conversion and C Share register closes	5.30pm on Wednesday, 2 March 2016
Cancellation of listing of C Shares, and dealings in new Ordinary Shares commence	Thursday, 3 March 2016
Crediting of CREST accounts with new Ordinary Shares	Thursday, 3 March 2016
Share certificates in respect of new Ordinary Shares dispatched	Week commencing 7 March 2016

Voting Rights and Capital

Effective from 3 March 2016, the Company's share capital will consist of 302,548,728 Ordinary Shares, each Ordinary Share conferring upon the holder one vote. 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 in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

For further information please contact:

Sequoia Investment Management Company Steve Cook Dolf Kohnhorst Randall Sandstrom Greg Taylor	[phone]
Stifel Nicolaus Europe Limited Neil Winward Mark Bloomfield Gaudi Le Roux	[phone]
Praxis Fund Services Limited (Company Secretary) Shona Darling	[phone]

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. The Company has been advised that the Shares can be considered as 'excluded securities' for the purposes of the FCA rules regarding the definition and promotion of Non-Mainstream Pooled Investments (NMPIs).

 

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