Issue of Shares

RNS Number : 7857C

Sequoia Economic Infra Inc Fd Ld

25 February 2022

 

25 February 2022

Sequoia Economic Infrastructure Income Fund Limited

(the "Company")

Issue of Shares in connection with the Scrip Dividend Alternative
Update on Investment Adviser Shares

The Company announces that it has issued 841,556 ordinary shares of no par value each to Shareholders electing under the Company's scrip dividend alternative to receive ordinary shares in lieu of cash for the interim dividend for the period from 1 October 2021 to 31 December 2021 ("Scrip Shares"). Elections under the scrip dividend alternative were received in respect of 3.14% of the ordinary shares in issue as at the record date of 28 January 2022. The Scrip Shares are being issued at a price of 102.88 pence per share as announced by the Company on 3 February 2022. When issued, these Scrip Shares will rank pari passu with the existing ordinary shares.

Applications will be made for the Scrip Shares to be admitted to the premium segment of the Official List, and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). It is expected that Admission will become effective and dealings in the Scrip Shares will commence at 8am on 4 March 2022. The Scrip Shares will rank pari passu with the ordinary shares already in issue.

Following Admission, the Company's issued share capital will consist of 1,768,238,998 ordinary shares. Therefore, the total number of voting rights of the Company is 1,768,238,998 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 in, or of a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Further information on the Company's scrip dividend scheme can be found in the scrip dividend circular (the "Scrip Circular") which is available on the Company's website to view and/or download at  http://www.seqifund.com . The Scrip Circular is also available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism . Copies of the Scrip Offer Circular are also available for inspection at Sarnia House, Le Truchot, St Peter Port, Guernsey.

The Company further announces that in accordance with the terms of the Investment Advisory Agreement between the Company and Sequoia Investment Management Company Limited (the "Investment Adviser"), as the closing price for the Company's ordinary shares on 23 February 2022 (being the last trading day prior to the Board considering the issue of shares to the Investment Adviser) was at a marginal discount to the last published Net Asset Value, the relevant portion of the fees payable to the Investment Adviser for the three month period ended 31 December 2021 which would otherwise have been issued as shares, will instead be paid by the Company to the Investment Adviser in cash. The Investment Adviser has undertaken to utilise such cash to acquire ordinary shares of the Company in the market as soon as practicable and such shares will be subject to a three-year rolling lock-up in accordance with the terms of the Investment Advisory Agreement. A further announcement will be released in the coming days once the shares have been acquired by the Investment Adviser.

For further information please contact:

Sequoia Investment Management Company Steve Cook Dolf Kohnhorst Randall Sandstrom Greg Taylor Anurag Gupta	[phone]
Jefferies International Limited (Corporate Broker & Financial Adviser) Neil Winward Gaudi Le Roux	[phone]
Tulchan Communications (Financial PR) Martin Pengelley Elizabeth Snow  Deborah Roney	[phone]
Sanne Fund Services (Guernsey) Limited (Company Secretary) Matt Falla Katrina Rowe	[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.

LEI: 2138006OW12FQHJ6PX91

 

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